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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
According to which economist, it is difficult to find marginal product
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Robbins and Keynes
Marshall and pigou
Adam Smith and Mathuls
Taussing and Davenport
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Question # 2
In between how many countries international trade takes place under comparative cost theory
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Two
Three
Four
Many
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Question # 3
Writing of the same behavior of the people in particular arrangement and words is called
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Normative science
Positive science
Economic law
Scientific law
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Question # 4
Advantages of international trade are
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One
Two
Three
Many
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Question # 5
To derive economic laws deductive method was adopted by
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Classical school of thought
Neo classical school of thought
Historical school of thought
Modern school of thought
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Question # 6
If we multiply margina product with price we get:
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MFC
MRP
TVC
Both a and b
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Question # 7
The demand curve for monopolist is also called
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Total revenue
Average revenue
Marginal revenue
Zero revenue
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Question # 8
Curve of law of diminishing marginal utility
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Moves from left to right downward
Moves from left to right upward
Firstly it has a tendency to rise up and after a certain limit it starts falling
It is parallel to ox-axis
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Question # 9
Want of a commodity is satisfied, when its marginal utility is
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Positive
Zero
Negative
Minimum
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Question # 10
Economic point of view of the supporters of which school of thought is the name of feeling and mental state
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Classical
Neo classical
Ancient
Modern
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Question # 11
On which of the following law of diminishing marginal utility is applicable
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Money and wealth
Diamonds and jewels
Goods of fashion
Necessities of life
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Question # 12
Convertible paper money is issued by
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Central bank
Commercial bank
Industrial bank
Central government
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Question # 13
If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 14
One condition which is not included in perfect competition conditions
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Homogeneity of product
Difference in price
Large number of buyers and sellers
Perfect knowledge of the market
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Question # 15
If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called
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Law of increasing return
Law of constant return
Law of decreasing return
Law of production
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Question # 16
Which is not included in variable cost
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price of raw material
Advertisement expenditures
rent of builiding
wages of labour
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