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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
National income increases by
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The increase in the quantity of capital goods
The increase in the quantity of goods and services
The increase in price of goods
The increase in the income of entrepreneurs
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Question # 2
If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:
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Equal to zero
Equal to one
Smaller than one
Greater than one
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Question # 3
" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by
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Prof. Marshal
Prof.Samuelson
Prof. Ricardo
Prof. Hicks
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Question # 4
It was impossible under barter system
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Lack of coincidence of wants
Lack of common measure of value
Divisibility of some goods in small parts
Solution of all the said problems
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Question # 5
What functional relationship is present between demand and price
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positive
inverse
increasing
none of these
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Question # 6
When total production is maximum, marginal product is:
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Positive
Negative
Zero
Infinite
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Question # 7
Consumer's equilibrium takes place at that point where:
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MU is negative
MU is positve
TU is maximum
MU is maximum
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Question # 8
If demand curve is parallel to y-axis, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 9
If we deduct foreign income from GNP, we get:
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N.N.P
G.D.P
D.P.I
P.I
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Question # 10
Disadvantages of paper money are
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Unstable value
Possibility of inflation
Possibility of wastage
All the three
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Question # 11
First law of consumption is known as:
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Law of supply
Law of demand
Law of diminishing marginal utility
Law of equi marginal utility
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Question # 12
Cannot be separated from labourer
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Land
Labour
Capital
Organization
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Question # 13
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 # 14
"Principles of Economics" was written by.
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Adam smith
Marshall
Robbins
Canon
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Question # 15
Elasticity of demand for the commodities which have substitutes, is
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More elastic
Less elastic
Infinite
Zero
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Question # 16
Who said that economics is positive science
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Adam Smith
Marshall
Robbins
Keynes
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