Question # 1

National income is measured for:

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One year

Two years

Three years

Four years

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

According to Neo Classical economists, Economics is science of

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Scarcity of means

Material welfare

Wealth

Unlimited wants

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Because of indirect taxes, prices

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Decrease

Remain constant

Increase

Do not change

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

" 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

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Recent international depression was appeared in:

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1936

1990

2005

2008

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors

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Increases

Decreases

Keeps the same

None of three

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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