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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
The most appropriate definition of money was given by:
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F.A.Walker
Keynes
Pigou
Crowther
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Question # 2
Marginal cost curve cuts average cost curve when average cost is
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Maximum
Minimum
Increasing
Decreasing
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Question # 3
Which one is not included in macro economics
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National income
Employment
Price
Investment
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Question # 4
Absolute advantage theory was presented by
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Adam Smith
Prof Walker
Ricardo
Marshall
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Question # 5
In which year the book named "Principles of Economics" was written
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1805
1890
1903
1915
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Question # 6
Quickly destroyable goods are called
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Superior goods
Inferior goods
Perishable goods
Giffen godds
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Question # 7
The shape of average cost curve in the short period is
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Vertical
Horizontal
Positively sloping
Like English alphabet U
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Question # 8
Who said that economics is normative science ?
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Keynes
Robbins
Marshall
Rocher
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Question # 9
Under perfect competition:
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AR > MR
AR < MR
AR = MR
All of three
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Question # 10
Slope of average revenue and marginal revenue cures under monopoly is
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positive
negative
zero
none of three
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Question # 11
Founder of neo-classical school of thought:
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Adam Smith
Marshall
Robbins
Keynes
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Question # 12
To which area of England Adam Smith belonged
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Wales
Scotland
Ireland
London
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Question # 13
AR curve is also called:
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Supply curve
Demand curve
Utility curve
Cost curve
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Question # 14
In which phase of a trade cycle level of employment and income become very low
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Depression
Recovery
Boom
Recession
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Question # 15
Free gift of nature is
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Land
Labour
Capital
Organization
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Question # 16
If supply is fixed then due to fall of demand
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Equilibrium price decreases
Equilibrium quantity increases
Equilibrium price increases
Equilibrium price does not change
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