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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
A good thing in public finance
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Expenditures are more than income
Income is more than expenditure
Income is equal to expenditure
b and c both
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Question # 2
Immortal factor production is
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Land
Labour
Capital
Organization
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Question # 3
The money in which payment can be made only to certain extent is called
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Unlimited legal tender money
Limited legal tender money
Metallic money
Paper money
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Question # 4
MC cuts AC at:
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Maximum point
Minimum point
Increasing point
Decreasing point
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Question # 5
Which factor is oldest and basic factor of production
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Land
Labour
Capital
Organization
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Question # 6
In case of rise in demand, demand curve shifts:
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Right side
Downward
Upward
(a) and (c)
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Question # 7
" 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 # 8
Zakat is part of the present income
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20th
30th
40th
50th
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Question # 9
When no satisfaction is attained by the consumption of a commodity, its marginal utility is
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Zero
Positive
Negative
Minimum
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Question # 10
Total utility is maximum when marginal utility is
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Positive
Negative
Zero
Minimum
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Question # 11
Inflation will be useful for
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Labourers
Consumers
Penioners
Industrialist
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Question # 12
Under perfect competition in the long run a firm
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Always earns abnormal profit
Always earns normal profit
Usually earns abnormal profit
Usually faces loss
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Question # 13
Blessings like air, rain existing on land are included in factor of production
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Labour or human resources
Capital or monetary resources
Land or natural resources
Organisation
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Question # 14
Advantages of international trade are
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One
Two
Three
Many
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Question # 15
The relation between quantity of money and price is:
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Positive
Negative
Direct
Inverse
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Question # 16
The duty of a market is not to
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make exchange of goods
contact buyers and sellers
determine price
give maximum output
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