Question # 1

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

The income which a person can use according to his will called:

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Net income

Per capital income

Personal income

Disposable personal income

Economics according to its scope is:

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Science

Art

Science & Art

Only positive science

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

All the factors production can be hired except.

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Land

Labour

Capital

Organization

World economic depression accured in

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1927

1928

1929

1931

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

The conditions which are essentially kept constant for the application of economic laws, are called

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Changes

Assumptions

Limitations

Theories

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

Economic laws are

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Definite and universal

Of Conditional nature

Of moral nature

Of political nature

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

Firm earns maximum profit at the point where

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Difference between total costs and total revenue is highest and the total revenue curve is above

Total costs and total revenue curves intersect each other

Total costs curve is above the total revenue curve

Difference between total costs and total revenue is minimum

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Infinite

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

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