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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Who did give economics the status of positive science
Choose an answer
Marshall
Robbins
Cannon
Pareto
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Question # 2
Which laws are framed by parliament
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State laws
Moral laws
Economic laws
Scientific laws
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Question # 3
Which factor combines other three factors ?
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Land
Labour
Capital
Organization
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Question # 4
The term "Price Taker" is used in:
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Perfect competition
Oliogopoly
Monopoly
Monopsony
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Question # 5
According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity
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Increases
Decreases
Remains constant
None of these
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Question # 6
The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources
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5%
10%
15%
20%
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Question # 7
Due to rise in demand, demand curve shifts to
Choose an answer
Right
Left
Both sides
None of these
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Question # 8
Who said that economics is science of wealth
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Adam smith
Robbins
Marshall
Pigou
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Question # 9
Kinds of supply according to period of time are
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Two
Three
Four
Five
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Question # 10
The exchange of goods and services from country to country is called
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Foreign
National trade
Corporate trade
Domestic trade
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Question # 11
Monetary theory of Trade cycle is presented by
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Prof Hawtrey and Friedman
Prof Keynes
Prof Hobson
Prof Kitchen
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Question # 12
Relationship of level of prices and quantity of money
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Positive
Negative
Indirect
2nd and 3rd both
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Question # 13
Demand for Giffen goods is:
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Negative
Vertical
Positive
All of them
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Question # 14
Unitary method is also known as:
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Total revenue
Total satisfaction
Total utility
Total expenditure
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Question # 15
The relationship between price and quantity supplied is:
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Inverse
Positive
Infinite
Zero
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Question # 16
Income received without any economic services:
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National Income
Transfer payments
Interest
Profit
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