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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
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
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Question # 2
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
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Question # 3
Economics according to its scope is:
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Science
Art
Science & Art
Only positive science
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Question # 4
When Demand > Supply it will be:
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Shortage
Less supply
More demand
Surplus
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Question # 5
Which on factor is the basic factor ?
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Land
Labour
Capital
Organization
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Question # 6
All the factors production can be hired except.
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Land
Labour
Capital
Organization
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Question # 7
World economic depression accured in
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1927
1928
1929
1931
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Question # 8
Cause of shifting of supply curve is
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Change in price
Other factors
Change in tax
Change in income
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Question # 9
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
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Question # 10
The conditions which are essentially kept constant for the application of economic laws, are called
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Changes
Assumptions
Limitations
Theories
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Question # 11
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
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Question # 12
Economic laws are
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Definite and universal
Of Conditional nature
Of moral nature
Of political nature
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Question # 13
Unit of account money in Pakistan is
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Rial
Rupee
Dollar
Pound
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Question # 14
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
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Question # 15
Usually market price is ____________ normal price
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Equal to
Less than
More than
None of these
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Question # 16
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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