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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
One of the following is not included in the public expenditures
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Courts
Fee
Public administration
Defence
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Question # 2
If price decreases but supply remains constant, it is called:
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Fall in supply
Contraction in supply
Expansion in supply
Rise in supply
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Question # 3
Factors of production are more mobile
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In international trade
In the country
In both
In none
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Question # 4
According to law of supply, supply curve moves from left to right upward, this tendency is called
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Positive
Negative
Horizontal
Vertical
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Question # 5
The sector of production, in which nature plays more role, there is applicable
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Law of increasing return
Law of constant return
Law of decreasing return
Law of decreasing cost
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Question # 6
Economics according to its scope is
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Science
Art
Science & Art
Only positive science
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Question # 7
The amount of money which a firm gets by selling a particular quantity of output, is called
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Average revenue
Marginal revenue
Total revenue
Fixed cost
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Question # 8
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
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Increases
Decreases
Keeps the same
None of three
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Question # 9
Relationship between price and quantity demanded is called
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Demand schedule
Demand curve
Law of demand
Assumptions of law of demand
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Question # 10
According to quantity theory of money doubling the quantity of money, prices
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Increase
Double
Decrease
One half
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Question # 11
In mathematics, symbol for utility is used
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U
M
X
Y
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Question # 12
Exchange of goods with goods is called
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Medium of exchange
Store of exchange
Scale of measure of exchange
Barter system
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Question # 13
A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called
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Total production
Supply
Stock
Surplus production
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Question # 14
If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 15
In between how many countries international trade takes place under comparative cost theory
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Two
Three
Four
Many
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Question # 16
Economy gets prosperity during
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Recession
Depression
Boom
Recovery
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