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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Payment of zakat is compulsory for ----------- living in Islamic Country
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Every person
Every Muslim
Only Poor Muslim
Only Sahib-e-Nisab Muslim
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Question # 2
In case of fall in demand, demand curve shifts:
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Left side
Right side
Downward
Both (a) and (c)
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Question # 3
Cannon,. Pigou and Pareto belonged to school of thought
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Classical
Neo classical
Keynesian
None of these
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Question # 4
Oligopoly means:
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Single seller
Two seller
Multiple sellers
Multiple buyers
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Question # 5
If quantity demanded for a commodity changes due to the change in income, it is called
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Price elasticity
Point elasticity
Cross elasticity
Income elasticity
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Question # 6
If supply does not change despite a change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Zero
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Question # 7
"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Clark
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Question # 8
Equilibrium means
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the condition that is not possible
an unstable condition
a condition that can change
stable position
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Question # 9
Elasticity of demand for luxuries is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 10
Who did present unity method to measure elasticity of demand
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Adam Smith
Marshall
Robbins
keynes
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Question # 11
Relationship between price of a commodity and demand for it exists
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Positive
Inverse
Indirect
None of these
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Question # 12
When there are small and minor changes in price and demand then
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Price elasticity
Income elasticity
Cross elasticity
Point elasticity
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Question # 13
If an entrepreneur does service, in economics it is called
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Organization
Discipline
Labour
Wage
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Question # 14
Third factor of production is called
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land
labour
capital
organization
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Question # 15
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 # 16
Unity method to measure elasticity of supply is presented by
Choose an answer
Adam Smith
Robbins
Marshall
Faruson
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