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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
During depression, increases
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Unemployment
Employment
Profit
Production
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Question # 2
Expenditures of repair of machines are called
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Unproductive expenditures
Productive expenditures
Rewards
Depreciation allowance
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Question # 3
A firm suffers abnormal losse, when:
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AC = AR
AVC = AR
AVC < AR
AVC > AR
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Question # 4
Which thing of the following should be subtracted from gross national product to get net national product
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Direct taxes
Indirect taxes
Depreciation allowance
Income received from foreign country
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Question # 5
All Pakistani coins are
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Token money
Standard money
Convertible money
Inconvertible money
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Question # 6
When supply decreases due to fall in price, it is called:
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Fall in supply
Contraction in supply
Expansion in supply
Rise in supply
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Question # 7
The money whose face value and intrinsic value are different
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Token money
Standard money
Legal money
Near money
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Question # 8
If 30% change in supply in response to 50% change in price then:
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Es = 0
Es = 1
Es > 1
Es < 1
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Question # 9
Law of equi-marginal utility is also known as:
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Total utility maximizing law
Law of substitution
Law of indifference
All of them
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Question # 10
Which is not included in variable cost
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price of raw material
Advertisement expenditures
rent of builiding
wages of labour
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Question # 11
Demand for luxuries in
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Les elastic
More elastic
Perfectly elastic
Perfectly inelastic
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Question # 12
When average product increases, marginal product is:
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Also increases
Decreases
Zero
Negative
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Question # 13
Marginal utility always:
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Decreases
Increases
Zero
Negative
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Question # 14
Supply curve moves from left to right upward, this tendency is called
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Negative
Positive
Horizontal
Vertical
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Question # 15
Market value of all final goods and services is known as:
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N.I
G.N.P
N.N.P
Both a and b
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Question # 16
Which one of the following is included in balance of payment
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Visible goods
Invisible goods
Visible & invisible goods
Non material goods
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