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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Cheque is which kind of money:
Choose an answer
Credit money
Paper money
Standard money
Legal money
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Question # 2
Kinds of credit money are
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Verbal promise and written promise
Govt. securities & debentures
Cheque & Drafts
Share of Companies
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Question # 3
By increasing the cost of production, the supply
Choose an answer
Extends
contracts
Falls
Rises
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Question # 4
Economic problem arises due to:
Choose an answer
Unlimited wants
Limited resources
Resources have alternative use
All of them
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Question # 5
According to law of demand, when price of a commodity decreases, then demand curve
Choose an answer
Moves from left to right upward
Moves from left to right downward
Moves vertically
Moves horizontally
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Question # 6
If supply does not change, then due to rise of demand
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 7
Which economist is called Aristotal of economics
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Marshall
Keynes
Adam Smith
Malthus
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Question # 8
Income received without any economic services:
Choose an answer
National Income
Transfer payments
Interest
Profit
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Question # 9
Meteorological theory of trade cycle was presented by:
Choose an answer
Joseph Schumpeter
Habson Foster
Jevons
Hawtray
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Question # 10
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 # 11
Supply curve shifts due to better technique of production
Choose an answer
Rightward
Leftward
Does not change
Vertical
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Question # 12
Factors of production are:
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Two
Three
Four
Five
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Question # 13
Because of indirect taxes, prices
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Decrease
Remain constant
Increase
Do not change
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Question # 14
Slope of average revenue and marginal revenue cures under monopoly is
Choose an answer
positive
negative
zero
none of three
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Question # 15
The cause of rise and fall of demand is
Choose an answer
income
price
population
Both 1st and 3rd
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Question # 16
All the factors of production can be hired except
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Land
Labour
Capital
Organization
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