Question # 1

In which year the book named "An enquiry into the nature and causes of the wealth of nations" was written

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1696

1776

1803

1825

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

Economics is a science:

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Political

Spiritual

Social

Scientific

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

Net foreign income means:

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Import - Exports

Exports - Imports

Import + Exports

Income from imports

Total number of canons of taxation stated by different economists is

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Seven

Nine

Eleven

Twelve

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

Deflation means:

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Rapid increase in price level

General decrease in price level

General increase in price level

Both a and c

Branches of public finance are

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Two

Three

Four

Five

Firm's cost depends upon:

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Revenue

Supply

Price

Output

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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