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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Utility of the last unit of a commodity consumed is called
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Positive utility
Negative utility
Total utility
Marginal utility
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Question # 2
The costs which a firm bear only in case of producing commodities
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Fixed costs
Variable costs
Total costs
Average fixed cost
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Question # 3
Marginal revenue product curve is called
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Demand curve of the firm
Supply curve of the firm
Demand curve of the industry
Supply curve of industry
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Question # 4
Nature of inter-relationship of average revenue and marginal revenue under perfect competition is
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Average revenue remains more than marginal revenue
Average revenue remains less than marginal revenue
Marginal revenue remains less than average revenue
Average revenue remains equal to marginal revenue
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Question # 5
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 # 6
"General theory of employment, interest and money" was written by:
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Robbins
Pigou
Keynes
Canon
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Question # 7
When total revenue and total cost of a firm are equal, the firm earns
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Abnormal profit
Normal profit
Normal loss
Abnormal loss
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Question # 8
Which economist is called Aristotal of economics
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Marshall
Keynes
Adam Smith
Malthus
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Question # 9
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 # 10
National income means the income
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Which central government earns during a year
Which provincial government earn during a year
Total wealth of a country
Rewards which the factors of production get during a year
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Question # 11
According to Neo Classical economists, Economics is science of
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Scarcity of means
Material welfare
Wealth
Unlimited wants
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Question # 12
The systematic record of the money value of visible exports and visible imports of one year of country is called
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Balance of trade
Balance of payment
International balance
External balance
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Question # 13
"Money is what money does" is the statements of:
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Robbins
Marshall
Hicks
Keynes
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Question # 14
Total number of canons of taxation stated by different economists is
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Seven
Nine
Eleven
Twelve
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Question # 15
When there is big change in demand and price of a commodity, it is called
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Point elasticity
Arc elasticity
Cross elasticity
Income elasticity
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Question # 16
Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization
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According to classical economists
According to Neo classical economists
According to modern economists
According to Austrian school of thought
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