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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In Macro economies the vital role is played by:
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Marshall
J.R.Hicks
Robbins
Keynes
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Question # 2
Psychological theory of trade cycles is presented by
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Prof Jevons
Prof Pigou and Bagehot
Prof Keynes
Prof Hawtrey
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Question # 3
With an increase in the price of any good its substitutes will have
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a fall in its price
an increase in its prices
an increase in its demand
a decrease in its price
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Question # 4
Laws cannot be predicted
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Scientific laws
Moral laws
Economic laws
Natural laws
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Question # 5
Market equilibrium is determined when
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Demand = supply
Demand > supply
Demand < supply
Demand = zero
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Question # 6
Micro economics studies related to:
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National income
Unemployment
Trade cycle
Consumers behaviour
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Question # 7
Cost of a firm on the optimum combination of factors of production is
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Minimum
Maximum
Reasonable
Positive
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Question # 8
One of the following is not the assumption of quantity theory of money
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Velocity of circulation of legal money should not change
Velocity of Circulation of credit money should not change
Quantity of hoardings should not change
Quantity of goods and services should go on changing
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Question # 9
If two goods are complimentary, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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Question # 10
A system where the goods are exchanged with money is known as:
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Monetary system
Barter system
Coins system
Modified system
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Question # 11
Dividing total fixed costs by the units of output, is attained
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Average fixed cost
Average variable cost
Average cost
Marginal cost
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Question # 12
Quickly destroyable goods are called
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Superior goods
Inferior goods
Perishable goods
Giffen godds
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Question # 13
If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:
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Equal to zero
Equal to one
Smaller than one
Greater than one
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Question # 14
One of the following is not included in the causes of deficit in balance of payments of a country
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Increase in exports
Increase in imports
Unfavourable terms of trade
Occurance of inflation
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Question # 15
Due to fall in demand, curve shifts to
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Right
Left
Both sides
None of these
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Question # 16
During depression, a government prepares budget which is
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Balanced
Surplus
Deficit
Unbalanced
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