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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In law of increasing cost, marginal cost
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Increases
Decreases
Remains constant
Remains fixed
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Question # 2
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 # 3
"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by
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Prof Keynes
Prof Mitchall
Prof Hanson
Prof Haberler
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Question # 4
Marginal revenue product curve is called
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Demand curve of firm
Supply curve of firm
Demand curve of industry
Supply curve of industry
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Question # 5
According to classical theory of international trade, a country imports those goods from the other country which
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Are durable
Are standardised
Are produced comparatively at high cost
Are not produced in that country
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Question # 6
Methods for measurement of national income are:
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Two
Three
Four
Five
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Question # 7
Modern theory of trade cycles is presented by
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Prof Schumpeter
Prof Keynes
Prof Hawtrey
Prof Hicks and Samuelson
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Question # 8
"The nature and significance of economic sciences" was written by:
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Adam smith
Marshall
Robbins
Canon
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Question # 9
Which one of the following stated the canons of taxation first
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Adam Smith
Marshall
Robbins
Keynes
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Question # 10
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
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Question # 11
In case of international trade, trade restrictions are usually
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Limited
More
Too much
None of three
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Question # 12
In perfect competition the average revenue curve is
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Vertical
Horizontal
Rising
Declining
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Question # 13
Movement on the same demand curve is called:
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Increase is demand
Rise and fall in demand
Decrease in demand
Expansions and contraction in demand
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Question # 14
The decreasing part of TU curve shows:
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MU is zero
MU is negative
MU is increasing
MU is decreasing
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Question # 15
A firm gains normat profit, where:
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P=AC
P>AC
P<AC
AC>AR
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Question # 16
Utility of a commodity is zero, when
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Want is satisfied upto a certain extent
Want is fully satisfied
Utility is positive
Want is not satisfied
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