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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In the market period supply is:
Choose an answer
Variable
Fixed
Zero
Positive
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Question # 2
If price increases but supply remains constant, it is called:
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Fall in supply
Contraction in supply
Expansion in supply
Rise in supply
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Question # 3
MC cuts AC at:
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Maximum point
Minimum point
Increasing point
Decreasing point
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Question # 4
If supply curve is horizontal (parallel to x-axis) then elasticity of supply is
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Zero
Infinite
Equal to unity
More than unity
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Question # 5
If supply does not change, then due to fall of demand
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Equilibrium price decreases
Equilibrium price increases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 6
Cause of positive slope of supply curve
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Change in cost of production
Fear of increase in cost of production and decrease in profit
Change in technique of production
Increase in per unit profit due to increase in price
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Question # 7
"General theory of employment, interest and money" was written in:
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1930
1936
1932
1890
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Question # 8
The innovation theory of trade cycles was presented by
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Hayek
Hawtray
Schumpeter
Pigou
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Question # 9
Theory of innovations was presented by:
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Joseph Schumpeter
Habson Foster
Jevons
J.R Hicks
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Question # 10
In which direction demand and supply curves move
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Same
Opposite
parallel
Horizontal
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Question # 11
When marginal utility is zero, then total utility is
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Minimum
Positive
Maximum
Zero
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Question # 12
Long run average cost curve is:
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Planning curve
Envelope curve
Flatter curve
All of three
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Question # 13
Prices during the situation of inflation
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Increase
Decrease
Do not change
Become zero
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Question # 14
Who said that economics is the science of material welfare ?
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Adam smith
Marshall
Ricardo
Robbins
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Question # 15
Comparative cost theory was presented by
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Marshall
Ricardo
Hecksher
Ohlin
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Question # 16
Equilibrium of national income is, when
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S > 1
S = 1
S < 1
S and 1
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