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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In perfect competition the average revenue curve is
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Vertical
Horizontal
Rising
Declining
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Question # 2
Main elements of circular flow of national income are
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People or house holds
Firms
House holds and firms
Industrial lists
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Question # 3
According to Marshall, Economics is
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Social Science
Correcting science
Positive science
Moral science
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Question # 4
Reserve price of a commodity is that price
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Which is more than the cost of production of the seller
At which the seller sells his commodity tn the market
Which is equal to the cost of production of the seller
Below which the seller is not ready to sell his commodity
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Question # 5
During boom, a government prepares budget which is
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Balanced
Surplus
Deficit
Unbalanced
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Question # 6
Law of decreasing return is immediately applied on
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Agriculture
Trade
Industry
Construction
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Question # 7
State laws are of
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Regional nature
Country nature
International nature
Non of three
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Question # 8
"General theory of employment, interest and money" was written by:
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Robbins
Pigou
Keynes
Canon
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Question # 9
Stock means the quantity of a commodity
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Which is offered for sale in the market
Which is sold in the market
Total production is called stock
Which the seller keeps in his possession without selling
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Question # 10
Exceptions, or limitations of law of demand have been stated by
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Professor Marshall
Professor Adam Smith
Professor Benham
Professor Robbins
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Question # 11
Which is the Demand Curve of a frim
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Average Revenue Curve
Marginal Revenue Curve
Total Revenue Curve
Average cost curve
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Question # 12
If the income of the government is less than its expenditures, such budget is called
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Surplus budget
Deficit budget
Balanced budget
Capital budget
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Question # 13
During the phase of recession prices of goods
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Start rising
Start falling
are highest
are lowest
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Question # 14
Change in total production is called
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Marginal production
Zero production
Total production
Average production
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Question # 15
Economy gets prosperity during
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Recession
Depression
Boom
Recovery
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Question # 16
One of the following is not included in implicit cost
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Interest of entrepreneur's own capital
Rent of building
Reward of entrepreneur's own labour
Reward of entrepreneur's own land
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