More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
To derive economic laws inductive method was adopted by
Choose an answer
Classical school of thought
Neo classical school of thought
Historical school of thought
Modern school of thought
Previous
Skip
Next
Question # 2
The additional cost which a firm has to bear in order to produce additional unit of output, are called
Choose an answer
Average cost
Marginal cost
Fixed costs
Variable costs
Previous
Skip
Next
Question # 3
According to professor Ackley Gardener, amounts are included in national income
Choose an answer
Wages
Rents and interests
Profits
All the three
Previous
Skip
Next
Question # 4
"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by
Choose an answer
Prof Keynes
Prof Mitchall
Prof Hanson
Prof Haberler
Previous
Skip
Next
Question # 5
Balance of payment of a country is favourable when its
Choose an answer
Receipts are more than payments
Receipts are less than payments
Receipts are equal to payments
None of three
Previous
Skip
Next
Question # 6
Gross national product means
Choose an answer
Total of price of all goods produced in a country in year
Total of price of all consumer goods produced in the economy during a year
Total of goods and services produced in the economy during a year
Total of monetary value of goods and services produced during a year in the economy
Previous
Skip
Next
Question # 7
If income of government is less than its expenditures, then it is a
Choose an answer
Surplus budget
Deficit budget
Development budget
Balanced budget
Previous
Skip
Next
Question # 8
Which one of the following is indirect tax
Choose an answer
Income tax
Property tax
Wealth tax
Sales tax
Previous
Skip
Next
Question # 9
Price of perishable goods is determined
Choose an answer
In the market period
In the short period
In the middle period
In the long period
Previous
Skip
Next
Question # 10
If percentage change in supply is less than the percentage change in price, then elasticity of supply is called
Choose an answer
Equal to unity
Less than unity
More than unity
Zero
Previous
Skip
Next
Question # 11
After deducting direct tax from personal income, it is called
Choose an answer
National income
personal income
Disposable personal income
per capital income
Previous
Skip
Next
Question # 12
Usually market price is ____________ normal price
Choose an answer
Equal to
Less than
More than
None of these
Previous
Skip
Next
Question # 13
All the factors of production can be hired except
Choose an answer
Land
Labour
Capital
Organization
Previous
Skip
Next
Question # 14
Theory of innovations was presented by:
Choose an answer
Joseph Schumpeter
Habson Foster
Jevons
J.R Hicks
Previous
Skip
Next
Question # 15
Amount of money attained by selling marginal product is called
Choose an answer
Average revenue product
Marginal revenue product
Total revenue product
None of three
Previous
Skip
Next
Question # 16
Measurement of arc elasticity of demand was present:
Choose an answer
Keynes
Marshall
Adam smith
R.G.D Allen
Previous
Skip
Next
Back