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
Marginal utility always:
Choose an answer
Decreases
Increases
Zero
Negative
Previous
Skip
Next
Question # 2
The systematic record of visible and invisible exports and imports of a country in one year is called
Choose an answer
Balance of trade
Balance of payment
External balance
Internal balance
Previous
Skip
Next
Question # 3
The term marginal in economics means:
Choose an answer
An additional unit
Change in unit
Last unit
All of them
Previous
Skip
Next
Question # 4
During inflation prices are
Choose an answer
Zero
Low
Increase
Constant
Previous
Skip
Next
Question # 5
Tendency of demand curve of a factor of production is
Choose an answer
Positive
Negative
Zero
Horizontal
Previous
Skip
Next
Question # 6
Dividing total variable costs by the units of output, is attained
Choose an answer
Average fixed cost
Average variable cost
Average cost
Marginal cost
Previous
Skip
Next
Question # 7
Third factor of production is called
Choose an answer
land
labour
capital
organization
Previous
Skip
Next
Question # 8
One of the following is not included in the methods of removing deficit in balance of payments of a country
Choose an answer
Increase in exports
Increase in imports
Devaluation of currency
Decrease in the quantity of money
Previous
Skip
Next
Question # 9
Law of decreasing return is also known as:
Choose an answer
Increasing cost
Constant cost
Diminishing cost
Both (a) and (c)
Previous
Skip
Next
Question # 10
Which one of the following is included in balance of payment
Choose an answer
Visible goods
Invisible goods
Visible & invisible goods
Non material goods
Previous
Skip
Next
Question # 11
Under certain conditions, slope of demand curve is
Choose an answer
Negative
Positive
Zero
Fixed
Previous
Skip
Next
Question # 12
Who is the Founder of macro economics ?
Choose an answer
Marshall
Malthus
Adam smith
Keynes
Previous
Skip
Next
Question # 13
Supply of perishable goods e.g. groceries, fruit, meat etc is
Choose an answer
Less elastic
More elastic
Perfectly inelastic
Perfectly elastic
Previous
Skip
Next
Question # 14
Equilibrium of national income is, when
Choose an answer
S > 1
S = 1
S < 1
S and 1
Previous
Skip
Next
Question # 15
Transfer payments are included in
Choose an answer
Gross domestic income
National income
Disposable personal income
Personal income
Previous
Skip
Next
Question # 16
Long run average cost curve is:
Choose an answer
Planning curve
Envelope curve
Flatter curve
All of three
Previous
Skip
Next
Back