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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In order to improve the balance of payment the foremost try is to increase
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Imports
Exports
Production
Savings
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Question # 2
Kinds of public expenditures are
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Two
Three
Four
Five
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Question # 3
One of the following is not included in the methods of removing deficit in balance of payments of a country
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Increase in exports
Increase in imports
Devaluation of currency
Decrease in the quantity of money
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Question # 4
Cheque, bill of exchange etc are
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Metallic money
Paper money
Credit money
Near money
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Question # 5
A system where the goods are exchanged with money is known as:
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Monetary system
Barter system
Coins system
Modified system
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Question # 6
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 # 7
Founder of new classical school of thought was
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Adam smith
Marshall
Robbins
Keynes
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Question # 8
When general price level increases due to increase in aggregate demand, it is known as?
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Stagflation
Hyper inflation
Demand pull inflation
Cost push inflation
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Question # 9
Dividing total revenue by the sold units of output, is attained
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Average revenue
Marginal revenue
Total revenue
Average cost
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Question # 10
It was impossible under barter system
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Lack of coincidence of wants
Lack of common measure of value
Divisibility of some goods in small parts
Solution of all the said problems
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Question # 11
Usually elasticity of demand in equilibrium situation under monopoly is
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Equal than unity
Less than unity
more than unity
Zero
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Question # 12
When total product increases, marginal product
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Is positive
Is negative
May be positive or negative
Is zero
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Question # 13
If we deduct direct taxes from personal income, we get:
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NNP
GDP
DPI
PI
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Question # 14
Market equilibrium take place where:
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D = S
D > S
D < S
Both (b) and (c)
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Question # 15
Economics is basically divided into two parts
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Micro and macro economics
Micro and applied economics
Theoretical and applied economics
Welfare and applied economics
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Question # 16
When total revenue is maximum, marginal revenue is
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More
Less
Constant
Zero
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