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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
During boom, a government prepares budget which is
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Balanced
Surplus
Deficit
Unbalanced
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Question # 2
If the face value of a coin is equal to the value of metal used in:
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Legal money
Token money
Standard money
Both b and c
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Question # 3
Who is father of economics
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Marshall
Malthus
Adam smith
Cannon
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Question # 4
If supply does not change, then due to rise in demand, equilibrium price.
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Increases
Decreases
Does not change
Becomes zero
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Question # 5
If the equation is this, MC=MR=AR(P)<AC then the firm
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Earns normal profit
Earns abnormal profit
Bears loss
Bears abnormal loss
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Question # 6
If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 7
National income means the income
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Which central government earns during a year
Which provincial government earn during a year
Total wealth of a country
Rewards which the factors of production get during a year
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Question # 8
Inductive method represents:
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General to particular
Particular to general
Normative science
Economic planning
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Question # 9
One of the following is not the method to control deflation
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Decrease in public expenditures
Decrease in interest rate
Decrease in income tax
increase in exports
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Question # 10
Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by
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Professor Marshall
Professor Paul A Samuelson
Professor Fisher
Professor Pigou
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Question # 11
At last, indirect tax is paid by
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Shopkeeper
Entrepreneur
Customer
Whole-seller
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Question # 12
The goods which can be used in place of each other, are called
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Complimentary goods
Substitute goods
Alternative goods
Jointly demanded goods
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Question # 13
Modern theory trade cycle was presented by:
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Hawtrey
Habson Foster
Jevons
J.R Hicks
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Question # 14
If currency can converted into gold, it is called:
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Convertible paper money
Inconvertible paper money
Bank Money
Both a and b
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Question # 15
Which one is not included in macro economics
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National income
Employment
Price
Investment
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Question # 16
The base of international trade theory of Adam Smith is
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Absolute advantage
Comparative cost
Cheaper cost
Low cost
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