Question # 1

The goods used to produce income or wealth are.,

Choose an answer

Consumer goods

Manufactured goods

Merit goods

Capital goods

Income elasticity of demand for normal good is always

Choose an answer

1

more than one

negative

positive

He described economics as a science of material welfare

Choose an answer

Robbins

Marshall

Ricardo

Keyness

If supply rises more than demand, price of the product will.

Choose an answer

Fall

Rise

Not change

Change

Which statement is true?

Choose an answer

Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

Which is true

Choose an answer

capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Choose an answer

Equal to unity

Less than unity

Greater than unity

Equal to zero

A consumer in equilibrium when marginal utilities are

Choose an answer

minimum

highest

equal

increasing

Assumptions of a law are called:

Choose an answer

Constant

Parameters

Variables

Dependent variable

Efficiency of labour is not affected by

Choose an answer

attitude of worker

attitude of employer

attitude of wife/husband

all affect

How many kinds of Function

Choose an answer

2

3

4

5

Law of equi marginal utility provides basis for.

Choose an answer

Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

Which of the following is the subject matter of Economics.

Choose an answer

Optimum use of limited resources for the satisfaction of unlimited human wants.

Economic problems of the developing countries.

Labour problems.

Balance of payment problems.

Members of a public limited company in Pakistan are.

Choose an answer

5 to 50

10 to 100

7 to any number

only 5

Normal price is a price which prevails

Choose an answer

In day to day market

In domestic market

In the long run market

In a foreign market

Micro economics concentrates

Choose an answer

on inflation

international economics relations

individual economics units

economics development of Pakistan

When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.

Choose an answer

Less than unity

Greater than unity

Equal to unity

Equal to zero

A horizontal demand curve has a price elasticity of

Choose an answer

zero

infinity

1

variable

Given the supply curve, a fall in demand will.

Choose an answer

Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

Minimum wage rate of labour is fixed by :

Choose an answer

Government

Trade unions

Entrepreneurs

Labourers

Economics problems arise because of

Choose an answer

greed

scarcity

dishonesty

laziness

More Classes

Other Links

Economics Ics Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer