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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Equilibrium
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is a state that can never be achieved in economics
is an important idea for predicting economics changes
is a stable condition
is an unstable condition
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Question # 2
Given the supply curve, a fall in demand will.
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Increase equilibrium quantity of the product
Decrease equilibrium quantity of the product
Not affect equilibrium quantity
Not affect equilibrium price
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Question # 3
Sometimes the supply curve of labour bends
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downward
upward
backward
firstly upward and then downward
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Question # 4
According to law of equi-marginal utility a consumer will maximises his total utility when
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He spends all his income on the product only
He spends more on one and less on the other
Marginal utility of the two goods are equalised
Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.
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Question # 5
When TR of a competitive firm is equal to its TC, the firm attains.
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Normal profit
Super normal profit
Sub-normal profit
Shutdown point
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Question # 6
MRP curve of a firm represent demand curve of industry under.
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Imperfect compitition
Monolopy
Oligopoly
Perfect competition
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Question # 7
Given the demand curve, a rise in supply will.
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Increase quantity supplied
Price will fall
Price will rise
Both (a) and (b)
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Question # 8
With an increase in wage rate supply of labour.
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Decrease
Increase
Remains constant
None of the three
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Question # 9
Wit rapid economic growth in a country the individual demand curve will:
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Rise
Fall
Extend
Contract
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Question # 10
The goods used to produce income or wealth are.,
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Consumer goods
Manufactured goods
Merit goods
Capital goods
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Question # 11
Long period supply curve is
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relatively flatter
relatively steeper
more elastic
a and c of above
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Question # 12
If Bali burgers find that their MC of burgers is less than MR they would try to
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expand business
reduce business
continue as before
close business
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Question # 13
When diseconomies of scale outweigh economies of scale the
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long run AC curve rises
marginal cost falls
long run ATC curve falls
AVC falls
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Question # 14
A producer will employ workers up to the point where its MRP becomes
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ARP
current wage rate
negative
equal to profit
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Question # 15
One of the following is not an assumption of law of supply.
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Political system should not changed
Cost of production should not changed
Production technique should not changed
Cost of raw material should not changed
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Question # 16
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
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price will fall
price remains same
price will rise
quantity rises
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Question # 17
3x
2
=0 is an equation
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linear
quadratic
general
first degree
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Question # 18
MC is given by slope of
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TFC
TC
ATC
AVC
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Question # 19
The capital which loses it from whenever it is used, is
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Circulating capital
Fixed capital
Money capital
Real capital
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Question # 20
If demand is unitary elastic, a 25% increase in price will result in
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25% change in total revenue
no change in quantity demanded
1% decrease in quantity demanded
25% decrease in quantity demanded
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