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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
An important factor which promotes large scale production is:
Choose an answer
Extant of market
Revolutionary changes in social life
Culture and civilization
All the three
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Question # 2
Human wants are
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one thousand
few
innumerable
countable
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Question # 3
Normally MR curve intersects MC curve at points
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1
2
3
4
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Question # 4
When a supply of a commodity increases without change in price it is called
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fall in supply
expansion in supply
contraction in supply in
rise in supply
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Question # 5
He presented a theory of rent
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Malthus
Allama Iqbal
Ricardo
Marshall
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Question # 6
Profit = ?
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TR - TC
TR - MC
TC - MC
TR + TC
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Question # 7
Which is
NOT
a cause of slow capital formation in Pakistan
Choose an answer
poverty
illiteracy
bad governance
low rate of taxes
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Question # 8
One of the following is not assumption of the marginal productivity theory.
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All factors of production are present substitutes of each other.
Law of increasing return applies in the production process.
There is perfect mobility of factor of production
Units of each factors of production are identical
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Question # 9
In the long-run a firm attains under monopoly;
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Normal profit
Super normal profit
Sub-normal profit
Any on of the above
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Question # 10
Labour is hirable but you cannot hire
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capital
land
manager
entrepreneur
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Question # 11
______ is a science which is concerned with the collection, presentation, and interpretation of numerical data
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Statistics
Economics analysis
Function
None of these
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Question # 12
The good which are used to produce more goods are.``
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Social goods
Capital goods
Consumer goods
Public goods
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Question # 13
Which is
NOT
true
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perfect monopoly does not exist in real world
perfect competition does not exist in real world
every monopoly is evil
every firm wants to reduce competition
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Question # 14
The sacrifice of an alternative use of resources to produce something is called its
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real cost
opportunity cost
sacrifice cost
alternative cost
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Question # 15
Elasticity of demand in case of minor change in price and quantity demand will be .
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Income elasticity of demand
Cross elasticity of demand
Point elasticity of demand
Arc elasticity of demand
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Question # 16
Economic laws can be define as .
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A statement of social behaviour
Laws implement by an executive
Laws of the state
Statement of general economic tendencies
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Question # 17
Members of a public limited company are elected by.
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Directors
Government
Financial institutions
Share holders
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Question # 18
To reduce unemployment the govt. may
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reduce money supply
reduce mobility of labour
reduce minimum wages
increase government spending
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Question # 19
Gross profit includes
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monopoly profit
pure profit
windfall profit
all of the above
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Question # 20
A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of
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Prof. Kooros
Prof. Marshall
Prof. Rabbins
Prof. Kneez
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Question # 21
A group of buyers and sellers that exchange a goods or services at a price are called
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Market
Commodity
Place
None of these
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