Question # 1

Long-run supply curve of labour is.

Choose an answer

Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

the term marginal in economics means

Choose an answer

unimportant

additional

the minimum unit

just barely passing

When labourers do not get jobs according to their qualification it will be :

Choose an answer

Unemployment

Under employment

Disguised unemployment

None of the three

Pakistan population is growing a rate of .

Choose an answer

2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

Demand is a function of

Choose an answer

price

quantity

supply

none

This is capital

Choose an answer

money

forests

machinery

trademarks

All labour is

Choose an answer

homogeneous

heterogeneous

lazy

intelligent

The necessary condition for equilibrium of firm is

Choose an answer

AVC = AFC

AR = MR

MC = MR

TVC = TFC

A decrease in demand causes the equilibrium price to

Choose an answer

rise

fall

remain constant

indeterminate

According to law of equi-marginal utility a consumer will maximises his total utility when

Choose an answer

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.

The concept of internal and external economics was given by.

Choose an answer

Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

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

When a supply of a commodity increases without change in price it is called

Choose an answer

fall in supply

expansion in supply

contraction in supply in

rise in supply

Economic wants.

Choose an answer

Can unlimited

Capital goods

Social goods

Public goods

Which of the following is NOT capital as economists use the term

Choose an answer

an office building

machinery in a factory

an industrial robot

money

Marginal product indicates rate of change of

Choose an answer

total product

average product

variable product

all of the above

A public limited company is run by

Choose an answer

board of governors

board of managers

board of advisor's

board of directors

The shape of marginal revenue product (MRP) curve is

Choose an answer

Inverted U

Steeper

Flatter

Positive

Marginal revenue of a monopolist is

Choose an answer

equal to price

greater than price

less than price

increases with output

A market competition from in which there are very large number of firms producing a homogeneous commodity are called

Choose an answer

Perfect competition

Equilibrium of firm

Under perfect competition

None of these

One of the following is not an assumption of law of supply.

Choose an answer

Political system should not changed

Cost of production should not changed

Production technique should not changed

Cost of raw material should not changed

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