More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The necessary condition for equilibrium of firm is
Choose an answer
AVC = AFC
AR = MR
MC = MR
TVC = TFC
Previous
Skip
Next
Question # 2
If price changes by one % and supply changes by 2% then supply is
Choose an answer
elastic
inelastic
indeterminate
static
Previous
Skip
Next
Question # 3
When total product falls, marginal product is.
Choose an answer
Zero
Positive
Negative
Falling
Previous
Skip
Next
Question # 4
Utility of a product depends upon
Choose an answer
Knowledge
Ownership
Form
All of them
Previous
Skip
Next
Question # 5
The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
Choose an answer
AW = MW
AW > MW
AW < MW
None of the three
Previous
Skip
Next
Question # 6
Which one is the third stage of production under law of variable proportions
Choose an answer
Decreasing average returns
Increasing average return
Negative marginal return
Increasing marginal return
Previous
Skip
Next
Question # 7
When a competitive firm achieves long run equilibrium then
Choose an answer
P= MC
MR = MC
P = ATC
all of the above
Previous
Skip
Next
Question # 8
Under perfect competition, demand for a factor is its
Choose an answer
MRP curve
ARP curve
TRP curve
TR - TC
Previous
Skip
Next
Question # 9
As out put increases, AC curve
Choose an answer
falls
rises
remains constant
all of the above
Previous
Skip
Next
Question # 10
Which of the following is correct with respect to resources
Choose an answer
Money is a capital good
Human skills are a labour input
Entrepreneur is part of the labour input
Natural resources include human input
Previous
Skip
Next
Question # 11
The quality of commodity that satisfies some human want or need is called
Choose an answer
service
demand
utility
efficiency
Previous
Skip
Next
Question # 12
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.
Choose an answer
2.5
0.5
1.5
3.5
Previous
Skip
Next
Question # 13
Normally MR curve intersects MC curve at points
Choose an answer
1
2
3
4
Previous
Skip
Next
Question # 14
He cannot be unemployed
Choose an answer
policeman
beggar
mikman
bank officer
Previous
Skip
Next
Question # 15
If a public limited company issues bonds to increase resources, then it pays
Choose an answer
fixed premium to bond holders
fixed interest to bond holders
fixed tax to bond holders
fixed profit to bond holders
Previous
Skip
Next
Question # 16
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Choose an answer
Fall
Rise
Remain the same
Fluctuate
Previous
Skip
Next
Question # 17
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
Previous
Skip
Next
Question # 18
A consumer's spending is restricted because of
Choose an answer
marginal utility
budget constraint
demand curve
unlimited wants
Previous
Skip
Next
Question # 19
The minimum wage is an example of
Choose an answer
price floor
price ceiling
equilibrium wage
efficiency of labour
Previous
Skip
Next
Question # 20
Market system means
Choose an answer
Socialism
Capitalism
a place where goods are traded
all of the above
Previous
Skip
Next
Question # 21
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
Choose an answer
economies of scale
diseconomies of scale
diminishing marginal returns
negative economies
Previous
Skip
Next
Back