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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Commercial economics are a pat of:
Choose an answer
Internal economics
External economics
Economies of scale
None of the three
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Question # 2
In case of monopoly
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marginal revenue curve always slopes upward
total revenue curve always slopes upward
marginal revenue is always equal to average revenue
marginal revenue is always less than average revenue
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Question # 3
Which one is not doing an economic activity.
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One who is offering prayers.
One who works for wage.
One who rents out his property .
One who is an employee of Government
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Question # 4
This is an assumption of law of demand
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price of the commodity does not change
quantity should not change
supply should not change
income of consumer should not change
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Question # 5
The number of goods and services which one unit of a product can command in exchange for it is its.
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Value of money
Value in exchange
Price
Utility
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Question # 6
How many various forms of capital
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7
8
9
10
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Question # 7
The products which are not priced in the market are called .
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Economic goods
Non-economic goods
Merit goods
Social goods
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Question # 8
Different prices are charged from different customers of the same product. This is called.
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Short run price
Price instability
Price discrimination
Long run price
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Question # 9
He described economics as a science of material welfare
Choose an answer
Robbins
Marshall
Ricardo
Keyness
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Question # 10
Labour intensive technique of production means.
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More labour and less capital
Less labour and more capital
More labour and no land
More land and no labour
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Question # 11
The basic goal of a firm is to
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maximize revenues
maximize employees' welfare
maximize profit
maximize output
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Question # 12
Factors of production are recently termed as.
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Output
Outly
Input
None of them
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Question # 13
He presented a theory of rent
Choose an answer
Malthus
Allama Iqbal
Ricardo
Marshall
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Question # 14
The extent of market depends upon
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Means of transport and communication
Political instability
Economics instability
Trade restriction
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Question # 15
Economics problems arise because of
Choose an answer
greed
scarcity
dishonesty
laziness
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Question # 16
About labour we can say with certainty that it is
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Perishable
Hirable
Reliable
all of the above
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Question # 17
Extension of supply will take place as a consequence of:
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Change in price
Change in population
Change in technology
Change in money supply
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Question # 18
Union leaders are in better position bargain for higher wages if demand for labour is
Choose an answer
elastic
inelastic
very large
permanent
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Question # 19
Law of substitution is another name for
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law of diminishing MU
law of equi-MU
law of demand
law of satisfaction
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Question # 20
An important factor which promotes large scale production is:
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Extant of market
Revolutionary changes in social life
Culture and civilization
All the three
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Question # 21
Optimum population is defined by the economists as the level of population at which
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death rate equals birth rate
labour productivity is maximized
country achieves food self sufficiency
national income per head is maximesed
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