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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
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 # 2
Which of the following is
NOT
capital as economists use the term
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an office building
machinery in a factory
an industrial robot
money
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Question # 3
The main object of trade unions is to:
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Strength the bargaining position of labour
Get jobs for the employed persons
Get recreational facilities
Get free meals
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Question # 4
Robbins definition of economics spell out the existence of
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Economics problem
Social problem
Political problem
Moral problem
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Question # 5
In case of a fall in supply.
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Quantity supplied falls at the same price.
Quantity supplied rises at the same price.
Quantity supplied remain at the lower price.
None of the three
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Question # 6
Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called
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structural
frictional
seasonal
personal
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Question # 7
A firm decides to shut down production temporarily when
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MC start rising
AC stat rising
price = AC
price falls below AVC
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Question # 8
In which year Alfred Marshall wrote a book entitled "Principle of economics"
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1850
190
1870
1890
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Question # 9
Who was the exponent of welfare economics.
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Alfred Marshall.
Adam smith.
Lionel Robbins
J.M. Keynes.
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Question # 10
Equilibrium price of a product is determined by:
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The gomverment
An industrialist
Market competition
An agriculturist
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Question # 11
In the business world
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a firm working under perfect competition wants to become a monopoly
a firm working under monopoly wants to become a competitive firm
monopoly price is always higher than competitive price
competitive price is always higher than monopoly price
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Question # 12
Profit is maximum when
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distance between TR and TC is maximum
distance between AR and AC is maximum
distance between MR and MC is maximum
distance between MR and AR is maximum
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Question # 13
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
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supply and demand both increase equally
supply and demand decrease equally
supply curve is vertical and demand increases
supply increases and demand is same
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Question # 14
Select the correct statement
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Economics affects politics
Economics affects history
Geography affects economics
all of the above are true
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Question # 15
The most efficient scale of production of a firm is where
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LAC is minimum
SAC is minimum
LMC is minimum
SMC is minimum
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Question # 16
If the government supplies a product at a price less than the equilibrium price, it will create:
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Shortage
Surlius
Non of the two
Equilibrium quantity
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Question # 17
Internal economies of scale include
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risk-bearing economics
trade mark
managerial economies
a and c of above
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Question # 18
According to law of diminishing marginal utilities , a consumer maximises his total utility where.
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MU
a
= MP
a
MU
a
= AU
a
MU
a
= TC
a
MU
a
= P
a
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Question # 19
Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.
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1784
1792
1776
1796
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Question # 20
These are kinds of rent EXCEPT
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differential rent
scarcity rent
mobility rent
location rent
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Question # 21
If marginal product of labour rises because of new technology
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wages will rise
wages will fall
wages will be unaffected
may raise or fall
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