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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Market Price of Perishable
Choose an answer
Commodities
Utility
Consumer
None of these
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Question # 2
A firm maximizes profit of
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MRP = wage rate
MRP = ARP
MRP is rising
TRP = wages
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Question # 3
In the long run under perfect competition a firm produces at a point where
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LAC is minimum
SAC is minimum
both LAC and SAC are minimum
none is minimum
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Question # 4
To say that two goods are unrelated, their cross price elasticity of demand should be
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less than 0
greater than 0
equal to 0
1
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Question # 5
Wit rapid economic growth in a country the individual demand curve will:
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Rise
Fall
Extend
Contract
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Question # 6
When cross elasticity of demand for A and B is positive number, one can conclude that
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the goods are cheaper
the goods are inferior
the goods are substitutes
the goods are complements
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Question # 7
A firm attains sub-normal profit when:
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AR = AC
AR < AC
AR > AC
TR < TC
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Question # 8
The law of demand will not be apply in case of
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Inferior goods
Superior goods
Normal goods
Non of them
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Question # 9
The law of variable proportions was presented by.
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David Ricords
Alfred Marshall
W.J.L. Ryan
Pareto
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Question # 10
Economics laws
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must be followed
are hated by people
show economic behavior of people
are unscientific
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Question # 11
Marginal revenue recommended by symbol
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MR
MC
AR
None of these
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Question # 12
A consumer in equilibrium when marginal utilities are
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minimum
highest
equal
increasing
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Question # 13
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
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Market
Revenue curve
Contact
None of these
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Question # 14
Which of the following markets comes closest to perfect market
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wheat market
cigarette market
cold drinks market
stock market
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Question # 15
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
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Increase
Falls
Remains the same
None of the three
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Question # 16
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
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Natural monopoly
Social monopoly
Legal monopoly
Implied monopoly
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Question # 17
He described economics as a science of material welfare
Choose an answer
Robbins
Marshall
Ricardo
Keyness
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Question # 18
Members of a public limited company are elected by.
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Directors
Government
Financial institutions
Share holders
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Question # 19
The long run average cost curve is tangent to various
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short run TCs
short run ACs
AVCs
AFCs
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Question # 20
Which of the following is a producer good
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pen
cycle
mobile phone
hammer
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Question # 21
Scarcity exists
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in only poor countries
in a country that uses resources inefficiently
in all countries of the world
when society produces unimportant goods
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