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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
TVC
Choose an answer
starts from origin
not from origin
is parallel to x-axis
is parallel to y-axis
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Question # 2
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 # 3
If a public limited company issues bonds to increase resources, then it pays
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fixed premium to bond holders
fixed interest to bond holders
fixed tax to bond holders
fixed profit to bond holders
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Question # 4
The word "LIMITED" at the end of a firm's name means
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it produces only commodity
has limited capital
cannot have more than 100 members
shareholders liability to pay debt of firm cannot exceed value of their investment
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Question # 5
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 # 6
If price changes by one % and supply changes by 2% then supply is
Choose an answer
elastic
inelastic
indeterminate
static
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Question # 7
An increases in demand would cause supply curve to
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shift to the left
shift to the right
change in slope of supply curve
no effect on supply
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Question # 8
Cross elasticity of Suzuki and Honda cars will be
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Positive
negative
zero
infinite
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Question # 9
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as
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increase in supply of capital
increase in supply of land
increase in supply of land and supply of capital
none of these
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Question # 10
They can expand their business by selling shares in the stock market
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proprietor of a business
partners of the business
joint stock company
industrial cooperative societies
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Question # 11
The price of an non-economic good is:
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Very low
Very high
Zero
Negative
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Question # 12
Wealth of Nations was written by
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Adam Smith
Malthus
Marshall
Newton
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Question # 13
A firm attains sub-normal profit under perfect competition when its:
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AR = P (Price)
AR < P
AC = P
AC < P
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Question # 14
x
2
- y
2
= 10 This function can be termed as .
Choose an answer
Expicit function
Implicit function
Linear function
Constant function
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Question # 15
Only those goods are priced in the market which have:
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Utility
Sacrcity
Transferability
All of the above
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Question # 16
He described economics as a science of material welfare
Choose an answer
Robbins
Marshall
Ricardo
Keyness
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Question # 17
Land, labour and capital are needed to produce goods. They are collectively called
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elements of production
factors of production
tools of production
cost of production
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Question # 18
Under monopoly:
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AR = MR
AR > MR
AR < MR
AR = MR
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Question # 19
In the second stage of the law of variable of proportions the average product:
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Rises
Remains constant
Falls
None of the three
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Question # 20
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 # 21
Economics problems arise because of
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greed
scarcity
dishonesty
laziness
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