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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
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 # 2
Which statement relates to macroeconomics
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Oil prices are rising in Pakistan
Profit rate is high in textile industry
The firms try to make huge profits
The government had failed to control inflation
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Question # 3
Gov. of Pakistan introduced labour policy for the first time in.
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1955
1950
1948
1959
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Question # 4
Wants are unlimited for:
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Poor person
Rich person
All persons
None of them
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Question # 5
The human effort applied to the production of goods is called in economics
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labour
skill
experience
services
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Question # 6
A change in price brings in quantity supplied. it will be.
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Rise in supply
Contraction of supply
Fall in supply
Extension of supply
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Question # 7
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
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economies of scale
diseconomies of scale
diminishing marginal returns
negative economies
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Question # 8
Productivity of land can be raised by
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decreasing farm size
intensive cultivation
better marketing
increasing money supply
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Question # 9
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 # 10
The following affect rent EXCEPT
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better location
fertility of land
cleverness of landlords
scarcity of land
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Question # 11
The cost which a firm incurs for purchasing or hiring factors is called
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implicit
explicit
real
basic
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Question # 12
When MP is zero, TP is
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minimum
maximum
rising
falling
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Question # 13
Increasing the minimum wage for workers will
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solve the unemployment problem
result in scarcity of workers
cause substitution of capital for labour
decreases the MP of those workers
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Question # 14
The major difference between perfect competition and monopolistic competition is
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unity of frims
differentiated product
rate of profit
free exit and entry
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Question # 15
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 # 16
Supply curve
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is vertical in long run
is flatter in long run
is same in long and short run
is horizontal in both short and long run
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Question # 17
Utility of a product depends upon
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Knowledge
Ownership
Form
All of them
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Question # 18
Supply of a commodity means
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willingness to sell a certain quantity
physical stocks available
planned production
total production in a given period
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Question # 19
Capital formation lakes place when
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people save a part of their incomes
saved amount is invested
investors expect good return
all of the three
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Question # 20
Which one is the small scale production.
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Bata shoe factory
A barber shop
kohinoor Textile Industries
Sufi soap
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Question # 21
The basic economic problem to all societies is
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elimination of scarcity
what how and for whom to produce
equal distribution of wealth
to develop agriculture
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