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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Members of a public limited company in Pakistan are.
Choose an answer
5 to 50
10 to 100
7 to any number
only 5
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Question # 2
These are kinds of rent EXCEPT
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differential rent
scarcity rent
mobility rent
location rent
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Question # 3
With a fixed in the market period, if the demand of a product rises, then:
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Price will fall
Price will rise
Price will remain the same
None of the three
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Question # 4
Land as used in economics
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is a free gift of nature
is unlimited in quantity
is not hirable
excludes oceans
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Question # 5
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
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R.G.D Allen
Pareto
J.R. Hicks
Robbins
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Question # 6
In case of perfect competition in the market
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marginal revenue curve always slopes upward
marginal revenue curve always slopes downward
marginal revenue is always equal to average revenue
marginal revenue is always less than to average revenue
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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
Market is an area where :
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Products are sold
Buyers and sellers come in contact with each other
Price flactuates
Price remain constant
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Question # 9
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 # 10
In which form the largest percentage of national income is earned
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interest income
proprietor's income
employees' income
rental income
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Question # 11
Supply curve will shift when
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price falls
price rises
demand shifts
technology changes
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Question # 12
When marginal utility of a product is zero its total utility will be.
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Increase
Decreasing
Maximum
Constant
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Question # 13
A competitive firm is in equilibrium in the long-run where:
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ME = AR = LMC = P
MR = AR = LMC = LAC
MR < AR = LMC <LAC
None of the three
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Question # 14
Economic laws can be define as .
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A statement of social behaviour
Laws implement by an executive
Laws of the state
Statement of general economic tendencies
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Question # 15
Marginal product curve intersects average product curve when AP curve is
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minimum
maximum
rising
falling
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Question # 16
All the products which are priced in the market are.
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Non economic products
Economic products
Private products
Public products
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Question # 17
Which is
NOT
true
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perfect monopoly does not exist in real world
perfect competition does not exist in real world
every monopoly is evil
every firm wants to reduce competition
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Question # 18
When price elasticity of demand for normal goods in calculated, the value is always
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positive
negative
constant
greater than one
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Question # 19
Product differentiation is a pre-condition of:
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Perfect competition
Imperfect compitition
Monopoly
Oligopoly
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Question # 20
profit is a maximum when
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TC and TR curves are parallel
MC and MR curves are parallel
AC and AR curves are parallel
TFC and TVC are parallel
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Question # 21
Which type of problems are brought under discussion in micro economics .
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Consumer's behaviour
International trade
Balance of payment
Public finance
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