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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
For production of goods we need factors
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few
2
4
unlimited
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Question # 2
The kind of market is undesirable
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general market
specialized market
local market
monopoly market
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Question # 3
Wealth of Nations was written by
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Adam Smith
Malthus
Marshall
Newton
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Question # 4
The submit the plan to the Registrar of Joint Stock Companies along with ______ documents
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Two
Three
Four
Five
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Question # 5
Perfectly inelastic supply curve is:
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Parallel to vertical axis
Parallel to horizontal axis
Rises upward to the right
Falls downward to the right
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Question # 6
The elasticity f demand in case of substitute is called.
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Income elasticity of demand
Priceelasticity of demand
Crosselasticity of demand
None of the three
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Question # 7
Commercial economics are a pat of:
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Internal economics
External economics
Economies of scale
None of the three
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Question # 8
Saqib graduated one month ago. He is still unemployed. His unemployment is
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structural
frictional
seasonal
personal
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Question # 9
Market Price of Perishable
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Commodities
Utility
Consumer
None of these
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Question # 10
To reduce unemployment the govt. may
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reduce money supply
reduce mobility of labour
reduce minimum wages
increase government spending
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Question # 11
A firm attains equilibrium under monopoly where:
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AR = MR
AC = MC
MR = MC
AR = AC
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Question # 12
Different kinds of imperfect competition are.
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Monopoly
Monopolistic competition
Oligopoly
All the three
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Question # 13
Which of the following input factor takes risk, innovates and coordinates
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capital
labour
productivity
entrepreneur
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Question # 14
Unemployment due to mechanization of agriculture is
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seasonal
structural
industrial
personal
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Question # 15
Average cost and marginal cost curves in the short-run are:
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Quadratic function
Linear function
Cubic function
Log function
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Question # 16
How many types of organization
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5
6
7
8
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Question # 17
WAPDA is a
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public corporation
public company
private company
partnership
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Question # 18
If price elasticity of demand is very low, the commodity is
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necessity
luxury
substitute
not available
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Question # 19
Profits
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are residual payment
are pre-detemined
are fixed by contract
are always higher than wages
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Question # 20
When average product (AP) and marginal product (MP) are rising.
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AP > MP
AP = MP
AP < MP
AP = MP = 0
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Question # 21
Long-run supply curve of labour is.
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Negatively stoped
Positively sloped
Parallel to the horizontal axis
Parallel to vertical axis
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