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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
When demand is perfectly inelastic, an increase in price will result in
Choose an answer
decrease in total revenue
increase in total revenue
no change in total revenue
decrease in quantity demanded
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Question # 2
A positive statement
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concerns what is
is always accurate
deals with values and opinions
cannot be tested in the real world
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Question # 3
Which is a condition for existence of monopoly
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big size
identical product
absence of government taxes
no close substitute
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Question # 4
As output increase, one of the following costs will also increase:
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Marginal cost
Average cost
Variable cost
Fixed cost
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Question # 5
A ______ is something which is measurable and can take on different values
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Variable
Constant
Both a and b
None of these
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Question # 6
Change in total cost on the production of one additional unit of output is calculated as .
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Marginal cost
Average cost
Total cost
Marginal product
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Question # 7
The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.
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Deffertial rent
Economic rent
Quasi rent
Scarcity rent
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Question # 8
The elasticity of demand of durable goods is
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less than unity
greater than unity
equal to unity
zero
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Question # 9
One of the following is not an exception to the law of diminishing marginal utility .
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Money
Knowledge
Music
Non of them
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Question # 10
Q
d
= 12 - 2P
Q
s
= -4 + 6P in this market model, P and Q are respectively.
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2 & 8
4 & 8
4 & 10
None of the three
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Question # 11
Long period supply curve is
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relatively flatter
relatively steeper
more elastic
a and c of above
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Question # 12
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 # 13
Which of the following is capital
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toy of a child
plough of the farmer
calculator of the student
novel book in the library
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Question # 14
The supply of perishable goods is.
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Elastic
Inelastic
Perfectly elastic
None of the above
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Question # 15
The demand of a will expand when:
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Other things do not remain constant.
Price of the products changes.
Value of money falls.
None of the three
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Question # 16
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 # 17
The market of cars is.
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International market
Regional market
Local market
Domestic market
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Question # 18
Rotten eggs are
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free good
economic good
service
wealth
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Question # 19
The method to measure the elasticity of demand by the unitary method was introduced by.
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Alfred Marshall
Robbins
Adam Smith
Malthus
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Question # 20
The minimum wage is an example of
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price floor
price ceiling
equilibrium wage
efficiency of labour
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Question # 21
Quasi rent
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is permanent
is temporary
arises in long run only
means high rent
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