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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
One of the following NOT a assumption of the marginal productivity theory
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units of factor are homogeneous
mobility of factor
low price of factor
perfect competition
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Question # 2
A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of
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Prof. Kooros
Prof. Marshall
Prof. Rabbins
Prof. Kneez
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Question # 3
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
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Market
Revenue curve
Contact
None of these
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Question # 4
Profits arise because an entrepreneur
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prepares plan
innovates
lends money
a and b of above
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Question # 5
A seller can increase his sales revenue by charging a lower price, if the demand has
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e < 1
e = 1
e > 1
e = 0
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Question # 6
Production of wealth takes place by:
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A combination of output
A combination of input
Labour only
Capital only
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Question # 7
Three basic economics problems are
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what, how and for whom
why, where and when
what, which and how much
what, which and why
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Question # 8
Natural environment that supports production of goods and services is included in
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labour
money
capital
land
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Question # 9
Every factor of production gets reward equal to
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value of average product
value of marginal product
value of total product
total revenue
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Question # 10
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
increase in natural resources
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Question # 11
Food, Shelter and clothing are:
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Necessities
Comfort
Luxuries.
None of three
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Question # 12
All factors of productions are variable in the:
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Marked period
Short period
long period
None of the three
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Question # 13
The supply price of land is considered to be zero because .`
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Its supply is limited
Its supply is infinity
In aggregate sense its cost of production s zero
Its demand is limited
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Question # 14
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.
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Equal to unity
Greater than unity
Less than unity
Equal to zero
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Question # 15
Given the demand curve, a rise in supply will.
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Increase quantity supplied
Price will fall
Price will rise
Both (a) and (b)
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Question # 16
A firm attains equilibrium under monopoly if:
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MC curve intersect MR curve from below. MC = AC = MR
MC curve intersects MR from above
Any one of the above situations
AR = MR
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Question # 17
These are kinds of capital EXCEPT
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fixed capital
expensive capital
working capital
real capital
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Question # 18
In short period how many possibilities in which a firm may find itself
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four
five
six
seven
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Question # 19
When total product rises marginal product.
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Remains the same
Falls
Also rises
None of the three
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Question # 20
All the following are U-shape except
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AVC
AFC
AC
MC
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Question # 21
One of the following is not a characteristics of economic laws.
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Economic laws lack exactitude
Economic laws lack predictability
They are not universa!
They are not optional
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