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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Rotten eggs are
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free good
economic good
service
wealth
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Question # 2
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 # 3
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 # 4
A person who contributes funds in partnership but does not take active part in management of business is called
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sleeping partner
helping partner
temporary partner
inactive partner
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Question # 5
Utility is most closely related to the term
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useful
useless
necessary
satisfaction
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Question # 6
To show data in tables, we must first
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reduce data
expand data
classify data
all of the above
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Question # 7
According to law of equi-marginal utility a consumer will maximises his total utility when
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He spends all his income on the product only
He spends more on one and less on the other
Marginal utility of the two goods are equalised
Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.
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Question # 8
He presented a theory of rent
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Malthus
Allama Iqbal
Ricardo
Marshall
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Question # 9
Which is NOT an advantage of division of labour
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workers spend less time moving from job to job
workers becomes dependent on other workers
workers become more efficient at performing repeated task
machinery is more easily introduced to perform simple tasks
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Question # 10
______ is a science which is concerned with the collection, presentation, and interpretation of numerical data
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Statistics
Economics analysis
Function
None of these
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Question # 11
Marginal product indicates rate of change of
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total product
average product
variable product
all of the above
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Question # 12
WAPDA is a
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public corporation
public company
private company
partnership
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Question # 13
When price is fixed below equilibrium level, there will be
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surplus commodity in the market
shortage of commodity in the market
supply curve will shift
demand curve will shift
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Question # 14
For production of goods we need factors
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few
2
4
unlimited
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Question # 15
Ceteris paribus means
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other things equal
all variable are independent
all relationships are inverse
that no other assumptions are made
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Question # 16
Total utility is maximised when.
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Marginal utility is zero
Marginal utility falls
Marginal utility rises
Non of the above
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Question # 17
Under marginal productivity theory, reward for labour is determined by
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owner
government
labour
marginal product
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Question # 18
The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
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AW = MW
AW > MW
AW < MW
None of the three
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Question # 19
All the following are U-shape except
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AVC
AFC
AC
MC
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Question # 20
Limited liability is one of the advantages of
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partnership
sole proprietor
joint stock company
cooperative society
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Question # 21
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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