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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
How many merits of organization in text book
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7
8
9
10
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Question # 2
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 # 3
When MU=0, TU is
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minimum
maximum
increasing
decreasing
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Question # 4
Land is mobile factor of production.
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Not mobile
Mobile by the transfer ownership
Geographically mobile
Mobile vertically
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Question # 5
Standard of living of a country can be raised if it increases
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labour force
production
money supply
exports
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Question # 6
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
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a shortage
a surplus
excess supply
loss
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Question # 7
Unemployment due to mechanization of agriculture is
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seasonal
structural
industrial
personal
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Question # 8
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 # 9
The main object of trade unions is to:
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Strength the bargaining position of labour
Get jobs for the employed persons
Get recreational facilities
Get free meals
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Question # 10
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 # 11
Micro economics concentrates
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on inflation
international economics relations
individual economics units
economics development of Pakistan
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Question # 12
The number of goods and services which one unit of a product can command in exchange for it is its.
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Value of money
Value in exchange
Price
Utility
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Question # 13
Which is the general form of quadratic equation
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x
2
-x-20 = 0
ax
2
+bx +c = 0
x
2
- x -c =0
None of these
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Question # 14
Economic development of a country requires
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skilled lobour
diplomacy
abundant natural resources
a and c of aboce
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Question # 15
Which one is the assumption of law of demand?
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price of the commodity should not change
quantity demand should not change
income of the consumer should not change
none of the above
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Question # 16
Marginal product curve intersects average product curve when AP curve is
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minimum
maximum
rising
falling
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Question # 17
The demand curve slopes downward from left to right because of:
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Income effect
Substitution effect
Entry of new buyers
All of the above
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Question # 18
Normal profit is attained where:
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TR = TC
TR >TC
AR > MR
AR < MR
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Question # 19
The necessary condition for equilibrium of firm is
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AVC = AFC
AR = MR
MC = MR
TVC = TFC
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Question # 20
Food, Shelter and clothing are:
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Necessities
Comfort
Luxuries.
None of three
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Question # 21
Market demand curve is a summation of all individual demand curves as
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Vertical
horizontal
mathematical
local
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