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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Law of diminishing marginal utility provides basis for:
Choose an answer
Law of demand
Law of supply
Laws of returns
Law of variable proportions
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Question # 2
A competitive firm is in equilibrium in the long-run where:
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ME = AR = LMC = P
MR = AR = LMC = LAC
MR < AR = LMC <LAC
None of the three
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Question # 3
The basic economic problem to all societies is
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elimination of scarcity
what how and for whom to produce
equal distribution of wealth
to develop agriculture
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Question # 4
Law of decreasing returns generates
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law of economic growth
law of increasing costs
law of variable costs
law of decreasing costs
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Question # 5
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 # 6
Choose the correct condition of equilibrium of firm
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MC = MR
MC curve cuts MR curve from below
Both a and b
MC + MR - AR
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Question # 7
Total profit = ?
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Per unit profit x output
Per unit profit x input
Per unit profit + output
per unit profit - input
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Question # 8
Quasi rent is a:
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Short-run phenomenon
Long-run phenomenon
Short and long run phenoomenon
None of the three
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Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
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Horizontal axis
Vertical Axis
None of the above
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Question # 10
If price is set above 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 # 11
Supply curve
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is vertical in long run
is flatter in long run
is same in long and short run
is horizontal in both short and long run
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Question # 12
Which of the following is a producer good
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pen
cycle
mobile phone
hammer
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Question # 13
The following are causes of shift in demand EXCEPT the one
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change in income
change in price
change in fashion
change in prices of substitutes
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Question # 14
Which one will be termed as supply of a product.
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One tone potato in cold storage
One ton rice offered for sale in market
One ton rice brought for sale in market at a certain price.
None of the three
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Question # 15
A firm decides to exit the industry when
Choose an answer
AC starts rising
MC starts rising
price is less than LAC
TC starts rising
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Question # 16
In law of diminishing returns at least one factor
Choose an answer
must be constant
must be owned by the firm
must be purchasable
must be efficient
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Question # 17
If we plot the equation y = 20 +3x, its slope is
Choose an answer
20
3
20/3
Indeterminate
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Question # 18
Scarcity of goods means
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non availability of goods
high price of goods
People don't want to get such goods
the good is available but it is not free
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Question # 19
The law demand will not be valid in case of.
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Very high price products
Normal goods
Price effect
Income effects
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Question # 20
The kind of market is undesirable
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general market
specialized market
local market
monopoly market
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Question # 21
All materials goods which can satisfy humans wants are called.
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Non economic goods
Economic goods
Capital goods
Services
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