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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The market of cars is.
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International market
Regional market
Local market
Domestic market
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Question # 2
A producer will employ workers up to the point where its MRP becomes
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ARP
current wage rate
negative
equal to profit
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Question # 3
Social stagnation is a big obstacle to.
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Mobility of labour
Division OF labour
Efficiency o labour
All the above
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Question # 4
In the long-run a firm attains under monopoly;
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Normal profit
Super normal profit
Sub-normal profit
Any on of the above
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Question # 5
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 # 6
Production of wealth means:
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Driving a taxi
Teaching a daughter
A doctor serving his wife
All the three
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Question # 7
There are large number of seller and buyers in the market but none is able to influence market price. such a market is called
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free
open
regular
competitive
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Question # 8
Saqib graduated one month ago. He is still unemployed. His unemployment is
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structural
frictional
seasonal
personal
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Question # 9
Who introduced indifference curves to explain consumer's beghavior
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J.R Hicks
Marshall
Robbins
Adam Smith
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Question # 10
Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called
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externality
wastage
extra cost
opportunity cost
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Question # 11
This is
NOT
the result of specialization
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increased production
improvement in quality of product
increase in cost of production
increase in trade
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Question # 12
Equilibrium
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is a state that can never be achieved in economics
is an important idea for predicting economics changes
is a stable condition
is an unstable condition
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Question # 13
When MU=0, TU is
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minimum
maximum
increasing
decreasing
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Question # 14
Doctors get higher wages than clerks because
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doctors are in short supply
doctors have more respect in society
doctors are organised in trade unions
people fear doctor's displeasure
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Question # 15
Net investment equals Gross investment MINUS
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fixed capital
capital depreciation
capital appreciation
capital formation
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Question # 16
In economic capital refers to
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money
high quality goods
trade mark
machinery and factories
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Question # 17
Marginal land or no rent land is the land which:
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Covers the cost of productions only
Determines rent of the superiorlands
Both a & b
None of the three
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Question # 18
Under perfect competition
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AC = AVC
AR = AC
AR = MC
AR= MR
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Question # 19
In the long-run a competitive firms attains only:
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Normal profit
Super Normal profit
Sub-Normal profit
Marginal cost
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Question # 20
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 # 21
Different prices are charged from different customers of the same product. This is called.
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Short run price
Price instability
Price discrimination
Long run price
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