More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Price elastic of demand measures
Choose an answer
change in price caused by changes in demand
the rate of change of sales
the responsiveness of demand to price changes
the value of sales at a given price
Previous
Skip
Next
Question # 2
The law demand will not be valid in case of.
Choose an answer
Very high price products
Normal goods
Price effect
Income effects
Previous
Skip
Next
Question # 3
According to Ricardo rents are high because prices of produce of land are
Choose an answer
high
low
constant
none of the above
Previous
Skip
Next
Question # 4
If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.
Choose an answer
Scarcity rent
Differential rent
Quasi rent
Scarcity rent
Previous
Skip
Next
Question # 5
Economics theory means
Choose an answer
economic policy
economic principles
descriptive economics
economics facts
Previous
Skip
Next
Question # 6
Law of decreasing returns generates
Choose an answer
law of economic growth
law of increasing costs
law of variable costs
law of decreasing costs
Previous
Skip
Next
Question # 7
A seller can increase his sales revenue by charging a lower price, if the demand has
Choose an answer
e < 1
e = 1
e > 1
e = 0
Previous
Skip
Next
Question # 8
At the point of equilibrium of firm under perfect competition
Choose an answer
MC curve must be rising
MC curve must be falling
MR curve must be rising
MR curve must be falling
Previous
Skip
Next
Question # 9
If a firm shuts down temporarily, it will incur loss equal to
Choose an answer
AFC
AVC
TFC
TVC
Previous
Skip
Next
Question # 10
The concept of differential rent is given by.
Choose an answer
Marshall
David Ricardo
Hobson
Robbins
Previous
Skip
Next
Question # 11
Different kinds of imperfect competition are.
Choose an answer
Monopoly
Monopolistic competition
Oligopoly
All the three
Previous
Skip
Next
Question # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Choose an answer
Horizontal axis
Vertical Axis
None of the above
Previous
Skip
Next
Question # 13
The production function relates to
Choose an answer
cost of output
cost of input
output to input
demand to output
Previous
Skip
Next
Question # 14
y = 20-5 x this function is.
Choose an answer
Increasing function
Decreasing function
Constant function
Exponential function
Previous
Skip
Next
Question # 15
Lowest point on the average cost curve in the long-run represents;
Choose an answer
Optimum factors combination
Maximum level of output
Maximum level of total revenue
None of the three
Previous
Skip
Next
Question # 16
Normally a demand curve will have the shape
Choose an answer
horizontal
vertical
downward sloping
upward sloping
Previous
Skip
Next
Question # 17
In the second stage of the law of variable of proportions the average product:
Choose an answer
Rises
Remains constant
Falls
None of the three
Previous
Skip
Next
Question # 18
Marginal land
Choose an answer
is uncultivable land
gets low rent
gets no rent
cannot be sold
Previous
Skip
Next
Question # 19
When AC curve rises, MC curve remains:
Choose an answer
Above AC
Below AC
Equal AC
Negative
Previous
Skip
Next
Question # 20
Which is a condition for existence of monopoly
Choose an answer
big size
identical product
absence of government taxes
no close substitute
Previous
Skip
Next
Question # 21
The basic goal of a firm is to
Choose an answer
maximize revenues
maximize employees' welfare
maximize profit
maximize output
Previous
Skip
Next
Back