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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
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 # 2
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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Fall
Rise
Remain unchanged
None of three
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Question # 3
Given the supply curve, a fall in demand will.
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Increase equilibrium quantity of the product
Decrease equilibrium quantity of the product
Not affect equilibrium quantity
Not affect equilibrium price
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Question # 4
The maximum point of TP curve is at quantity of labour where
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Average physical product of labour is equal to 1
MPP of labour is at its maximum
curves of APP and MPP of labour intersect
MPP of labour is zero
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Question # 5
Efficiency of labour is not affected by
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attitude of worker
attitude of employer
attitude of wife/husband
all affect
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Question # 6
Wit rapid economic growth in a country the individual demand curve will:
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Rise
Fall
Extend
Contract
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Question # 7
If supply rises more than demand, price of the product will.
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Fall
Rise
Not change
Change
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Question # 8
during short period, diminishing returns may follow because
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quantity of labour is fixed
quality of labour is fixed
quantity of capital is fixed
quantity of any one factor is fixed
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Question # 9
All the following are U-shape except
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AVC
AFC
AC
MC
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Question # 10
What best explains a shift in market supply curve to the right?
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an advertising campaign is successful in promoting the good
a new technique makes it cheaper to produce the good
the government introduces a tax on the good
the price of raw materials increases
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Question # 11
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 # 12
A firm attains sub-normal profit under perfect competition when its:
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AR = P (Price)
AR < P
AC = P
AC < P
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Question # 13
One of the following is not land.
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Sui gas
Electric power
Atlantic Ocean`
A river
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Question # 14
Initial utility of a product is :
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Highest
Lowest
Conatant
None of them
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Question # 15
When demand is perfectly elastic, an increase in supply will result in
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decrease in quantity sold
increase in quantity sold
fall in price
b and c above
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Question # 16
One of the following is fixed capital.
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Raw material
Defence saving certificate
Machinery
None f the three
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Question # 17
If we know that quantities bought and sold are equal, we can conclude that
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quantities demanded and supplied are also equal
the market is in equilibrium
there will be no tendency for a price change
all of the above
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Question # 18
A bridge will be a
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Private good
Capital goods
Consumer good
Personal good
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Question # 19
One of the following will not be capital.
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Mchinery
Means of communication
Water falls
Means of transportation
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Question # 20
Under perfect competition MR and AR curves
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are the same
are different
intersect each other
are parallel
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Question # 21
Given the demand curve, a rise in supply will.
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Increase quantity supplied
Price will fall
Price will rise
Both (a) and (b)
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