Question # 1

When labourers do not get jobs according to their qualification it will be :

Choose an answer

Unemployment

Under employment

Disguised unemployment

None of the three

The law of demand will not be apply in case of

Choose an answer

Inferior goods

Superior goods

Normal goods

Non of them

Which of the following is NOTa characteristic of perfect competition?

Choose an answer

free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

Which of the following is example of external economies of scale?

Choose an answer

Discount on purchases of raw materials

Technical progress leads to development of machines at low price

Hiring of specialized staff due to increase in scale of production

A firm starts producing by products

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

Choose an answer

supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

Stock exchange is market where we can buy:

Choose an answer

Shares

Foreign exchange

Factors of production

Consumer goods

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

Under perfect competition

Choose an answer

AC = AVC

AR = AC

AR = MC

AR= MR

In economics, one or more persons sharing common consumer budget is called

Choose an answer

social group

consumer union

organisation

household

The law demand will not be valid in case of.

Choose an answer

Very high price products

Normal goods

Price effect

Income effects

Which on of the following represents fixed cost:

Choose an answer

Price of raw material

Wages

Interests on loan

Rent of land

To the economist, investment refers to

Choose an answer

sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

The necessary condition for equilibrium position of a firm is

Choose an answer

MC > MR

MC > price

MC = MR

MC = AC

Quasi rent is a:

Choose an answer

Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

The shape of rectangular hyperbola is made by

Choose an answer

MC

AFC

AVC

TFC

The following is NOTa factor of production

Choose an answer

labour

entrepreneurship

land

money

The shape of marginal revenue product (MRP) curve is

Choose an answer

Inverted U

Steeper

Flatter

Positive

The following affect rent EXCEPT

Choose an answer

better location

fertility of land

cleverness of landlords

scarcity of land

Those who invest in joint stock companies are called

Choose an answer

partners

shareholders

members

associates

The number of goods and services which one unit of a product can command in exchange for it is its.

Choose an answer

Value of money

Value in exchange

Price

Utility

Rotten eggs are

Choose an answer

free good

economic good

service

wealth

More Classes

Other Links

Economics Ics Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer