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
When diseconomies of scale outweigh economies of scale the
Choose an answer
long run AC curve rises
marginal cost falls
long run ATC curve falls
AVC falls
Previous
Skip
Next
Question # 2
Which of the following shifts supply curve of cars to the right
Choose an answer
tax on new cars
increase in wages of workers
decrease in steel price
a successful promotion campaign by sellers
Previous
Skip
Next
Question # 3
Doctors get higher wages than clerks because
Choose an answer
doctors are in short supply
doctors have more respect in society
doctors are organised in trade unions
people fear doctor's displeasure
Previous
Skip
Next
Question # 4
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Choose an answer
Different quantities of a product are supplied at the same price.
Different quantities of a product are supplied at different price.
Same quantities of a product are supplied at different price.
None of three
Previous
Skip
Next
Question # 5
When business expands beyond its optimum level what type of economics will it be getting.
Choose an answer
Diseconomies
Internal economies
External economies
Maanagerial economics
Previous
Skip
Next
Question # 6
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Choose an answer
Product B will go up
Product will fall
Both the above will take place
Nothing will take place
Previous
Skip
Next
Question # 7
All the following are U-shape except
Choose an answer
AVC
AFC
AC
MC
Previous
Skip
Next
Question # 8
Members of a public limited company in Pakistan are.
Choose an answer
5 to 50
10 to 100
7 to any number
only 5
Previous
Skip
Next
Question # 9
The composite demand for a product is generally:
Choose an answer
Elastic
Inelastic
Equal to unity
Equal to zero
Previous
Skip
Next
Question # 10
Supply curve
Choose an answer
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
Previous
Skip
Next
Question # 11
Total fixed cost curve is .
Choose an answer
Parallel to the vertical axis
Parallel to the horizontal axis
Sloping downward to the right
Sloping upward to the right
Previous
Skip
Next
Question # 12
Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called
Choose an answer
structural
frictional
seasonal
personal
Previous
Skip
Next
Question # 13
Economics laws
Choose an answer
must be followed
are hated by people
show economic behavior of people
are unscientific
Previous
Skip
Next
Question # 14
A firm attains sub-normal profit under perfect competition when its:
Choose an answer
AR = P (Price)
AR < P
AC = P
AC < P
Previous
Skip
Next
Question # 15
A firm attains equilibrium under monopoly if:
Choose an answer
MC curve intersect MR curve from below. MC = AC = MR
MC curve intersects MR from above
Any one of the above situations
AR = MR
Previous
Skip
Next
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
Previous
Skip
Next
Question # 17
Buyers and sellers under perfect competition are.
Choose an answer
The same in number
Large in number
Small in number
None of the above
Previous
Skip
Next
Question # 18
According to Prof. Knight risks are of ...... kinds
Choose an answer
2
3
4
many
Previous
Skip
Next
Question # 19
Average cost and marginal cost curves in the short-run are:
Choose an answer
Quadratic function
Linear function
Cubic function
Log function
Previous
Skip
Next
Question # 20
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Choose an answer
Rise of demands
Fall of demand
Extension of demand
Contraction on demand
Previous
Skip
Next
Question # 21
Profit is maximum when
Choose an answer
distance between TR and TC is maximum
distance between AR and AC is maximum
distance between MR and MC is maximum
distance between MR and AR is maximum
Previous
Skip
Next
Back