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 labourers do not get jobs according to their qualification it will be :
Choose an answer
Unemployment
Under employment
Disguised unemployment
None of the three
Previous
Skip
Next
Question # 2
The law of demand will not be apply in case of
Choose an answer
Inferior goods
Superior goods
Normal goods
Non of them
Previous
Skip
Next
Question # 3
Which of the following is
NOT
a 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
Previous
Skip
Next
Question # 4
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
Previous
Skip
Next
Question # 5
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
Previous
Skip
Next
Question # 6
Stock exchange is market where we can buy:
Choose an answer
Shares
Foreign exchange
Factors of production
Consumer goods
Previous
Skip
Next
Question # 7
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 # 8
Under perfect competition
Choose an answer
AC = AVC
AR = AC
AR = MC
AR= MR
Previous
Skip
Next
Question # 9
In economics, one or more persons sharing common consumer budget is called
Choose an answer
social group
consumer union
organisation
household
Previous
Skip
Next
Question # 10
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 # 11
Which on of the following represents fixed cost:
Choose an answer
Price of raw material
Wages
Interests on loan
Rent of land
Previous
Skip
Next
Question # 12
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
Previous
Skip
Next
Question # 13
The necessary condition for equilibrium position of a firm is
Choose an answer
MC > MR
MC > price
MC = MR
MC = AC
Previous
Skip
Next
Question # 14
Quasi rent is a:
Choose an answer
Short-run phenomenon
Long-run phenomenon
Short and long run phenoomenon
None of the three
Previous
Skip
Next
Question # 15
The shape of rectangular hyperbola is made by
Choose an answer
MC
AFC
AVC
TFC
Previous
Skip
Next
Question # 16
The following is
NOT
a factor of production
Choose an answer
labour
entrepreneurship
land
money
Previous
Skip
Next
Question # 17
The shape of marginal revenue product (MRP) curve is
Choose an answer
Inverted U
Steeper
Flatter
Positive
Previous
Skip
Next
Question # 18
The following affect rent EXCEPT
Choose an answer
better location
fertility of land
cleverness of landlords
scarcity of land
Previous
Skip
Next
Question # 19
Those who invest in joint stock companies are called
Choose an answer
partners
shareholders
members
associates
Previous
Skip
Next
Question # 20
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
Previous
Skip
Next
Question # 21
Rotten eggs are
Choose an answer
free good
economic good
service
wealth
Previous
Skip
Next
Back