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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The method to measure the elasticity of demand by the unitary method was introduced by.
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Alfred Marshall
Robbins
Adam Smith
Malthus
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Question # 2
He put forward the theory of profit
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Keynes
Adam Smith
Knight
Anyson
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Question # 3
Habib Bank limited means that.
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Its capital is limited
It shareholders are limited
The liability of each shareholders is limited
Non of the three
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Question # 4
They can expand their business by selling shares in the stock market
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proprietor of a business
partners of the business
joint stock company
industrial cooperative societies
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Question # 5
Land, labour and capital are needed to produce goods. They are collectively called
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elements of production
factors of production
tools of production
cost of production
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Question # 6
Efficiency of land can be promoted by.
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Means of communication
Fertility of land
Climate condition
Quality of other factors
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Question # 7
Every factor of production gets reward equal to
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value of average product
value of marginal product
value of total product
total revenue
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Question # 8
Economic profit is
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part of total cost
total revenue minus total cost
total revenue minus variable cost
total variable cost minus total fixed cost
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Question # 9
Trade Unions in Pakistan are unable to get an increase in wage rates because of :
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Minimum wage law
Low labour efficiency
Capital intensive projects
Lack of Natural resources
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Question # 10
In short period how many possibilities in which a firm may find itself
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four
five
six
seven
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Question # 11
The product which have close substitute their demand is always.
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More elastic
Perfectly elastic
Perfectly inelastic
Less elastic
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Question # 12
The demand curve slopes downward from left to right because of:
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Income effect
Substitution effect
Entry of new buyers
All of the above
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Question # 13
Law of equi marginal utility provides basis for.
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Equal distribution of wealth
Economy in taxation
Law of diminishing returns
Law of constant returns
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Question # 14
The main object of trade unions is to:
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Strength the bargaining position of labour
Get jobs for the employed persons
Get recreational facilities
Get free meals
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Question # 15
One of the following is not a characteristics of economic laws.
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Economic laws lack exactitude
Economic laws lack predictability
They are not universa!
They are not optional
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Question # 16
Only those goods are priced in the market which have:
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Utility
Sacrcity
Transferability
All of the above
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Question # 17
Quasi rent is a:
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Short-run phenomenon
Long-run phenomenon
Short and long run phenoomenon
None of the three
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Question # 18
x = f (y).
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x is a dependent variable.
y is a dependent variables
x and y are dependents variables.
None of the three
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Question # 19
The goods used to produce income or wealth are.,
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Consumer goods
Manufactured goods
Merit goods
Capital goods
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Question # 20
Every factor of production gets reward equal to its
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cost
marginal product
price
increasing return
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Question # 21
According to Keynes interest is a payment for
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consumer's preference
producer's preference
liquidity preference
state bank's preference
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