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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Saqib graduated one month ago. He is still unemployed. His unemployment is
Choose an answer
structural
frictional
seasonal
personal
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Question # 2
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 # 3
Who was the founder of classical school of thought?
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Adam Smith
Marshall
Keynes
Maithus
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Question # 4
Demand is a function of
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price
quantity
supply
none
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Question # 5
A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.
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Negatively slop curve
An indifference curve
Positively sloped Curve
None of the above
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Question # 6
Members of a public limited company are elected by.
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Directors
Government
Financial institutions
Share holders
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Question # 7
How many various form of partnership
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3
4
5
6
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Question # 8
Who said that "Economics is a science of human welfare"
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Adam Smith
Carlyle and Ruskin
Alfred Marshall
Malthus
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Question # 9
If price and total revenue move in the same direction, then demand is
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inelastic
elastic
unrelated
perfectly elastic
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Question # 10
According to law of diminishing marginal utilities , a consumer maximises his total utility where.
Choose an answer
MU
a
= MP
a
MU
a
= AU
a
MU
a
= TC
a
MU
a
= P
a
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Question # 11
The shape of rectangular hyperbola is made by
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MC
AFC
AVC
TFC
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Question # 12
The concept of internal and external economics was given by.
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Adam Smith
Robbins
J.M.Keynes
Alfred Marshall
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Question # 13
Economics is a science which studies.
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Distribution of income
Optimum use of scarce resources.
Production of wealth only
Exchange of wealth only
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Question # 14
normative economics
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deals solely with the facts
is never studied in colleges
involves opinions and interpretations
is clearly preferable to positive economics
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Question # 15
According to law of equi-marginal utility a consumer will maximises his total utility when
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He spends all his income on the product only
He spends more on one and less on the other
Marginal utility of the two goods are equalised
Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.
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Question # 16
Scarcity exists
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in only poor countries
in a country that uses resources inefficiently
in all countries of the world
when society produces unimportant goods
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Question # 17
Marginal revenue products (MRP) curve falls when units of labour
Choose an answer
Remain constant
Decrease
Increase
None of the three
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Question # 18
If quantity demanded is completely unresponsive to changes in price, demand is
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inelastic
unit elastic
elastic
perfectly inelastic
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Question # 19
Market equilibrium means
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number of buyers and sellers are equal
demand and supply of commodity are equal
no price is changing
prices rise very slowly
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Question # 20
If demand is inelastic, a change in the price
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will change the quantity in same direction
will change total revenue in same direction
will change total revenue in the opposite direction
will not change quantity
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Question # 21
Specialization of labour has the advantage.
Choose an answer
increased production
introduction of new technology
increases in self-sufficiency
a and b of above
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