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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Other things equal, if a good has more substitutes, its price elasticty of demand is
Choose an answer
larger
smaller
zero
unity
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Question # 2
The price and sales of sugar both increase. What could be the cause of this?
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a decrease in the income of the consumers.
a decrease in the tax on sugar
An increase in the wages of workers in the sugar industry
An increase in the price of sugar substitutes
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Question # 3
Production of wealth takes place by:
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A combination of output
A combination of input
Labour only
Capital only
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Question # 4
Initial utility of a product is :
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Highest
Lowest
Conatant
None of them
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Question # 5
Economics
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is more important than mathematics
is a social science
should be made compulsory for every student
is difficult to study
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Question # 6
MC is given by slope of
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TFC
TC
ATC
AVC
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Question # 7
The transformation of resources into economic gods and services is
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input
production
entrepreneur
market
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Question # 8
How many functions of capital
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6
5
4
7
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Question # 9
In case of a fall in supply.
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Quantity supplied falls at the same price.
Quantity supplied rises at the same price.
Quantity supplied remain at the lower price.
None of the three
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Question # 10
Which statement is true
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ATC + AVC = AFC
ATC + MC = AFC
ATC + AFC = AVC
AFC + AVC = ATC
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Question # 11
The basic goal of a firm is to
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maximize revenues
maximize employees' welfare
maximize profit
maximize output
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Question # 12
If demand is unitary elastic, a 25% increase in price will result in
Choose an answer
25% change in total revenue
no change in quantity demanded
1% decrease in quantity demanded
25% decrease in quantity demanded
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Question # 13
The maximum number of parteners in a partnership is .
Choose an answer
20
30
15
18
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Question # 14
Marginal product indicates rate of change of
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total product
average product
variable product
all of the above
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Question # 15
All inputs can be varied in
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short run
long run
both periods
non of the period
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Question # 16
Wealth of Nations was written by
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Adam Smith
Malthus
Marshall
Newton
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Question # 17
Under perfect competition MR and AR curves
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are the same
are different
intersect each other
are parallel
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Question # 18
The concept of quasi rent was given by.
Choose an answer
Ricardo
Adam smith
Alfred Marshall
Robbins
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Question # 19
Profits arise
Choose an answer
only in monopoly
because of uncertainty
shortage of goods
like interest
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Question # 20
When supply rises more than demand price of the product will.
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Rise
Fall
Remain unchanged
Non of the three
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Question # 21
It is most suitable for large scale business
Choose an answer
proprietorship
partnership
corporation
cooperative society
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