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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The law of demand will not be apply in case of
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Inferior goods
Superior goods
Normal goods
Non of them
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Question # 2
In the second stage of the law of variable of proportions the average product:
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Rises
Remains constant
Falls
None of the three
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Question # 3
A product which has value price in the market has.
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Utility
Scarcity
Transferability
All the three
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Question # 4
Given the supply curve, a fall in demand will.
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Increase equilibrium quantity of the product
Decrease equilibrium quantity of the product
Not affect equilibrium quantity
Not affect equilibrium price
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Question # 5
A firm decides to shut down production temporarily when
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MC start rising
AC stat rising
price = AC
price falls below AVC
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Question # 6
How many types of markets according to time
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3
4
5
6
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Question # 7
Which of the following is one of the assumptions of perfect competition.
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few buyers and few sellers
many buyers and few sellers
many buyers and many sellers
all sellers and buyers are honest
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Question # 8
The word "LIMITED" at the end of a firm's name means
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it produces only commodity
has limited capital
cannot have more than 100 members
shareholders liability to pay debt of firm cannot exceed value of their investment
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Question # 9
All non materials products which can satisfy human wants are called.
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Economic goods
Services
Non-economics goods
Services
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Question # 10
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 # 11
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 # 12
Labour input includes
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inventor
innovator
unskilled worker
all of the above
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Question # 13
When MR = MC , a firm.
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Does not attain a equilibrium position
Suffers from loss
Attains its equilibrium position
Attains profit
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Question # 14
How many merits of organization in text book
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7
8
9
10
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Question # 15
This is capital
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money
forests
machinery
trademarks
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Question # 16
The concept of quasi rent was given by.
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Ricardo
Adam smith
Alfred Marshall
Robbins
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Question # 17
Quasi rent can be obtained if:
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Supply of factor other than land, is temporarily fixed
There is difference in the fertility of land
The government legislate on it
Trade unions protest for it
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Question # 18
When marginal revenue is zero, total revenue is
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maximum
minimum
zero
decreasing
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Question # 19
Unit cost is another name for
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MC
AVC
ATC
AFC
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Question # 20
Gross profit does NOT include
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rent of his own land
interest of his own capital
pure profit
taxes
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Question # 21
One of the following NOT a assumption of the marginal productivity theory
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units of factor are homogeneous
mobility of factor
low price of factor
perfect competition
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