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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Price determined in case of a perishable good will be.
Choose an answer
Normal price
Market price
Short run price
Long run price
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Question # 2
Which of the following is
NOT
capital as economists use the term
Choose an answer
an office building
machinery in a factory
an industrial robot
money
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Question # 3
Law of demand shows relation between
Choose an answer
income and price of commodity
price and quantity of a commodity
income and quantity demanded
quantity demanded and quantity supplied
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Question # 4
Economics
Choose an answer
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 # 5
Only those goods are priced in the market which have:
Choose an answer
Utility
Sacrcity
Transferability
All of the above
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Question # 6
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Choose an answer
Supply of output
Production
Buffer stock
Stock
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Question # 7
Profit is maximum when
Choose an answer
distance between TR and TC is maximum
distance between AR and AC is maximum
distance between MR and MC is maximum
distance between MR and AR is maximum
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Question # 8
MRP curve of a factor represents the.
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Supply curve of the factor
Demand curve of the factor
Either demand or supply curve of the factor
None of the three
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Question # 9
Fixing of minimum wage
Choose an answer
raises demand for labour
raises profits
causes unemployment
is welcomed by employers
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Question # 10
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Choose an answer
Natural monopoly
Social monopoly
Legal monopoly
Implied monopoly
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Question # 11
The price and sales of sugar both increase. What could be the cause of this?
Choose an answer
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 # 12
The supply of labour is based on the trade off between leisure and
Choose an answer
wealth
work
wages
price of product
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Question # 13
He said interest is payment for use of money
Choose an answer
Adam Smith
Ricardo
Keynes
Marshall
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Question # 14
Extent of market mainly depends upon.
Choose an answer
Availability of means of transport and communication
Nature of supply
Government restriction
Perishable goods
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Question # 15
Production of wealth means:
Choose an answer
Driving a taxi
Teaching a daughter
A doctor serving his wife
All the three
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Question # 16
The capital which loses it from whenever it is used, is
Choose an answer
Circulating capital
Fixed capital
Money capital
Real capital
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Question # 17
The following is
NOT
a factor of production
Choose an answer
labour
entrepreneurship
land
money
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Question # 18
Economics laws are:
Choose an answer
Statements of tendencies in economic behaviour
Unrealistic to deal with real economic problems.
Absolute and certain like the laws of physical science
Used to forecast the growth rate of an economy.
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Question # 19
If a consumer moves upward along an indifference curve, his total utility
Choose an answer
falls to zero
does not change
increases
decreases
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Question # 20
The kind of market is undesirable
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general market
specialized market
local market
monopoly market
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Question # 21
Rice mill is a :
Choose an answer
Fixed capital
Floating capital
Sunk capital
None of the three
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