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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
A change in price brings in quantity supplied. it will be.
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Rise in supply
Contraction of supply
Fall in supply
Extension of supply
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Question # 2
When average product (AP) and marginal product (MP) are rising.
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AP > MP
AP = MP
AP < MP
AP = MP = 0
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Question # 3
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 # 4
The concept of quasi rent was given by.
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Ricardo
Adam smith
Alfred Marshall
Robbins
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Question # 5
"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:
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J.M. Keynes
Taussing
Hansen
Carver
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Question # 6
Marshall is his definition of economics
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uses the concept of material welfare
dislikes wealth
accuses Adam smith
Praises Robbins
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Question # 7
Buyers and sellers under perfect competition are.
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The same in number
Large in number
Small in number
None of the above
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Question # 8
If a public limited company issues bonds to increase resources, then it pays
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fixed premium to bond holders
fixed interest to bond holders
fixed tax to bond holders
fixed profit to bond holders
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Question # 9
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called
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Supply
Demand
Stock
None of these
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Question # 10
One of the following will not cause a rise and fall on demand.
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Change in income
Change in weather
Discovery of a substitute
Distribution of income remaining the same
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Question # 11
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
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Market
Revenue curve
Contact
None of these
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Question # 12
Fixing of minimum wage
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raises demand for labour
raises profits
causes unemployment
is welcomed by employers
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Question # 13
About labour we can say with certainty that it is
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Perishable
Hirable
Reliable
all of the above
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Question # 14
In production of goods, negative returns in the short run imply that
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average product is negative
total product is negative
marginal product is negative
marginal cost is falling
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Question # 15
The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:
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Nominal wage
Gross wage
Real wage
Net wage
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Question # 16
The demand for a factor is called.
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Composite demand
Joint demand
derived demand
No demand
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Question # 17
Marginal revenue products (MRP) curve falls when units of labour
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Remain constant
Decrease
Increase
None of the three
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Question # 18
Price and demand are positively correlated in case of
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necessities
comforts
Giffen goods
Luxuries
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Question # 19
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.
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Equal to unity
Greater than unity
Less than unity
Equal to zero
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Question # 20
Choose the correct condition of equilibrium of firm
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MC = MR
MC curve cuts MR curve from below
Both a and b
MC + MR - AR
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Question # 21
Variable cost of production are also called.
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Fixed cost
Supplementary cost
Total variable cost
Prime cost
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