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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Choose an answer
0.05
10
20
indeterminate
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Question # 2
The law of variable proportions was presented by.
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Jevens
Rayon
Hicks
Valentine
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Question # 3
When average product falls marginal product
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Rises
Also falls
Remain equal to average product
Does not change
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Question # 4
Basic economic problem is
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inflation
unemployment
scarcity
lack of money
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Question # 5
Stock exchange is market where we can buy:
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Shares
Foreign exchange
Factors of production
Consumer goods
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Question # 6
Profits
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are lower in the long run than in the short run
can be negative
are less in perfect competition than in monopoly
all of the above
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Question # 7
One of the following is not an exception the law of demand.
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Very high price products
Very low price products
Ignorance of consumers
Non of the above
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Question # 8
MC is given by slope of
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TFC
TC
ATC
AVC
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Question # 9
Labour force participation rate is the
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proportion of population that is working
proportion of population aged above 20
proportion of skilled workers
proportion of female workers to male workers
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Question # 10
If a firm shuts down temporarily, it will incur loss equal to
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AFC
AVC
TFC
TVC
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Question # 11
The theory of optimum population was presentd by:
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Cannon
Hicks
Keynes
Malthus
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Question # 12
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 # 13
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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Question # 14
If the price of a product rises, quantity demand if its substitute will.
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Fall
Rise
Remain unchanged
Fluctuate
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Question # 15
Q
d
= 12 - 2P
Q
s
= -4 + 6P in this market model, P and Q are respectively.
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2 & 8
4 & 8
4 & 10
None of the three
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Question # 16
Marginal product curve intersects average product curve when AP curve is
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minimum
maximum
rising
falling
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Question # 17
The supply of labour is based on the trade off between leisure and
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wealth
work
wages
price of product
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Question # 18
With an increase in wage rate supply of labour.
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Decrease
Increase
Remains constant
None of the three
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Question # 19
When MP curve cuts AP curve, the AP is at its.
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Lowest point
Highest point
Neither of the two
Eighter of the two
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Question # 20
Long-run price of a durable good is always less than its short run price . it is because.
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Long -run supply is more elastic than short-run supply curve.
Long -run supply is less elastic than short-run supply curve.
Long and short-run supply curves are equally elastic
None of the three
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Question # 21
Excise tax is a part of
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fixed cost
variable cost
implicit cost
in not a part of cost
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