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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Land is
Choose an answer
hirable
not hirable
homogeneous
a form of capital
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Question # 2
One of the following can be registered in a stock exchange.
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Business under partnership
Cooperative society
Join stock company
Sole proprietorship
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Question # 3
Lowest point on the average cost curve in the long-run represents;
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Optimum factors combination
Maximum level of output
Maximum level of total revenue
None of the three
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Question # 4
The extent of market depends upon
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Means of transport and communication
Political instability
Economics instability
Trade restriction
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Question # 5
In the business world
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a firm working under perfect competition wants to become a monopoly
a firm working under monopoly wants to become a competitive firm
monopoly price is always higher than competitive price
competitive price is always higher than monopoly price
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Question # 6
Equilibrium
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is a state that can never be achieved in economics
is an important idea for predicting economics changes
is a stable condition
is an unstable condition
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Question # 7
3x
2
=0 is an equation
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linear
quadratic
general
first degree
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Question # 8
Total profit = ?
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Per unit profit x output
Per unit profit x input
Per unit profit + output
per unit profit - input
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Question # 9
If demand has unit price elasticity, a change in price causes
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increase in total revenue
decrease in total revenue
no change in total revenue
indeterminate
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Question # 10
Which of the following is the subject matter of Economics.
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Optimum use of limited resources for the satisfaction of unlimited human wants.
Economic problems of the developing countries.
Labour problems.
Balance of payment problems.
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Question # 11
.Which one is not an economic want.
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Want for food
Want to be a doctor
Want to fall in love
Non of the above
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Question # 12
In factor market, which statement is true
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wages are determined by MP
Rent is fixed by landlords
interest rate is determined by Govt.
profit is determined by luck
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Question # 13
One of the following is an example of monopoly.
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Motorways
Pakistan railways
PIA
None of these
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Question # 14
Choose the correct establish condition for equilibrium
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MR = MC
MC intersects MR curve from below
MC + MR
Both a and b
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Question # 15
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 # 16
Long-run supply curve of labour is.
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Negatively stoped
Positively sloped
Parallel to the horizontal axis
Parallel to vertical axis
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Question # 17
An example of labour is
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gambler
jogger
computer engineer
all of the above
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Question # 18
Market Price of Perishable
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Commodities
Utility
Consumer
None of these
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Question # 19
P
ower of a product which can satisfy human want is.
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Utility
Total utility
Average utility
Marginal utility
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Question # 20
Long rum is a period
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three years or longer
long enough to allow firms to change plant size and capacity
in which a firm need not get loans
which affects larger more than smaller firms
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Question # 21
Profits
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are residual payment
are pre-detemined
are fixed by contract
are always higher than wages
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