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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Given the demand curve, a rise in supply will.
Choose an answer
Increase quantity supplied
Price will fall
Price will rise
Both (a) and (b)
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Question # 2
The elasticity f demand in case of substitute is called.
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Income elasticity of demand
Priceelasticity of demand
Crosselasticity of demand
None of the three
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Question # 3
When the demand of a product rises due to factors except price it will be.
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Extension of demands
Rise of demand
Contraction of demand
Extension of demand
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Question # 4
The concept of perfect competition was introduced by.
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Adam Smith
Alfred Marshall
Keynes
Malthus
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Question # 5
Which of the following saying describes diminishing marginal returns in the short run?
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When the cat is away, the mouse will play
Too many cooks spoil the broth
A rolling stone gathers no moss
A stitch in time saves nine
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Question # 6
Joint stock company is manged and run by a
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Board of Directors
Shareholders
Accountant
None of these
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Question # 7
If a consumer moves upward along an indifference curve, his total utility
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falls to zero
does not change
increases
decreases
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Question # 8
According to Alfred Marshall, Economics should be taken as:
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Positive economics
Normative economics
Welfare economics
Applied economics
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Question # 9
Natural environment that supports production of goods and services is included in
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labour
money
capital
land
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Question # 10
Utility and usefulness are
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equal
different
opposite
unrelated
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Question # 11
If a change in demand is brought by a change in income, of demand will be.
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Income elasticity
Price elasticity
Cross elasticity
Arcelasticity
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Question # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
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Horizontal Axis
Vertical Axis
None of the above
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Question # 13
Mobility of labour can be promoted by.
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Health
Better rewards
Immigration
Information media
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Question # 14
Different prices are charged from different customers of the same product. This is called.
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Short run price
Price instability
Price discrimination
Long run price
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Question # 15
According to Ricardo rents are high because prices of produce of land are
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high
low
constant
none of the above
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Question # 16
In law of diminishing returns at least one factor
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must be constant
must be owned by the firm
must be purchasable
must be efficient
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Question # 17
A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.
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Negatively slop curve
An indifference curve
Positively sloped Curve
None of the above
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Question # 18
The market of refrigerators in general is called:
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Domestic market
Local market
International market
National market
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Question # 19
The following affect rent EXCEPT
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better location
fertility of land
cleverness of landlords
scarcity of land
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Question # 20
Laws of return apply to firms working in
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perfect competition
monopoly
small firm
all kinds of market situations
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Question # 21
The demand of a good falls when.
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Its price falls
Price of the substitute changes
its price rises
It price remain constant
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