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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
As output increases
Choose an answer
MC curve firstly falls then rises
MC firstly rises then falls
MC continuously rises
continuously falls
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Question # 2
Which one can cause a change in demand
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change in income
change in supply
change in tastes
a and c of above
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Question # 3
If Bali burgers find that their MC of burgers is less than MR they would try to
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expand business
reduce business
continue as before
close business
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Question # 4
He prepares the initial plan of the business
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capitalist
manager
entrepreneur
officer
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Question # 5
if X and Y scales are the same a line making 45-degree angle with X-axis has slope
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1/4
1/2
1
constant
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Question # 6
He presented a theory of rent
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Malthus
Allama Iqbal
Ricardo
Marshall
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Question # 7
We establish ______ conditions for equilibrium
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2
3
4
5
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Question # 8
Those who invest in joint stock companies are called
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partners
shareholders
members
associates
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Question # 9
One of the following will not be capital.
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Mchinery
Means of communication
Water falls
Means of transportation
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Question # 10
Saqib graduated one month ago. He is still unemployed. His unemployment is
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structural
frictional
seasonal
personal
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Question # 11
If the rate of inflation goes up, the real wags of labourers will :
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Increase
Decrease
Remain the same
Noe of the three
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Question # 12
Which of the following is correct with respect to resources
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Money is a capital good
Human skills are a labour input
Entrepreneur is part of the labour input
Natural resources include human input
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Question # 13
Economies and diseconomies of scale determine the shape of
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long run AC curve
short run AC
average fixed cost
none of the above
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Question # 14
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 # 15
Members of business partnership in Pakistan are:
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2 to 20
5 to 20
2 to 25
2 to 3
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Question # 16
Utility is most closely related to the term
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useful
useless
necessary
satisfaction
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Question # 17
In case of a fall in supply.
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Quantity supplied falls at the same price.
Quantity supplied rises at the same price.
Quantity supplied remain at the lower price.
None of the three
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Question # 18
According to law of diminishing marginal utilities , a consumer maximises his total utility where.
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MU
a
= MP
a
MU
a
= AU
a
MU
a
= TC
a
MU
a
= P
a
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Question # 19
A factory is an example of
Choose an answer
capital
natural resources
entrepreneurship
none of the above
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Question # 20
According to Keynes interest is a payment for
Choose an answer
consumer's preference
producer's preference
liquidity preference
state bank's preference
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Question # 21
Price of a product is determined in a free market
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by demand for the product
by supply of the product
by both demand and supply
by the government
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