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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
normative economics
Choose an answer
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 # 2
Labour input includes
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inventor
innovator
unskilled worker
all of the above
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Question # 3
Who was the exponent of macro economics in recent times.
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Adam Smith
J.M. Keynes
Marshall
Maithus
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Question # 4
The borrower has to pay interest because of
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His poverty
productivity of capital
greediness of capitalist
scarcity of capital
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Question # 5
Equilibrium of consumer is explained by
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negative utility
positive utility
marginal utility
profit
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Question # 6
A producer will employ workers up to the point where its MRP becomes
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ARP
current wage rate
negative
equal to profit
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Question # 7
Law of demand shows relation between
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income and price of commodity
price and quantity of a commodity
income and quantity demanded
quantity demanded and quantity supplied
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Question # 8
Which of the following factors takes risk, innovates and coordinates
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capital
labour
bank
entrepreneur
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Question # 9
To show data in tables, we must first
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reduce data
expand data
classify data
all of the above
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Question # 10
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 # 11
Production in economic means
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factors of production
doing some job
output of goods
profit
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Question # 12
Total fixed cost curve is .
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Parallel to the vertical axis
Parallel to the horizontal axis
Sloping downward to the right
Sloping upward to the right
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Question # 13
The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called
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Perfect competition
Under perfect competition
Equilibrium of firm
None of these
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Question # 14
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 # 15
If the government supplies a product at a price less than the equilibrium price, it will create:
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Shortage
Surlius
Non of the two
Equilibrium quantity
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Question # 16
A firms reaches its shut down point where:
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AC > AR
AC = AR
AC< AR
AVC = AR
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Question # 17
Rent is calculated from
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most superior land
most inferior land
marginal land
uncultivable land
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Question # 18
Mobility of labour
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increases efficiency of labour
decreases wages of labour
increases division of labour
a and c of above
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Question # 19
The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.
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Deffertial rent
Economic rent
Quasi rent
Scarcity rent
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Question # 20
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 # 21
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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