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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Normal profit is called normal because
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it is neither very high nor very low
it is minimum acceptable to the producer
it is minimum which buyer wants to pay
it is maximum allowed by govt.
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Question # 2
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 # 3
All factors of productions are variable in the:
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Marked period
Short period
long period
None of the three
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Question # 4
If price and total revenue move in the same direction, then demand is
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inelastic
elastic
unrelated
perfectly elastic
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Question # 5
The product which have close substitute their demand is always.
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More elastic
Perfectly elastic
Perfectly inelastic
Less elastic
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Question # 6
Which is NOT a cause of shift in cost curves of a frim
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excise tax
prices of inputs
increase in productivity
price of product
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Question # 7
The quality of commodity that satisfies some human want or need is called
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service
demand
utility
efficiency
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Question # 8
Who criticized economics as "dismal Science".
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Alfred Marshall
Lionel Robbins
Carlyle and Ruskin
J.M. Keynes.
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Question # 9
If price elasticity of demand is very low, the commodity is
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necessity
luxury
substitute
not available
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Question # 10
Which one is the small scale production.
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Bata shoe factory
A barber shop
kohinoor Textile Industries
Sufi soap
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Question # 11
One of the following is not an assumption of law of supply.
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Political system should not changed
Cost of production should not changed
Production technique should not changed
Cost of raw material should not changed
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Question # 12
Profit is maximum when
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distance between TR and TC is maximum
distance between AR and AC is maximum
distance between MR and MC is maximum
distance between MR and AR is maximum
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Question # 13
Which one is the assumption of law of demand?
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price of the commodity should not change
quantity demand should not change
income of the consumer should not change
none of the above
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Question # 14
Utility is most closely related to the term
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useful
useless
necessary
satisfaction
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Question # 15
Who was the founder of classical school of thought?
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Adam Smith
Marshall
Keynes
Maithus
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Question # 16
Intensive cultivation means.
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Extending land for cultivation
Use of more input at the same land
More input and more land to be used`
More land and less labour to be used
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Question # 17
The maximum number of parteners in a partnership is .
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20
30
15
18
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Question # 18
Who was the exponent of welfare economics.
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Alfred Marshall.
Adam smith.
Lionel Robbins
J.M. Keynes.
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Question # 19
The demand curve is negatively sloped due to
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Income effect
Substitution effect
Price effect
All the three
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Question # 20
These are kinds of capital EXCEPT
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fixed capital
expensive capital
working capital
real capital
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Question # 21
A firm earns economic profit when total profit exceeds
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normal profit
implicit costs
explicit costs
variable costs
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