Question # 1

Normal profit is called normal because

Choose an answer

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.

If a public limited company issues bonds to increase resources, then it pays

Choose an answer

fixed premium to bond holders

fixed interest to bond holders

fixed tax to bond holders

fixed profit to bond holders

All factors of productions are variable in the:

Choose an answer

Marked period

Short period

long period

None of the three

If price and total revenue move in the same direction, then demand is

Choose an answer

inelastic

elastic

unrelated

perfectly elastic

The product which have close substitute their demand is always.

Choose an answer

More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

Which is NOT a cause of shift in cost curves of a frim

Choose an answer

excise tax

prices of inputs

increase in productivity

price of product

The quality of commodity that satisfies some human want or need is called

Choose an answer

service

demand

utility

efficiency

Who criticized economics as "dismal Science".

Choose an answer

Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

If price elasticity of demand is very low, the commodity is

Choose an answer

necessity

luxury

substitute

not available

Which one is the small scale production.

Choose an answer

Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

One of the following is not an assumption of law of supply.

Choose an answer

Political system should not changed

Cost of production should not changed

Production technique should not changed

Cost of raw material should not changed

Profit is maximum when

Choose an answer

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

Which one is the assumption of law of demand?

Choose an answer

price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

Utility is most closely related to the term

Choose an answer

useful

useless

necessary

satisfaction

Who was the founder of classical school of thought?

Choose an answer

Adam Smith

Marshall

Keynes

Maithus

Intensive cultivation means.

Choose an answer

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

The maximum number of parteners in a partnership is .

Choose an answer

20

30

15

18

Who was the exponent of welfare economics.

Choose an answer

Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

The demand curve is negatively sloped due to

Choose an answer

Income effect

Substitution effect

Price effect

All the three

These are kinds of capital EXCEPT

Choose an answer

fixed capital

expensive capital

working capital

real capital

A firm earns economic profit when total profit exceeds

Choose an answer

normal profit

implicit costs

explicit costs

variable costs

More Classes

Other Links

Economics Ics Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer