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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The following are causes of shift in demand EXCEPT the one
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change in income
change in price
change in fashion
change in prices of substitutes
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Question # 2
Which of the following factors takes risk, innovates and coordinates
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capital
labour
bank
entrepreneur
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Question # 3
When demand is perfectly inelastic, an increase in price will result in
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decrease in total revenue
increase in total revenue
no change in total revenue
decrease in quantity demanded
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Question # 4
When price is fixed below equilibrium level, there will be
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surplus commodity in the market
shortage of commodity in the market
supply curve will shift
demand curve will shift
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Question # 5
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 # 6
Given the supply curve, a fall in demand will.
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Increase equilibrium quantity of the product
Decrease equilibrium quantity of the product
Not affect equilibrium quantity
Not affect equilibrium price
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Question # 7
A product which has value price in the market has.
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Utility
Scarcity
Transferability
All the three
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Question # 8
A person who contributes funds in partnership but does not take active part in management of business is called
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sleeping partner
helping partner
temporary partner
inactive partner
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Question # 9
Assumptions of a law are called:
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Constant
Parameters
Variables
Dependent variable
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Question # 10
Change in total cost on the production of one additional unit of output is calculated as .
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Marginal cost
Average cost
Total cost
Marginal product
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Question # 11
Income elasticity of demand for normal good is always
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1
more than one
negative
positive
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Question # 12
At the point of equilibrium of firm under perfect competition
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MC curve must be rising
MC curve must be falling
MR curve must be rising
MR curve must be falling
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Question # 13
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 # 14
The kind of market is undesirable
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general market
specialized market
local market
monopoly market
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Question # 15
Who introduced the concept of Quasi rent.
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Hicks
Alfred Marshall
Hobson
Robbins
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Question # 16
One of the following is not an exception to the law of diminishing marginal utility .
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Money
Knowledge
Music
Non of them
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Question # 17
A monopolist is always interested and obtains.
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Normal profit
Subnormal profit
Continues production even at loss
Super normal profit
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Question # 18
To the economist, investment refers to
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sale of real estate
creation of new capital
purchase of a prize bond
decrease in inventories
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Question # 19
A group of buyers and sellers that exchange a goods or services at a price are called
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Market
Commodity
Place
None of these
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Question # 20
The demand of a will expand when:
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Other things do not remain constant.
Price of the products changes.
Value of money falls.
None of the three
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Question # 21
Which is true
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capital depreciates
capital is primary factor of production
capital in not hireable
human capital is real capital
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