More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
The market of cars is.
Choose an answer
International market
Regional market
Local market
Domestic market
Previous
Skip
Next
Question # 2
The supply price of land is considered to be zero because .`
Choose an answer
Its supply is limited
Its supply is infinity
In aggregate sense its cost of production s zero
Its demand is limited
Previous
Skip
Next
Question # 3
Risks in the business arise because of
Choose an answer
introduction of the new products
uncertain policy of rival firms
changes in tastes
all the above
Previous
Skip
Next
Question # 4
A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.
Choose an answer
Negatively slop curve
An indifference curve
Positively sloped Curve
None of the above
Previous
Skip
Next
Question # 5
Money wages are also called
Choose an answer
Nominal Wages
Real wages
Gross wages
Net wages
Previous
Skip
Next
Question # 6
Limited liability is one of the advantages of
Choose an answer
partnership
sole proprietor
joint stock company
cooperative society
Previous
Skip
Next
Question # 7
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Choose an answer
a shortage
a surplus
excess supply
loss
Previous
Skip
Next
Question # 8
Members of a public limited company in Pakistan are.
Choose an answer
5 to 50
10 to 100
7 to any number
only 5
Previous
Skip
Next
Question # 9
Consists of all kinds of wealth, other than free gifts of nature, which yield income are called
Choose an answer
Capital
Productivity of capital
Both a and b
None of these
Previous
Skip
Next
Question # 10
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Choose an answer
price will fall
price remains same
price will rise
quantity rises
Previous
Skip
Next
Question # 11
The elasticity of demand of durable goods is
Choose an answer
less than unity
greater than unity
equal to unity
zero
Previous
Skip
Next
Question # 12
Food, Shelter and clothing are:
Choose an answer
Necessities
Comfort
Luxuries.
None of three
Previous
Skip
Next
Question # 13
Economic laws can be define as .
Choose an answer
A statement of social behaviour
Laws implement by an executive
Laws of the state
Statement of general economic tendencies
Previous
Skip
Next
Question # 14
Pakistan population is growing a rate of .
Choose an answer
2 % per annum
1. 8 % per annum
2.9 % per annum
2.2 % per annum
Previous
Skip
Next
Question # 15
The demand curve slopes downward from left to right because of:
Choose an answer
Income effect
Substitution effect
Entry of new buyers
All of the above
Previous
Skip
Next
Question # 16
A horizontal demand curve has a price elasticity of
Choose an answer
zero
infinity
1
variable
Previous
Skip
Next
Question # 17
Which on of the following represents fixed cost:
Choose an answer
Price of raw material
Wages
Interests on loan
Rent of land
Previous
Skip
Next
Question # 18
This is the assumption of law of demand
Choose an answer
price of the commodity should not change
Quantity demanded should not change
Price of substitutes should not change
Demand curve must be linear
Previous
Skip
Next
Question # 19
Natural environment that supports production of goods and services is included in
Choose an answer
labour
money
capital
land
Previous
Skip
Next
Question # 20
Economies of scale
Choose an answer
occur when increase in input less than proportionate increase in output
suggest that firm's marginal cost curve lies above its average cost curve
suggest that the firm's marginal cost curve is declining
occur when average cost is falling
Previous
Skip
Next
Question # 21
Price of a product is determined in a free market
Choose an answer
by demand for the product
by supply of the product
by both demand and supply
by the government
Previous
Skip
Next
Back