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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
If elasticity of demand is very low it shows that the commodity is
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a necessity
a luxury
has little importance in total budget
a and c above
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Question # 2
Profits
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are lower in the long run than in the short run
can be negative
are less in perfect competition than in monopoly
all of the above
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Question # 3
A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of
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Prof. Kooros
Prof. Marshall
Prof. Rabbins
Prof. Kneez
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Question # 4
He presented a theory of rent
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Malthus
Allama Iqbal
Ricardo
Marshall
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Question # 5
Robbins in his definition
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talks of scarcity of resources
preached moral values
supports Adam smith view
none of the above
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Question # 6
When total product (TP) reaches its maximum, Marginal product (MP) is_
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Zero
Positive
Negative
Rising
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Question # 7
The supply curve of day to day market is.
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Touching the horizontal axis
Touching the vertical axis
Perfactly elastic
Perfactly inelastic
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Question # 8
Market equilibrium means
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number of buyers and sellers are equal
demand and supply of commodity are equal
no price is changing
prices rise very slowly
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Question # 9
The capital which loses it from whenever it is used, is
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Circulating capital
Fixed capital
Money capital
Real capital
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Question # 10
Market system means
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Socialism
Capitalism
a place where goods are traded
all of the above
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Question # 11
Normal price is a price which prevails
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In day to day market
In domestic market
In the long run market
In a foreign market
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Question # 12
A fall fall in supply will take place due to a:
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Business collusion
Bumper crop
Fall in custom duty
Fall in income
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Question # 13
The talent of a professor is .
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National wealth
International wealth
Personal wealth
Non of them
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Question # 14
Under perfect competition MR and AR curves
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are the same
are different
intersect each other
are parallel
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Question # 15
Land as used in economics
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is a free gift of nature
is unlimited in quantity
is not hirable
excludes oceans
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Question # 16
Reward of which factor of production is not pre-determined?
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labour
land
capital
organisation
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Question # 17
The following affect rent EXCEPT
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better location
fertility of land
cleverness of landlords
scarcity of land
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Question # 18
Select the correct statement
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Economics affects politics
Economics affects history
Geography affects economics
all of the above are true
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Question # 19
In law of diminishing returns at least one factor
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must be constant
must be owned by the firm
must be purchasable
must be efficient
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Question # 20
The production function relates to
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cost of output
cost of input
output to input
demand to output
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Question # 21
How many types of markets according to location
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4
5
6
7
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