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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Equilibrium price of a product is determined by:
Choose an answer
The gomverment
An industrialist
Market competition
An agriculturist
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Question # 2
Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called
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structural
frictional
seasonal
personal
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Question # 3
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 # 4
Marginal utility of a product is the utility obtained by consuming.
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First unit of consummption
Each additional unit of consumption
Last unit of consumption
None of the them
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Question # 5
Long rum is a period
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three years or longer
long enough to allow firms to change plant size and capacity
in which a firm need not get loans
which affects larger more than smaller firms
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Question # 6
Price and demand are positively correlated in case of
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necessities
comforts
Giffen goods
Luxuries
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Question # 7
An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of
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Prof. Knight
Prof. Marshall
Prof. Robbins
Prof. Knees
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Question # 8
Which of the following is one of the assumptions of perfect competition.
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few buyers and few sellers
many buyers and few sellers
many buyers and many sellers
all sellers and buyers are honest
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Question # 9
Wealth of nations
Choose an answer
is another name for united nations
is name of a book
indicates total wealth of rich countries
contains formulas to earn wealth
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Question # 10
Economic principle are also called
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economic law
economic theory
economic model
all of the above
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Question # 11
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 # 12
If the price of a product rises, quantity demand if its substitute will.
Choose an answer
Fall
Rise
Remain unchanged
Fluctuate
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Question # 13
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 # 14
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
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Revenue curve under perfect competition
Monopoly curve
Total revenue curve
None of these
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Question # 15
Which of the following is capital
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tractor
TV station
tarbela dam
all of the three
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Question # 16
How many merits of organization in text book
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7
8
9
10
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Question # 17
Marginal revenue recommended by symbol
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MR
MC
AR
None of these
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Question # 18
According to law of diminishing marginal utilities , a consumer maximises his total utility where.
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MU
a
= MP
a
MU
a
= AU
a
MU
a
= TC
a
MU
a
= P
a
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Question # 19
Economic problems arises because of.
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Unlimited wants.
Scarcity of resources.
Alternative use of resources.
All of the above
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Question # 20
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
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Equal to unity
Less than unity
Greater than unity
Equal to zero
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Question # 21
Supply of a commodity means
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willingness to sell a certain quantity
physical stocks available
planned production
total production in a given period
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