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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
A firm earns economic profit when total profit exceeds
Choose an answer
normal profit
implicit costs
explicit costs
variable costs
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Question # 2
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 # 3
One of the following is not an exception the law of demand.
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Very high price products
Very low price products
Ignorance of consumers
Non of the above
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Question # 4
The products which are not priced in the market are called .
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Economic goods
Non-economic goods
Merit goods
Social goods
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Question # 5
A firms reaches its shut down point where:
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AC > AR
AC = AR
AC< AR
AVC = AR
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Question # 6
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 # 7
The transformation of resources into economic gods and services is
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input
production
entrepreneur
market
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Question # 8
Habib Bank limited means that.
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Its capital is limited
It shareholders are limited
The liability of each shareholders is limited
Non of the three
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Question # 9
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 # 10
To measure changes in purchasing power of money, we use
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percentages
index numbers
averages
variables
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Question # 11
How many types of organization
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5
6
7
8
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Question # 12
In economics, assumptions
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make economics theory useless
mean other things equal
enable economics to simplify reality
used in micro and not in macroeconomics
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Question # 13
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.
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Equal to unity
Greater than unity
Less than unity
Equal to zero
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Question # 14
If elasticity of supply is greater than one. supply curve will be
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horizontal
vertical
passing through origin
touching y-axis
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Question # 15
He said interest is payment for use of money
Choose an answer
Adam Smith
Ricardo
Keynes
Marshall
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Question # 16
A factory is an example of
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capital
natural resources
entrepreneurship
none of the above
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Question # 17
Demands and supply curves cross at
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always at 60 degree
at 90 degree
at equal angle
at any angle
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Question # 18
If demand is unitary elastic, a 25% increase in price will result in
Choose an answer
25% change in total revenue
no change in quantity demanded
1% decrease in quantity demanded
25% decrease in quantity demanded
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Question # 19
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 # 20
The concept of quasi rent was given by.
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Ricardo
Adam smith
Alfred Marshall
Robbins
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Question # 21
Normal profit is called normal because
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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.
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Question # 22
The law of variable proportions was presented by.
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David Ricords
Alfred Marshall
W.J.L. Ryan
Pareto
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Question # 23
The following is
NOT
a factor of production
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labour
entrepreneurship
land
money
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