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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
When total product (TP) reaches its maximum, Marginal product (MP) is_
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Zero
Positive
Negative
Rising
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Question # 2
Who said that "Economics is a science of human welfare"
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Adam Smith
Carlyle and Ruskin
Alfred Marshall
Malthus
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Question # 3
Capital formation lakes place when
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people save a part of their incomes
saved amount is invested
investors expect good return
all of the three
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Question # 4
Since marginal land does not yield rent therefore:
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Rent is a part of piece
Rent is not a part of price
Rent determines price
None of the three
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Question # 5
When total product falls, marginal product is.
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Zero
Positive
Negative
Falling
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Question # 6
Marshall is his definition of economics
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uses the concept of material welfare
dislikes wealth
accuses Adam smith
Praises Robbins
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Question # 7
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 # 8
All the products which are priced in the market are.
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Non economic products
Economic products
Private products
Public products
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Question # 9
Market is an area where :
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Products are sold
Buyers and sellers come in contact with each other
Price flactuates
Price remain constant
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Question # 10
Short run cost curves are.
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v-shaped
Dish-shaped
U-shaped
L-shaped
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Question # 11
Utility of a product depends upon
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Knowledge
Ownership
Form
All of them
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Question # 12
Total utility is maximised when.
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Marginal utility is zero
Marginal utility falls
Marginal utility rises
Non of the above
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Question # 13
One of the following is gift of a nature .
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Land
Labour
Capital
Organization
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Question # 14
Money wages are also called
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Nominal Wages
Real wages
Gross wages
Net wages
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Question # 15
How many merits of organization in text book
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7
8
9
10
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Question # 16
When marginal revenue is zero, total revenue is
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maximum
minimum
zero
decreasing
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Question # 17
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
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Supply of output
Production
Buffer stock
Stock
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Question # 18
TC
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rises continuously
falls then rises
is horizontal to x-axis
is parallel to y-axis
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Question # 19
Economic principle are also called
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economic law
economic theory
economic model
all of the above
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Question # 20
Three basic economics problems are
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what, how and for whom
why, where and when
what, which and how much
what, which and why
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Question # 21
Under perfect competition, demand for a factor is its
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MRP curve
ARP curve
TRP curve
TR - TC
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