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1st Chapter

ICS Part 1 Economics Chapter 1 MCQs Test

First Year Economics Chapter 1 Online MCQ Test for 1st Year Economics Chapter 1 (Nature and Scope)

This online test contains MCQs about following topics:

Human Wants,Utility,Scarcity,Defination By Adam Smith,Marshall and Robbins,Modern View of Economics ,Comparison of Defination , Methods of Economics ,Economics Theory, Economic Principle ,Policy Economics , Micro Vs Macroeconomics ,Economics Laws Deductive and Inductive Methods

First Year Economics Chapter 1 Online MCQ Test for 1st Year Economics Chapter 1 (Nature and Scope)

Sr. # Questions Answers Choice
1 Everyone should study economics is a
  • A. positive statement
  • B. normative statement
  • C. true statement
  • D. nonsense
2 Robbins in his definition
  • A. talks of scarcity of resources
  • B. preached moral values
  • C. supports Adam smith view
  • D. none of the above
3 Economics laws are:
  • A. Statements of tendencies in economic behaviour
  • B. Unrealistic to deal with real economic problems.
  • C. Absolute and certain like the laws of physical science
  • D. Used to forecast the growth rate of an economy.
4 Who was the founder of classical school of thought?
  • A. Adam Smith
  • B. Marshall
  • C. Keynes
  • D. Maithus
5 Scarcity means
  • A. non availability of goods
  • B. high price of goods
  • C. less supply than demand
  • D. high profit of the firms
6 Marshall wrote the book
  • A. Introduction to economics
  • B. Principles of economics
  • C. Classical economics
  • D. Micro economics theory
7 Who was the exponent of welfare economics.
  • A. Alfred Marshall.
  • B. Adam smith.
  • C. Lionel Robbins
  • D. J.M. Keynes.
8 Who was the exponent of macro economics in recent times.
  • A. Adam Smith
  • B. J.M. Keynes
  • C. Marshall
  • D. Maithus
9 The basic economic problem to all societies is
  • A. elimination of scarcity
  • B. what how and for whom to produce
  • C. equal distribution of wealth
  • D. to develop agriculture
10 One of the following is not studied in Micro economics.
  • A. Equilibrium to the firm
  • B. Distribution of rewards to factors of productions
  • C. Banking system
  • D. Market equilibrium

Top Scorers of Economics Ics Part 1 English Medium Chapter 1 Online Test

U

Ujjawal Gupta

Lahore23 - Nov - 2021

18/20
03 Mins 40 Sec
P

Prerna Sahu

Lahore13 - Dec - 2021

18/20
06 Mins 42 Sec
P

Pëëhü Kåtíyær

Lahore20 - Nov - 2021

17/20
01 Mins 44 Sec
U

Ujjawal Gupta

Lahore23 - Nov - 2021

17/20
03 Mins 58 Sec
A

Aynain Ayan

Lahore23 - Nov - 2021

17/20
07 Mins 15 Sec
U

Ujjawal Gupta

Lahore23 - Nov - 2021

16/20
02 Mins 39 Sec
A

Adil Saria

Lahore28 - Nov - 2021

16/20
03 Mins 05 Sec
J

Jiya Rani

Lahore29 - Nov - 2021

16/20
03 Mins 26 Sec
D

Darakhshan Zuberi

Lahore08 - Dec - 2021

16/20
06 Mins 25 Sec
H

Hamza Abid

Abbottabad14 - Dec - 2021

16/20
10 Mins 50 Sec
G

Garima Srivastava

Lahore29 - Nov - 2021

15/20
02 Mins 20 Sec
M

Meherban Singh

Lahore11 - Dec - 2021

15/20
05 Mins 37 Sec
P

Pëëhü Kåtíyær

Lahore20 - Nov - 2021

14/20
02 Mins 23 Sec
M

Misbah Wazir Ali

Lahore11 - Dec - 2021

14/20
02 Mins 45 Sec
S

Stuti Shukla

Lahore22 - Nov - 2021

14/20
03 Mins 07 Sec

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