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Online Tests
Economics Ics Part 1 English Medium Chapter 1 Online Test MCQs With Answers
Question # 1
One of the following is not a part of macro economics.
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Public finance
International trade.
Consumer behaviour.
National income.
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Question # 2
One or more persons living together and having a common budget is called
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union
organisation
household
house members
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Question # 3
Basic economic problem is
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inflation
unemployment
scarcity
lack of money
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Question # 4
Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.
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1784
1792
1776
1796
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Question # 5
Everyone should study economics is a
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positive statement
normative statement
true statement
nonsense
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Question # 6
All materials goods which can satisfy humans wants are called.
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Non economic goods
Economic goods
Capital goods
Services
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Question # 7
Scarcity exists
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in only poor countries
in a country that uses resources inefficiently
in all countries of the world
when society produces unimportant goods
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Question # 8
Prof. Robins wrote a book in 1931 entitled.
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General Theory of employment. Interest and money.
An inquiry into the nature and causes of wealth of nations.
Principle of economics.
Nature and Significance of economic science.
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Question # 9
Economic principle are also called
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economic law
economic theory
economic model
all of the above
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Question # 10
Who was the exponent of welfare economics.
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Alfred Marshall.
Adam smith.
Lionel Robbins
J.M. Keynes.
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Question # 11
Micro economics concentrates
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on inflation
international economics relations
individual economics units
economics development of Pakistan
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Question # 12
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 # 13
Economics laws are:
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Statements of tendencies in economic behaviour
Unrealistic to deal with real economic problems.
Absolute and certain like the laws of physical science
Used to forecast the growth rate of an economy.
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Question # 14
One of the following is not a characteristics of economic laws.
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Economic laws lack exactitude
Economic laws lack predictability
They are not universa!
They are not optional
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Question # 15
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 # 16
Economics is a science
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Spiritual
Social
dismal
moral
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Question # 17
Scarcity of goods means
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non availability of goods
high price of goods
People don't want to get such goods
the good is available but it is not free
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Question # 18
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 # 19
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 # 20
Who was the founder of classical school of thought?
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Adam Smith
Marshall
Keynes
Maithus
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Question # 21
normative economics
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deals solely with the facts
is never studied in colleges
involves opinions and interpretations
is clearly preferable to positive economics
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