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Online Tests
Economics Ics Part 1 English Medium Chapter 1 Online Test MCQs With Answers
Question # 1
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 # 2
Economic laws can be define as .
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A statement of social behaviour
Laws implement by an executive
Laws of the state
Statement of general economic tendencies
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Question # 3
Wealth of nations
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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 # 4
Which one is not doing an economic activity.
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One who is offering prayers.
One who works for wage.
One who rents out his property .
One who is an employee of Government
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Question # 5
Ceteris paribus means
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other things equal
all variable are independent
all relationships are inverse
that no other assumptions are made
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Question # 6
Market system means
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Socialism
Capitalism
a place where goods are traded
all of the above
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Question # 7
Micro economics concentrates
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on inflation
international economics relations
individual economics units
economics development of Pakistan
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Question # 8
Scarcity means
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non availability of goods
high price of goods
less supply than demand
high profit of the firms
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Question # 9
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 # 10
Wealth of Nations was written in
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1976
1876
1776
1676
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Question # 11
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 # 12
Economics
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is more important than mathematics
is a social science
should be made compulsory for every student
is difficult to study
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Question # 13
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 # 14
Which type of problems are brought under discussion in micro economics .
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Consumer's behaviour
International trade
Balance of payment
Public finance
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Question # 15
A positive statement
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concerns what is
is always accurate
deals with values and opinions
cannot be tested in the real world
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Question # 16
Economics laws
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must be followed
are hated by people
show economic behavior of people
are unscientific
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Question # 17
Wants are unlimited for:
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Poor person
Rich person
All persons
None of them
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Question # 18
Economics problems arise because of
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greed
scarcity
dishonesty
laziness
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Question # 19
Father of the political economy
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Adam smith
Malthus
Marshall
Samuelson
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Question # 20
Basic economic problem is
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inflation
unemployment
scarcity
lack of money
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Question # 21
All non materials products which can satisfy human wants are called.
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Economic goods
Services
Non-economics goods
Services
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Question # 22
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 # 23
Who was the founder of classical school of thought?
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Adam Smith
Marshall
Keynes
Maithus
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Question # 24
In which year Alfred Marshall wrote a book entitled "Principle of economics"
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1850
190
1870
1890
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Question # 25
The basic economic problem to all societies is
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elimination of scarcity
what how and for whom to produce
equal distribution of wealth
to develop agriculture
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Question # 26
Robbins in his definition
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talks of scarcity of resources
preached moral values
supports Adam smith view
none of the above
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Question # 27
He described economics as a science of material welfare
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Robbins
Marshall
Ricardo
Keyness
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