More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Which of the following is capital
Choose an answer
toy of a child
plough of the farmer
calculator of the student
novel book in the library
Previous
Skip
Next
Question # 2
Three basic economics problems are
Choose an answer
what, how and for whom
why, where and when
what, which and how much
what, which and why
Previous
Skip
Next
Question # 3
Reward of which factor of production is not pre-determined?
Choose an answer
labour
land
capital
organisation
Previous
Skip
Next
Question # 4
Shopkeepers are also producers because in goods, they produce.
Choose an answer
Form utility
Time utility
Use utility
Place utility
Previous
Skip
Next
Question # 5
Scope of economics is defined as:
Choose an answer
Individual and aggregate economic behaviour of the people.
Subject matter of economics.
Welfare Economics.
All of the abpove
Previous
Skip
Next
Question # 6
The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
Choose an answer
AW = MW
AW > MW
AW < MW
None of the three
Previous
Skip
Next
Question # 7
The relationship between two variables that move in the same direction is called
Choose an answer
neutral
positive
independent
dependent
Previous
Skip
Next
Question # 8
Who is unemployed
Choose an answer
housewife
college student
a peer who lives on gifts from mureeds
a freshly graduated engineer who is searching for a job
Previous
Skip
Next
Question # 9
He cannot be unemployed
Choose an answer
policeman
beggar
mikman
bank officer
Previous
Skip
Next
Question # 10
When average product (AP) and marginal product (MP) are rising.
Choose an answer
AP > MP
AP = MP
AP < MP
AP = MP = 0
Previous
Skip
Next
Question # 11
Demands and supply curves cross at
Choose an answer
always at 60 degree
at 90 degree
at equal angle
at any angle
Previous
Skip
Next
Question # 12
How many functions of capital
Choose an answer
6
5
4
7
Previous
Skip
Next
Question # 13
All non materials products which can satisfy human wants are called.
Choose an answer
Economic goods
Services
Non-economics goods
Services
Previous
Skip
Next
Question # 14
A monopolist is always interested and obtains.
Choose an answer
Normal profit
Subnormal profit
Continues production even at loss
Super normal profit
Previous
Skip
Next
Question # 15
A producer will employ workers up to the point where its MRP becomes
Choose an answer
ARP
current wage rate
negative
equal to profit
Previous
Skip
Next
Question # 16
The proportion of rural population in Pakistan is:
Choose an answer
68%
70%
72%
74%
Previous
Skip
Next
Question # 17
Elasticity of demand in case of minor change in price and quantity demand will be .
Choose an answer
Income elasticity of demand
Cross elasticity of demand
Point elasticity of demand
Arc elasticity of demand
Previous
Skip
Next
Question # 18
When demand is perfectly elastic, an increase in supply will result in
Choose an answer
decrease in quantity sold
increase in quantity sold
fall in price
b and c above
Previous
Skip
Next
Question # 19
The following affect rent EXCEPT
Choose an answer
better location
fertility of land
cleverness of landlords
scarcity of land
Previous
Skip
Next
Question # 20
Price and demand are positively correlated in case of
Choose an answer
necessities
comforts
Giffen goods
Luxuries
Previous
Skip
Next
Question # 21
One of the following is not an assumption of the Ricardian theory of rent.
Choose an answer
Lands are cultivated in sequence
All lands are homogeneous
All units of labour are identical
There are original and industuctible powers of soils
Previous
Skip
Next
Back