Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Which one is the assumption of law of demand? price of the commodity should not change quantity demand should not change income of the consumer should not change none of the above
2 Validity of economics theories can never be proved with 100 percent certainty, because ceteris paribus clause limited number of observation is possible very large number of economic theories proved false in the past b and c
3 Scarcity means non availability of goods high price of goods less supply than demand high profit of the firms
4 The basic economic problem to all societies is elimination of scarcity what how and for whom to produce equal distribution of wealth to develop agriculture
5 Scarcity of goods means 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
6 Everyone should study economics is a positive statement normative statement true statement nonsense
7 Prof. Marshall thinks Economics studies national welfare Economics studies personal welfare Economics studies total welfare Economics studies material welfare
8 Select the correct statement Economics affects politics Economics affects history Geography affects economics all of the above are true
9 Wealth of Nations was written by Adam Smith Malthus Marshall Newton
10 Economic principle are also called economic law economic theory economic model all of the above
11 Wealth of Nations was written in 1976 1876 1776 1676
12 One or more persons living together and having a common budget is called union organisation household house members
13 Market system means Socialism Capitalism a place where goods are traded all of the above
14 Marginal revenue recommended by symbol MR MC AR None of these
15 Choose the correct condition of equilibrium of firm MC = MR MC curve cuts MR curve from below Both a and b MC + MR - AR
16 How many condition of equilibrium of firm 2 3 4 5
17 The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called Perfect competition Under perfect competition Equilibrium of firm None of these
18 A market competition from in which there are very large number of firms producing a homogeneous commodity are called Perfect competition Equilibrium of firm Under perfect competition None of these
19 Choose the correct establish condition for equilibrium MR = MC MC intersects MR curve from below MC + MR Both a and b
20 We establish ______ conditions for equilibrium 2 3 4 5
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