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 In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is Perfectly elastic Perfectly inelastic Less elastic More elastic
2 Market Price of Perishable Commodities Utility Consumer None of these
3 Market equilibrium means a situation where Q<sub>s</sub>= Q<sub>d</sub> Q<sub>s</sub>= Q<sub>p</sub> Q<sub>d</sub>= Q<sub>p</sub> Q<sub>q</sub>= Q<sub>p</sub>
4 ______ is a science which is concerned with the collection, presentation, and interpretation of numerical data Statistics Economics analysis Function None of these
5 How many kinds of Function 2 3 4 5
6 Constant are represented by symbol C V P U
7 Variable are represented by symbol V U P C
8 A ______ is something which is measurable and can take on different values Variable Constant Both a and b None of these
9 Profits arise only in monopoly because of uncertainty shortage of goods like interest
10 He put forward the theory of profit Keynes Adam Smith Knight Anyson
11 Gross profit includes monopoly profit pure profit windfall profit all of the above
12 This is not a function of the entrepreneur supervise innovate lend money prepare plan
13 According to Prof. Knight risks are of ...... kinds 2 3 4 many
14 Risks in the business arise because of introduction of the new products uncertain policy of rival firms changes in tastes all the above
15 Some economists say that profit earner is a kind of rent receiver interest receiver wage earner govt. officer
16 Gross profit does NOT include rent of his own land interest of his own capital pure profit taxes
17 Profits are like wages are like interest always depend upon chance none of the above is true
18 Profits arise because an entrepreneur prepares plan innovates lends money a and b of above
19 Profits are necessary are unnecessary can never be negative are illegal
20 Profits are lower in the long run than in the short run can be negative are less in perfect competition than in monopoly all of the above
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