Question # 1

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

Choose an answer

supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:

Choose an answer

Nominal wage

Gross wage

Real wage

Net wage

When price elasticity of demand for normal goods in calculated, the value is always

Choose an answer

positive

negative

constant

greater than one

Long-run price of a durable good is always less than its short run price . it is because.

Choose an answer

Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

Members of a public limited company in Pakistan are.

Choose an answer

5 to 50

10 to 100

7 to any number

only 5

A monopolist is always interested and obtains.

Choose an answer

Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

Land means nature resources which are available.

Choose an answer

On the soil

Above the soil

Below the soil

All the above

The demand for a factor is called.

Choose an answer

Composite demand

Joint demand

derived demand

No demand

Wealth of Nations was written in

Choose an answer

1976

1876

1776

1676

The quality of commodity that satisfies some human want or need is called

Choose an answer

service

demand

utility

efficiency

Economics laws

Choose an answer

must be followed

are hated by people

show economic behavior of people

are unscientific

Interest is paid because

Choose an answer

capital is scarce

capital is productive

capital is attractive

a and b of above

In short period how many possibilities in which a firm may find itself

Choose an answer

four

five

six

seven

TC

Choose an answer

starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called

Choose an answer

economies of scale

diseconomies of scale

diminishing marginal returns

negative economies

The shape of rectangular hyperbola is made by

Choose an answer

MC

AFC

AVC

TFC

Underemployment of labour means

Choose an answer

a worker does not get full time job

a worker is not happy with present job

a person does not get job according to his qualification

a and c of above

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

Choose an answer

Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

Which one of the following is a day to day market.

Choose an answer

The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

Who was the exponent of welfare economics.

Choose an answer

Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Which of the following is a producer good

Choose an answer

pen

cycle

mobile phone

hammer

More Classes

Other Links

Economics Ics Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer