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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called
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Supply
Demand
Stock
None of these
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Question # 2
For an individual farmer, rent paid by him
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is part of cost and affects price of his product
does not enter into price of his product
is unjustified
cannot be determined
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Question # 3
If supply rises more than demand, price of the product will.
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Fall
Rise
Not change
Change
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Question # 4
An example of money capital is
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cash
money in a savings account
prize bond
golden ring
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Question # 5
Long-run supply curve of labour is.
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Negatively stoped
Positively sloped
Parallel to the horizontal axis
Parallel to vertical axis
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Question # 6
Gov. of Pakistan introduced labour policy for the first time in.
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1955
1950
1948
1959
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Question # 7
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
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Equal to unity
Lass than unity
Greater than unity
Equal to zero
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Question # 8
Marginal revenue of a monopolist is
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equal to price
greater than price
less than price
increases with output
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Question # 9
Internal economies of scale include
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risk-bearing economics
trade mark
managerial economies
a and c of above
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Question # 10
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
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Law of Supply
Law of Demand
Law of equilibrium
None of these
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Question # 11
Average cost and marginal cost curves in the short-run are:
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Quadratic function
Linear function
Cubic function
Log function
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Question # 12
Some economists say that profit earner is a kind of
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rent receiver
interest receiver
wage earner
govt. officer
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Question # 13
Gross profit includes
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monopoly profit
pure profit
windfall profit
all of the above
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Question # 14
When marginal revenue is zero, total revenue is
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maximum
minimum
zero
decreasing
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Question # 15
Money wages are also called
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Nominal Wages
Real wages
Gross wages
Net wages
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Question # 16
All labour is
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homogeneous
heterogeneous
lazy
intelligent
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Question # 17
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
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rightward
leftward
downward
no direction
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Question # 18
Economic wants.
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Can unlimited
Capital goods
Social goods
Public goods
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Question # 19
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 # 20
Members of a public limited company in Pakistan are.
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5 to 50
10 to 100
7 to any number
only 5
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Question # 21
One of the following is an example of monopoly.
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Motorways
Pakistan railways
PIA
None of these
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