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 Long-run supply curve of labour is. Negatively stoped Positively sloped Parallel to the horizontal axis Parallel to vertical axis
2 When labourers do not get jobs according to their qualification it will be : Unemployment Under employment Disguised unemployment None of the three
3 One of the cause of low wage rate in Pakistan is: Population explosion Labour policy Lack of monility of labour Lack of natural resources
4 Trade Unions in Pakistan are unable to get an increase in wage rates because of : Minimum wage law Low labour efficiency Capital intensive projects Lack of Natural resources
5 With an increase in the supply of labour wage rate will: Fall Increase Remain constant None of the three
6 If the rate of inflation goes up, the real wags of labourers will : Increase Decrease Remain the same Noe of the three
7 The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her: Nominal wage Gross wage Real wage Net wage
8 The demand for a factor is called. Composite demand Joint demand derived demand No demand
9 With an increase in wage rate supply of labour. Decrease Increase Remains constant None of the three
10 MRP curve of a firm represent demand curve of industry under. Imperfect compitition Monolopy Oligopoly Perfect competition
11 The shape of marginal revenue product (MRP) curve is Inverted U Steeper Flatter Positive
12 One of the following is not assumption of the marginal productivity theory. All factors of production are present substitutes of each other. Law of increasing return applies in the production process. There is perfect mobility of factor of production Units of each factors of production are identical
13 The correlation between average wage (AW) and marginal wage (MW) under perfect competition is . AW = MW AW > MW AW < MW None of the three
14 :It is not possible to separate marginal revenue product of each factor of production:. It was said by: Carver Hobson Hansen Hicks
15 "The reward for a factor is determined by the marginal revenue product of the factor" . it was said by: J.M. Keynes Taussing Hansen Carver
16 MRP curve of a factor represents the. Supply curve of the factor Demand curve of the factor Either demand or supply curve of the factor None of the three
17 The demand for a factor depends on its. MRP ARP MRP = ARP MRP < ARP
18 When MR = MC , a firm. Does not attain a equilibrium position Suffers from loss Attains its equilibrium position Attains profit
19 Total cost = Total variable cost in the. Marked period Short run Long run None of the three
20 TR increase at a constant rate under: monopoly Monopolistic Perfect competition Oligopoly
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