Question # 1

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

A monopoly generally

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allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

Marginal product indicates rate of change of

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total product

average product

variable product

all of the above

If a farmer moves from village to a town and establishes a small factory, it is a kind of mobility

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geographical

occupational

social

all of the above

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

Equilibrium

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is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then

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price will fall

price remains same

price will rise

quantity rises

One or more persons living together and having a common budget is called

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union

organisation

household

house members

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

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

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supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

As out put increases, AC curve

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falls

rises

remains constant

all of the above

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

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Economics Ics Part 1 English Medium Online Test MCQs With Answers

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