Question # 1

Elasticity of demand in case of minor change in price and quantity demand will be .

Choose an answer

Income elasticity of demand

Cross elasticity of demand

Point elasticity of demand

Arc elasticity of demand

In economics, one or more persons sharing common consumer budget is called

Choose an answer

social group

consumer union

organisation

household

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Choose an answer

Fall

Rise

Remain unchanged

None of three

The demand for a factor is called.

Choose an answer

Composite demand

Joint demand

derived demand

No demand

How many types of markets according to location

Choose an answer

4

5

6

7

Pakistan population is growing a rate of .

Choose an answer

2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of

Choose an answer

Prof. Knight

Prof. Marshall

Prof. Robbins

Prof. Knees

.Which one is not an economic want.

Choose an answer

Want for food

Want to be a doctor

Want to fall in love

Non of the above

In monopoly and perfect competition the cost curves are

Choose an answer

similar

different

opposite

falling in competition rising in monopoly

If demand has unit price elasticity, a change in price causes

Choose an answer

increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

Gross profit does NOT include

Choose an answer

rent of his own land

interest of his own capital

pure profit

taxes

Geographical mobility is not possible for

Choose an answer

land

labour

capital

wealth

Law of substitution is another name for

Choose an answer

law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

Basic economic problem is

Choose an answer

inflation

unemployment

scarcity

lack of money

Production of wealth takes place by:

Choose an answer

A combination of output

A combination of input

Labour only

Capital only

Extension of supply will take place as a consequence of:

Choose an answer

Change in price

Change in population

Change in technology

Change in money supply

Who was the exponent of macro economics in recent times.

Choose an answer

Adam Smith

J.M. Keynes

Marshall

Maithus

The main object of trade unions is to:

Choose an answer

Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

One of the following is an example of monopoly.

Choose an answer

Motorways

Pakistan railways

PIA

None of these

If price is set above equilibrium level, there will be

Choose an answer

surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

One of the following NOT a assumption of the marginal productivity theory

Choose an answer

units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

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