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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
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Supply of output
Production
Buffer stock
Stock
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Question # 2
These are kinds of capital EXCEPT
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fixed capital
expensive capital
working capital
real capital
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Question # 3
An important factor which promotes large scale production is:
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Extant of market
Revolutionary changes in social life
Culture and civilization
All the three
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Question # 4
The utility of durable consumer goods.
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Diminishes with the passage of time
Perishes, if not used
Can be obtained constantly
None of the three
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Question # 5
This is a tool in economic studies
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market
price
firm
functional relation
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Question # 6
Limited liability is one of the advantages of
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partnership
sole proprietor
joint stock company
cooperative society
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Question # 7
One or more persons living together and having a common budget is called
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union
organisation
household
house members
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Question # 8
If the government supplies a product at a price less than the equilibrium price, it will create:
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Shortage
Surlius
Non of the two
Equilibrium quantity
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Question # 9
With an increase in cost of production, price of the product rises while supply of the product will.
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Fall
Rise
Remain unchanged
Non of the three
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Question # 10
The price and sales of sugar both increase. What could be the cause of this?
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a decrease in the income of the consumers.
a decrease in the tax on sugar
An increase in the wages of workers in the sugar industry
An increase in the price of sugar substitutes
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Question # 11
Utility and usefulness are
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equal
different
opposite
unrelated
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Question # 12
Food, Shelter and clothing are:
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Necessities
Comfort
Luxuries.
None of three
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Question # 13
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.
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2.5
0.5
1.5
3.5
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Question # 14
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
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0.05
10
20
indeterminate
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Question # 15
One of the following is not a characteristics of economic laws.
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Economic laws lack exactitude
Economic laws lack predictability
They are not universa!
They are not optional
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Question # 16
A group of buyers and sellers that exchange a goods or services at a price are called
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Market
Commodity
Place
None of these
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Question # 17
Demand and supply forces determine market price
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only in perfect competition
only in monopoly market
in both markets
none of the above
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Question # 18
In economic capital refers to
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money
high quality goods
trade mark
machinery and factories
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Question # 19
Efficiency of labour is not affected by
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attitude of worker
attitude of employer
attitude of wife/husband
all affect
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Question # 20
All inputs can be varied in
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short run
long run
both periods
non of the period
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Question # 21
Price of a product is determined in a free market
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by demand for the product
by supply of the product
by both demand and supply
by the government
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