Question # 1

At the point of equilibrium of firm under perfect competition

Choose an answer

MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

When both demand and supply fall in equal proportions, price of the product will .

Choose an answer

Fall

Rise

Remain the same

None of the above

If price elasticity of demand is very low, the commodity is

Choose an answer

necessity

luxury

substitute

not available

Market equilibrium means

Choose an answer

number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

When average product (AP) and marginal product (MP) are rising.

Choose an answer

AP > MP

AP = MP

AP < MP

AP = MP = 0

Long run average cost curve is :

Choose an answer

U shaped

L shaped

Dish shaped

None of the three

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

Choose an answer

Deffertial rent

Economic rent

Quasi rent

Scarcity rent

Sometimes the supply curve of labour bends

Choose an answer

downward

upward

backward

firstly upward and then downward

Father of the political economy

Choose an answer

Adam smith

Malthus

Marshall

Samuelson

Equilibrium

Choose an answer

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

If a public limited company issues bonds to increase resources, then it pays

Choose an answer

fixed premium to bond holders

fixed interest to bond holders

fixed tax to bond holders

fixed profit to bond holders

Select the correct statement

Choose an answer

Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

Social stagnation is a big obstacle to.

Choose an answer

Mobility of labour

Division OF labour

Efficiency o labour

All the above

Marginal land

Choose an answer

is uncultivable land

gets low rent

gets no rent

cannot be sold

A monopoly firm is in equilibrium when

Choose an answer

MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

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

Choose an answer

1955

1950

1948

1959

In which form the largest percentage of national income is earned

Choose an answer

interest income

proprietor's income

employees' income

rental income

Specialization of labour has the advantage.

Choose an answer

increased production

introduction of new technology

increases in self-sufficiency

a and b of above

When marginal revenue is zero, total revenue is

Choose an answer

maximum

minimum

zero

decreasing

Which one of the following is a day to day market.

Choose an answer

The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

Which one of the following is a functional equation of demand:

Choose an answer

Q - 20 + 2P = 0

Q - 3 - 3P = 0

Q + -2P = 0

None of the three

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