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

How many Kinds of variables?

Choose an answer

There are many kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are 4 kinds of variables

Long-run price of a durable good is always less than its short run price . it is because.

Choose an answer

Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

Every factor of production gets reward equal to

Choose an answer

value of average product

value of marginal product

value of total product

total revenue

When marginal revenue is zero, total revenue is

Choose an answer

maximum

minimum

zero

decreasing

To show data in tables, we must first

Choose an answer

reduce data

expand data

classify data

all of the above

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

Choose an answer

a shortage

a surplus

excess supply

loss

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Choose an answer

Horizontal axis

Vertical Axis

None of the above

In law of diminishing returns at least one factor

Choose an answer

must be constant

must be owned by the firm

must be purchasable

must be efficient

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

Choose an answer

increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

increase in natural resources

Standard of living of a country can be raised if it increases

Choose an answer

labour force

production

money supply

exports

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

Which one is the small scale production.

Choose an answer

Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

The slopes of average and marginal products curves are always zero under:

Choose an answer

Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

Which is true

Choose an answer

capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

Economic goods produced by firms are called

Choose an answer

productivity

innovation

technological progress

output

This is the assumption of law of demand

Choose an answer

price of the commodity should not change

Quantity demanded should not change

Price of substitutes should not change

Demand curve must be linear

An example of labour is

Choose an answer

gambler

jogger

computer engineer

all of the above

A firm under perfect competition is

Choose an answer

price maker

price breaker

price taker

price shaker

WAPDA is a

Choose an answer

public corporation

public company

private company

partnership

Geographical mobility is not possible for

Choose an answer

land

labour

capital

wealth

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