First Year Economics Chapter 1 Online MCQ Test for 1st Year Economics Chapter 1 (Nature and Scope)

This online test contains MCQs about following topics:

Human Wants,Utility,Scarcity,Defination By Adam Smith,Marshall and Robbins,Modern View of Economics ,Comparison of Defination , Methods of Economics ,Economics Theory, Economic Principle ,Policy Economics , Micro Vs Macroeconomics ,Economics Laws Deductive and Inductive Methods

ICS Part 1 Economics Chapter 1 Test

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 1 "Economics Ics Part 1 English Medium Chapter 1 Online Test"

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  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 1 Online Test

00:00
Question # 1

Ceteris paribus means

Question # 2

Economics problems arise because of

Question # 3

Micro economics concentrates

Question # 4

Economic laws can be define as .

Question # 5

Scarcity of goods means

Question # 6

The products which are not priced in the market are called .

Question # 7

Economics laws are:

Question # 8

Scarcity exists

Question # 9

He described economics as a science of material welfare

Question # 10

Who was the founder of classical school of thought?

Question # 11

Which statement is true?

Question # 12

Scarcity means

Question # 13

Robbins definition of economics spell out the existence of

Question # 14

According to Alfred Marshall, Economics should be taken as:

Question # 15

In economics, assumptions

Question # 16

Economics laws are

Question # 17

Economics is a science

Question # 18

Economic principle are also called

Question # 19

Basic economic problem is

Question # 20

All the products which are priced in the market are.

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ICS Part 1 Economics Chapter 1 MCQs Test

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ICS Part 1 Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 Economic principle are also called
A. economic law
B. economic theory
C. economic model
D. all of the above
2 The products which are not priced in the market are called .
A. Economic goods
B. Non-economic goods
C. Merit goods
D. Social goods
3 Who said that "Economics is a science of human welfare"
A. Adam Smith
B. Carlyle and Ruskin
C. Alfred Marshall
D. Malthus
4 Marshall wrote the book
A. Classical economics
B. Introduction to economics
C. Micro economics theory
D. Principles of economics
5 Three basic economics problems are
A. what, how and for whom
B. why, where and when
C. what, which and how much
D. what, which and why
6 Which statement relates to macroeconomics
A. Oil prices are rising in Pakistan
B. Profit rate is high in textile industry
C. The firms try to make huge profits
D. The government had failed to control inflation
7 Which type of problems are brought under discussion in micro economics .
A. Consumer's behaviour
B. International trade
C. Balance of payment
D. Public finance
8 Wealth of Nations was written in
A. 1976
B. 1876
C. 1776
D. 1676
9 Economics laws are
A. exact
B. approximate
C. brief
D. definite
10 Scope of economics is defined as:
A. Individual and aggregate economic behaviour of the people.
B. Subject matter of economics.
C. Welfare Economics.
D. All of the abpove

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