Question # 1

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

A firm is in equilibrium, where:

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AR = MR

AC = MC

AC = MR

MC = MR

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

National income means the income

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Which central government earns during a year

Which provincial government earn during a year

Total wealth of a country

Rewards which the factors of production get during a year

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

National income increases by

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The increase in the quantity of capital goods

The increase in the quantity of goods and services

The increase in price of goods

The increase in the income of entrepreneurs

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Principles of Economics Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers

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