Question # 1

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

Disposable personal income is equal to

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Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

Price discrimination policy refers to:

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Single price

Two prices

Multiple prices

None of these

Which one of the following is not called Gross national product

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Economic national product

Joint national product

Composite national product

All the three

Firms earn abnormal profit when:

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AR = AC

AR < AC

AR > AC

AC = AR

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Which thing of the following should be subtracted from gross national product to get net national product

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Direct taxes

Indirect taxes

Depreciation allowance

Income received from foreign country

According to whom economist, National income is the name of the total of production of goods and services

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Adam smith

Marshall

Fisher

Pigou

The income which a person can use according to his will is called

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Personal income

Disposable personal income

Net income

Per capita income

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

One of the following precautions is not included in measurement of national income by product method

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To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

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

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