Question # 1

Individual income means

Choose an answer

Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

A firm gains normat profit, where:

Choose an answer

P=AC

P>AC

P<AC

AC>AR

National income increases by

Choose an answer

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

Under monopoly, the slope of MR curve is:

Choose an answer

Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

The term "Price Maker" is used in:

Choose an answer

Perfect competition

Oliogopoly

Monopoly

Monopsony

Concept of equilibrium level of national income in comprehensive way was presented by

Choose an answer

Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

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

Choose an answer

Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

What remains after the deduction of direct tax from the personal income

Choose an answer

NNP

NNI

DPI

GNP

Net national product is found by

Choose an answer

Subtracting tax from gross national product

Subtracting transfer payments form gross national product

Subtracting depreciation allowance from gross national product

Subtracting subsidies from gross national product

In the long run monopolist earns profit:

Choose an answer

Normal

Abnormal

Super normal

Both b and c

National income is total of

Choose an answer

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

Firms earn abnormal profit when:

Choose an answer

AR = AC

AR < AC

AR > AC

AC = AR

How many conditions of firm's equilibrium are there ?

Choose an answer

One

Two

Three

Four

Which thing should be added in net national product to get gross national product

Choose an answer

Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist

Choose an answer

Marshall

Pigou

Adam smith

Fisher

Equilibrium of national income is, when

Choose an answer

S > 1

S = 1

S < 1

S and 1

According to Pigou national income is that part of material wealth

Choose an answer

Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

Disposable personal income is equal to

Choose an answer

Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

Which is subtracted from gross national product to find gross domestic product

Choose an answer

Depreciation allowance

Net income received from foreign sources

Indirect taxes

Transfer payments

If MC=MR=AR=AC=P, then a firms gains:

Choose an answer

Super profit

Normal profit

Normal loss

Abnormal loss

Equilibrium level of national income means that point where

Choose an answer

Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Transfer payments are included in the income

Choose an answer

National income

Gross domestic product

Personal income

Disposable personal income

One of the following is not included in net national product

Choose an answer

Consumer goods

Capital goods

Capital formation

Consumer goods and capital goods

More Classes

Other Links

Principles of Economics Icom Part 1 English Medium Chapter 9 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

Choose an answer

Choose an answer