Question # 1

Individual income means

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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

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

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Super profit

Normal profit

Normal loss

Abnormal loss

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

Equilibrium of national income is, when

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S > 1

S = 1

S < 1

S and 1

Which one of the following is not included in the methods of measuring national income

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Method of total according to market prices

Method of total of incomes

Method of total of domestic necessities and desires

Method of total expenditures

Net foreign income is

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Exports - imports

Exports + imports

Income received by exports

Income received by imports

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

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

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

Transfer payment means that income

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Which can move from one place to order place i.g. money etc.

Which is received without labour, e.g. Zakat, gift , pension etc

Which is received after hardwork

Which is received by exports

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

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