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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers
Question # 1
Transfer payments are included in
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Gross domestic income
National income
Disposable personal income
Personal income
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Question # 2
To measure national income is used
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Product method
Incomes of the factor method
Expenditure method
All the three
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Question # 3
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
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Question # 4
Expenses of wears and tears of machinery are called
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Productive expenses
Non productive expenses
Wages
Depreciation expenses
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Question # 5
Method of measuring national income
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National income=Gross national product - depreciation allowance
National income= Net national product - Indirect costs
National income= Net national product + subsidies
National income= Net national product - indirect taxes + subsidies
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Question # 6
Net national product is found by
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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
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Question # 7
How many conditions of firm's equilibrium are there ?
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One
Two
Three
Four
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Question # 8
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
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Question # 9
In the long run firms mostly earn normal profit in:
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Perfect competition
Oliogopoly
Monopoly
Duopoly
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Question # 10
After deducting direct tax from personal income, it is called
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National income
personal income
Disposable personal income
per capital income
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Question # 11
Equilibrium of national income is, when
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S > 1
S = 1
S < 1
S and 1
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Question # 12
Oligopoly means:
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Single seller
Two seller
Multiple sellers
Multiple buyers
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Question # 13
Net foreign income is
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Exports - imports
Exports + imports
Income received by exports
Income received by imports
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Question # 14
"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Clark
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Question # 15
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
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Question # 16
Which is not counted in national income
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Interests
transfer payments
Profits
Rents
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