Question # 1

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

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

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

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

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

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

If we subtract direct taxes from personal income, we get

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Net national income

Net domestic income

Disposable personal income

Personal savings

Disposable personal income means

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Total of incomes

Income of an industry after fulfilling all the needs

After paying personal taxes, income of the people who provide factors of production

Save income of a person after the payment of the taxes

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

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

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

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

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

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