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12th Class Principles of Economics Chapter 1 Test

12th class I.Com Part 2 Principles of Economics chapter 1 Online MCQs test with answers for Principles of Economics


I.Com Part 2 Principles of Economics
Chapter 1 Test

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I.Com Part 2 Principles of Economics Chapter Wise Test
(English Medium)

12th class I.Com Part 2 Principles of Economics chapter 1 Online MCQs test with answers for Principles of Economics

Sr. # Questions Answers Choice
1 A TV set purchased from a retail store is an example of.
  • A. Final goods
  • B. Surplus goods
  • C. Capital goods
  • D. Intermediate goods
2 Which statment is true
  • A. National Income = Naional expenditure - indirettaxes
  • B. N1 =GNP -NNP
  • C. N1 =P1
  • D. NI =NNP-Indirect taxes
3 Gross nationa product includes
  • A. A loan from one's parents
  • B. A loan from a domestic bank
  • C. A loan from other countries
  • D. None of theabove
4 The largest type fo in come in the Pakistan is
  • A. Compensation of employees
  • B. Propretors income
  • C. Rental income
  • D. Corporate profits
5 In calculating national income which one will NOT be included.
  • A. Exports
  • B. Old age pensions
  • C. Wages of lecturer
  • D. Undistributed profit by firms
6 Govt. transfer payment include
  • A. Social security benefits
  • B. Welfare benefits
  • C. Student scholarships
  • D. All of the above
7 To determine the correct level of GNP ,it is necessary to.
  • A. Add up the values of goods and services during one year
  • B. Add up allsavings
  • C. Count all imports
  • D. Add up the value of semi finished goods
8 Transfer payments are not included in national income becaues.
  • A. Such payments are made to persons livnig abroad
  • B. Double counting would result
  • C. They are illegal
  • D. There is no method to account for these
9 In erms of national income accounts, multiple counting efers to.
  • A. The addition to GNP of multiple units of a good
  • B. Counting cureently producedgoods more than once
  • C. The inclusion in GNP of gross spending and taxes
  • D. Counting both goods and services
10 Which of the following would NOT be included in GNP
  • A. Govt. Transfer payments
  • B. Got. Purchase of an air plane
  • C. Payment for construction of highway
  • D. Salary paid for the presidents secretary

Chapterwise Lists

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