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Online Tests
Icom Part 2 Principles of Economics Chapter 1 English Medium Online Test MCQs With Answers
Question # 1
Undisributed proits are considered.
Choose an answer
Income enrned but not received
Income eearned and received
Income received but not earned
None of the above
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Question # 2
Consumption spending does NOT include.
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Household's purchases of clothes
Household's purchase of a car
Household's paymnet of rent for an apartment
Household's purchase of shares of a business corporation
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Question # 3
We measure natonalincome by this method.
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Expenditure method
Income method
Product method
As of the above
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Question # 4
If we deduct direct tax from personal income we get.
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Net National income
Disposable income
Personal saving
Per capital income
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Question # 5
Transfer payments are not included in national income becaues.
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Such payments are made to persons livnig abroad
Double counting would result
They are illegal
There is no method to account for these
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Question # 6
Per capita Incom is.
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Income per worker
Incomeper hea
Income per household
Income per industrial unit
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Question # 7
In circular flow model
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Govt. owns productive resources
Firms own productive resources
Households own productive resorces
Rent of land is not included
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Question # 8
Which statment is true
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National Income = Naional expenditure - indirettaxes
N1 =GNP -NNP
N1 =P1
NI =NNP-Indirect taxes
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Question # 9
Transfer payments means.
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Bank loans
The payment without work
Payments made to all factors of production
Tax payments
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Question # 10
Transfer payments means
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Bank loans
The payment without work
Tax payments
Payments made to all factors of production
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Question # 11
National income is a measure of
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The zise of government revenue
Payments made to facor of production
Production f goods per day
Total working hours
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