12th class Economics chapter 1 online mcq test with answers for ICS part 2 Economics chapter 1 (National Income)

Top Scorers Of Chapter 0 "ICS Part 2 Economics English Medium Chapter 1 Online Test" MCQ`s Test

Sr.#	Question	Answer
1	A closed economy is best described as one in which	A. thre are no monopolies B. No corporations C. No extemalities D. No international trade
2	It is considered as investment	A. Construction of a house B. Purchase of an old house C. Salaries of college professors D. a and b above
3	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
4	A TV set purchased from a retail store is an example of.	A. Final goods B. Surplus goods C. Capital goods D. Intermediate goods
5	Which is a flow concept.	A. Number of my shirts B. My montly income C. My total wealth D. Money Supply
6	It is transfer payment	A. Payment o college tuition B. A social securiy payment C. Payment for a leased car D. Intrest paid for a bank loan
7	If we include it. national income will be over estimated	A. Transfer payment B. Income from abroad C. Illegal income D. Exports
8	Market value of all final goods and services produced in a country during a year is definition	A. GNP B. NNP C. NI D. Consumption
9	Consumption spending does NOT include.	A. Household's purchases of clothes B. Household's purchase of a car C. Household's paymnet of rent for an apartment D. Household's purchase of shares of a business corporation
10	If govermment increases taxes pivate savings.	A. Increase B. Decrease C. Do not change D. Will become zero