Question # 1

During a year aggregate value of produced goods and services of a country is called:

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Per-capita income

Net national income

Personal income

Gross national product

How many methods can be used for cultivation

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One

Two

Three

Four

Consumer goods are those goods which are used by a man:

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Directly

Off and On

Indirectly

Never

If total expenditure decreases with the rise in price elasticity of demand will be

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Equal to unity

Less than unity

Greater than unity

Equal to zero

National income does not include:

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Profit

Wages

Interest

Transfer payments

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

International trade has the benefits

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One

Three

Two

Unlimited

Slope of demand curve is:

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Negative

Zero

Positive

Fixed

When national income is increases:

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Standard of living increases

Standard of living decreases

Remains same

Bad thing

Phases of trade cycle are:

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One

Three

Two

Four

The elasticity of demand of durable goods is:

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Zero

More than unity

Less than unity

Equal to unity

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NAT I General Science Economics MCQs With Answers

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