Online Test Information

Question # 1

The economy gets prosperity during:

Recession A
Boom B
Depression C
Recovery D

Question # 2

Marginal cost curve always intersects average cost curve at:

The maximum point A
The central point B
The minimum point C
The vertical point D

Question # 3

The shape of AR and MR under perfect competition is:

Vertical A
U-shape B
Horizontal to ox-axis C
None of these D

Question # 4

Who presented the quantity theory of money:

Marshall A
Robbins B
Taussig C
Keynes D

Question # 5

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

Equal to unity A
Less than unity B
Greater than unity C
Equal to zero D

Question # 6

The elasticity of demand of durable goods is:

Zero A
More than unity B
Less than unity C
Equal to unity D

Question # 7

Personal income includes:

Direct taxes A
Indirect taxes B
Undivided profit C
Both 2^nd and 3^rd D

Question # 8

Rent of building is included in:

Fixed cost A
Variable cost B
Marginal cost C
Selling cost D

Question # 9

The quality of a good which satisfies a human want is called as:

Service A
Cost B
Utility C
None D

Question # 10

Inflation will be useful for:

Labourers A
Industrialist B
Consumers C
Pensioners D

Question # 11

Reward for labour is:

Interest A
Wages B
Profit C
Rent D

Question # 12

The quality of a commodity which satisfies the human wants:

Usefulness A
Loss B
Utility C
Return D

Question # 13

The unity method of elasticity of demand was presented by:

Adam Smith A
Marshall B
J.R Hicks C
Pigeou D

Question # 14

International trade has the benefits

One A
Three B
Two C
Unlimited D

Question # 15

When national income is increases:

Standard of living increases A
Standard of living decreases B
Remains same C
Bad thing D

Question # 16

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

Directly A
Off and On B
Indirectly C
Never D

Question # 17

Due to devaluation exports become:

Smaller A
Larger B
Cheaper C
Expensive D

Question # 18

What is deducted from GNP to find GDP.

Depreciation allowance A
Net income received from abroad B
Indirect tax C
Transfer payments D

Question # 19

According to law of increasing return marginal product:

Increases A
Decreases B
Remains constant C
None of these D

Question # 20

In inflation prices:

Increase A
Do not change B
Decrease C
Become zero D

Sr.#	Question	Answer
1	It is a Federal Tax:	A. Excise duty B. Local tax C. Property tax D. None
2	The other name of law of diminishing return is:	A. Law of supply B. Law of diminishing marginal utility C. Law of demand D. Law of increasing cost
3	Who described Economics as a scienece of wealth:	A. Piguo B. Adam Smith C. Robbins D. Marshall
4	Personal income includes:	A. Direct taxes B. Indirect taxes C. Undivided profit D. Both 2^nd and 3^rd
5	Income elasticity show the relationship between:	A. Income and demand B. Income and consumption C. Income and price D. Income and saving
6	The methods of measuring elasticity of supply are:	A. Three B. Two C. Four D. Five
7	International trade has the benefits:	A. One B. Unlimited C. Two D. Three
8	The supply of perishable goods is:	A. Fixed B. Variable C. Minor change D. Zero
9	Consumer goods are those goods which are used by a man:	A. Directly B. Off and On C. Indirectly D. Never
10	When national income is increases:	A. Standard of living increases B. Standard of living decreases C. Remains same D. Bad thing

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