Online Test Information

Question # 1

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

Service A
Cost B
Utility C
None D

Question # 2

Rent of building is included in:

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

Question # 3

It is a Federal Tax:

Excise duty A
Local tax B
Property tax C
None D

Question # 4

Ushr implies on:

Agricultural product A
Industrial product B
Agricultural & industrial product C
None of these D

Question # 5

Slope of demand curve is:

Negative A
Zero B
Positive C
Fixed D

Question # 6

Personal income includes:

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

Question # 7

What was the difficulty in the barter System:

Excess of goods A
Difference language B
Lack of co-incidence C
Difference in proffession D

Question # 8

Who is the writer of Wealth of Nation?

Marshall A
Adam Smith B
Robbins C
Keynes D

Question # 9

The quality of a commodity which satisfies the human wants:

Usefulness A
Loss B
Utility C
Return D

Question # 10

Phases of trade cycle are:

One A
Three B
Two C
Four D

Question # 11

Who described Economics as a scienece of wealth:

Piguo A
Adam Smith B
Robbins C
Marshall D

Question # 12

National income does not include:

Profit A
Wages B
Interest C
Transfer payments D

Question # 13

Factors of production are:

One A
Three B
Two C
Four D

Question # 14

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 # 15

Who is responsible for profit and loss in the business:

Capitalist A
Entrepreneur B
Labour C
Middleman D

Question # 16

In inflation prices:

Increase A
Do not change B
Decrease C
Become zero D

Question # 17

Which Economists presented the law of diminishing marginal utility:

Robbins A
Malthus B
Adam Smith C
Marshall D

Question # 18

Inflation on prices:

Decrease A
Remains constant B
Increase C
Become zero D

Question # 19

Income elasticity show the relationship between:

Income and demand A
Income and consumption B
Income and price C
Income and saving D

Question # 20

Due to devaluation exports become:

Smaller A
Larger B
Cheaper C
Expensive D

Sr.#	Question	Answer
1	Inflation on prices:	A. Decrease B. Remains constant C. Increase D. Become zero
2	Personal income includes:	A. Direct taxes B. Indirect taxes C. Undivided profit D. Both 2^nd and 3^rd
3	Which Economists presented the law of diminishing marginal utility:	A. Robbins B. Malthus C. Adam Smith D. Marshall
4	What was the difficulty in the barter System:	A. Excess of goods B. Difference language C. Lack of co-incidence D. Difference in proffession
5	National income does not include:	A. Profit B. Wages C. Interest D. Transfer payments
6	According to law of diminishing marginal utility the marginal utility:	A. Increases B. Remains constant C. Diminishes D. Negative
7	The supply of perishable goods is:	A. Fixed B. Variable C. Minor change D. Zero
8	Reward for capital is called:	A. Rent B. Interest C. Wages D. Profit
9	Who is the writer of Wealth of Nation?	A. Marshall B. Adam Smith C. Robbins D. Keynes
10	The unity method of elasticity of demand was presented by:	A. Adam Smith B. Marshall C. J.R Hicks D. Pigeou

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