Question # 1

Public finance and private finance are of each other

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Opposite

Synonymous

Similar & different

None of three

Free gift of nature is

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Land

Labour

Capital

Organization

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

Money which can be converted into cash money is known is:

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Near money

Paper money

Legal tender money

Token money

If 50% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

If the person has to pay the tax on whom it is levied, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

TC = TFC +:

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MC

AR

TVC

TAC

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

Which is not studied in macro economics ?

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National income

Money and banking

Consumer's behavior

Public finance

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

In the market period supply is:

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Variable

Fixed

Zero

Positive

Deductive method of deriving economic laws

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We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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