Question # 1

If we deduct depreciation from GNP, we get:

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P.I

G.D.P

D.P.I

N.N.P

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

The first great depression was appeared in:

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1934

1930

1932

1936

If the equation is this, MC=MR-AR(P)=AC, then the firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

If price decreases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

A good thing in private finance

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Expenditures are equal to income

Expenditure are more than income

Income is more than expenditures

a and b both

Economics studies human behaviour from

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Individual angle

Collective angle

Individual & Collective angle

None

Other tern used for demand for factor is:

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Initial demand

derived demand

Direct demand

Cross demand

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

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