Question # 1

Laws which reflect religion of society

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Economic laws

State laws

Scientific laws

Moral laws

Balance of payment of a country in unfavourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Average product is maximum, when marginal product curve ______ average product curve

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Intersects falling

Intersect rising

Is above

Is below

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

Branches of public finance are

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Two

Three

Four

Five

Saving deposits and time deposits of the banks, Govt. securities and shares of the companies are called

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Token money

Money of account

Standard money

Near money

When price decreases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

During depression, increases

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Unemployment

Employment

Profit

Production

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

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

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