Question # 1

Branches of public finance are

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Two

Three

Four

Five

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

One of the following is not included in the characteristics of labour

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist

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Prof Marshall

Prof Walker

Prof Keynes

Prof Crowther

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

Who did write the book named "Nature and importance of economics"

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Adam smith

Marshall

Robbins

Keynes

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

National Income is also known as:

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National product

Total expenditure

Total population

Both a and b

Laws which reflect religion of society

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Economic laws

State laws

Scientific laws

Moral laws

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

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

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