Question # 1

Which one of the following stated the canons of taxation first

Choose an answer

Adam Smith

Marshall

Robbins

Keynes

First law of consumption is known as:

Choose an answer

Law of supply

Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

According to Pigou national income is that part of material wealth

Choose an answer

Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

The money whose face value and intrinsic value are different

Choose an answer

Token money

Standard money

Legal money

Near money

The main cause of using the Cheque as money is

Choose an answer

They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

Utility attained by all the units of a commodity consumed

Choose an answer

Positive utility

Negative utility

Total utility

Marginal utility

The relation between quantity of money and price is:

Choose an answer

Positive

Negative

Direct

Inverse

Quantity supplied of a commodity extends because

Choose an answer

Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Some inferior goods having expensive substitutes are known as:

Choose an answer

Economic goods

Giffen goods

Non-economic goods

Free goods

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

Choose an answer

Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

One of the following is not the fiscal measure to control inflation

Choose an answer

Decrease in public expenditures

Increase in the value of money

Increase in taxes

Encouragement of saving

If income of the government is more than its expenditures, such budget is called

Choose an answer

Surplus budget

Deficit budget

Balanced budget

Capital budget

Balance of payments is annual statistical record of

Choose an answer

Visible goods

Invisible goods

Foreign loans

Visible and invisible goods

When average cost curve is rising, then marginal cost curve

Choose an answer

Remains below it

Remains above it

Remains parallel to it

Is vertical

Methods for measurement of national income are:

Choose an answer

Two

Three

Four

Five

In the long run firms mostly earn normal profit in:

Choose an answer

Perfect competition

Oliogopoly

Monopoly

Duopoly

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer