Question # 1

National income is total of

Choose an answer

Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

Transfer payment means:

Choose an answer

Rent transfer

Wages transfer

Reward without services

Profit transfer

Study of large aggregated of economic system is called

Choose an answer

Micro economics

Macro economics

Applied economics

All the three

Disposable personal income is equal to

Choose an answer

Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

Other tern used for demand for factor is:

Choose an answer

Initial demand

derived demand

Direct demand

Cross demand

Market equilibrium take place where:

Choose an answer

D = S

D > S

D < S

Both (b) and (c)

Quantity of a commodity which is offered for sale in a market is called:

Choose an answer

Trade

Supply

Demand

Stock

Zakat means

Choose an answer

Growth

Purification

Tax

Both 1st and 2nd

Supply is Fixed of:

Choose an answer

Perishable goods

Free goods

Durable goods

Substitute goods

One of the following is not included in labour

Choose an answer

Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

Transfer payments are included in

Choose an answer

Gross domestic income

National income

Disposable personal income

Personal income

The second name of law of constant return is

Choose an answer

Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

Perfectly inelastic supply curve is:

Choose an answer

Vertical

Rise upward

Horizontal

Fall downward

Zakat is part of the present income

Choose an answer

20th

30th

40th

50th

Deductive method of deriving economic laws

Choose an answer

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

The tax whose burden can be shifted to the customers, is called

Choose an answer

Proportional tax

Progressive tax

Direct tax

Indirect tax

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