Question # 1

One of the following is not included in the public expenditures

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Courts

Fee

Public administration

Defence

According to professor Ackley Gardener, amounts are included in national income

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Wages

Rents and interests

Profits

All the three

Which factor can not be stored

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Land

Labour

Capital

Organization

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Marginal revenue product is the amount of money attained by selling:

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Average product

Marginal product

Total product

Total cost

Adam Smith belongs to:

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Poland

Scotland

Ireland

Holland

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

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

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Earns normal profit

Earns abnormal profit

Bears loss

Bears abnormal loss

"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

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

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