Question # 1

During the phase of boom level of income and employment is

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Increasing

Decreasing

Highest

Lowest

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

Phases of a trade cycle are

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Two

Three

Four

Five

Over investment theory is presented by

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Pigou

Hawtray

Hayek, Mises and Cassel

Prof Jugglar

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

National income at factor cost is equal to:

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G.N.P - Subsidies + taxes

N.N.P - Direct tax + Subsidies

G.D.P - Subsidies + taxes

N.N.P - Indirect tax + Subsidies

Depreciation means:

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Wear and Tear

Reduction in value

Decrease in value

All of these

National income is measured for:

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One year

Two years

Three years

Four years

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

One of the following is not include in national income:

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Transfer payments

Depreciation

Wages

Both a and b

According to Prof. Jugglar a trade cycle comletes in

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Five to six years

Nine to ten years

Ten to eleven years

Eleven to twelve years

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

During recession demand for factors of production is

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More

Limited

Very low

Too much

During boom

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Business contracts

Unemployment increase

Profit decreases

Profit increases

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

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Principles of Economics Icom Part 1 English Medium Chapter 11 Online Test MCQs With Answers

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