Question # 1

Income received without any economic services:

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National Income

Transfer payments

Interest

Profit

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

According to Prof. Kitchen a trade cycle completes in

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Two years six months

Three years or Fifty years

Fifty years or Sixty years

Sixty years or Seventy years

Methods for measurement of national income are:

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Two

Three

Four

Five

During recession demand for factors of production is

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Limited

Very low

Too much

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

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

Direct taxes are not included in:

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Personal income

G.N.P

G.D.P

Disposable personal income

"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

Theory of sun-spot was presented by

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Prof Jevons and Henry L, Moor

Prof Pigou and begehot

Prof Hobson

Prof Cassel

In which phase of a trade cycle production, employment, wages and rate of interest etc start rising gradually

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Boom

Depression

Recovery

Recession

If we deduct depreciation from GNP, we get:

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P.I

G.D.P

D.P.I

N.N.P

During the phase of boom level of income and employment is

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Increasing

Decreasing

Highest

Lowest

Equilibrium level of national income means that point where:

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Consumption = Saving

Consumption = Investment

Saving = Investment

Income = Saving + Investment

Phases of a trade cycle are

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Two

Three

Four

Five

One of the following is not include in national income:

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Transfer payments

Depreciation

Wages

Both a and b

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

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