| 1 |
According to professor Ackley Gardener, amounts are included in national income |
- A. Wages
- B. Rents and interests
- C. Profits
- D. All the three
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| 2 |
After deducting direct tax from personal income, it is called |
- A. National income
- B. personal income
- C. Disposable personal income
- D. per capital income
|
| 3 |
Expenses of wears and tears of machinery are called |
- A. Productive expenses
- B. Non productive expenses
- C. Wages
- D. Depreciation expenses
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| 4 |
In the long run firms mostly earn normal profit in: |
- A. Perfect competition
- B. Oliogopoly
- C. Monopoly
- D. Duopoly
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| 5 |
Equilibrium of national income is, when |
- A. S > 1
- B. S = 1
- C. S < 1
- D. S and 1
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| 6 |
Transfer payment means that income |
- A. Which can move from one place to order place i.g. money etc.
- B. Which is received without labour, e.g. Zakat, gift , pension etc
- C. Which is received after hardwork
- D. Which is received by exports
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| 7 |
"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist |
- A. Marshall
- B. Pigou
- C. Adam smith
- D. Fisher
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| 8 |
To measure national income is used |
- A. Product method
- B. Incomes of the factor method
- C. Expenditure method
- D. All the three
|
| 9 |
Gross national product means |
- A. Total of price of all goods produced in a country in year
- B. Total of price of all consumer goods produced in the economy during a year
- C. Total of goods and services produced in the economy during a year
- D. Total of monetary value of goods and services produced during a year in the economy
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| 10 |
A firm is in equilibrium, where: |
- A. AR = MR
- B. AC = MC
- C. AC = MR
- D. MC = MR
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