| 1 |
Because of increase in national income |
- A. Standard of living rises
- B. Standard of living falls
- C. No change occurs
- D. None of three
|
| 2 |
Which thing should be added in net national product to get gross national product |
- A. Direct taxes
- B. Indirect taxes
- C. Depreciation allowance
- D. Subsidies
|
| 3 |
Equilibrium level of national income means that point where |
- A. Consumption = saving
- B. Consumption = investment
- C. Income = saving + investment
- D. Saving = Investment
|
| 4 |
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
|
| 5 |
Duopoly refers to: |
- A. Single seller
- B. Two seller
- C. Multiple sellers
- D. Multiple buyers
|
| 6 |
Disposable personal income means |
- A. Total of incomes
- B. Income of an industry after fulfilling all the needs
- C. After paying personal taxes, income of the people who provide factors of production
- D. Save income of a person after the payment of the taxes
|
| 7 |
Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by |
- A. Professor Marshall
- B. Professor Paul A Samuelson
- C. Professor Fisher
- D. Professor Pigou
|
| 8 |
Firms earn abnormal profit when: |
- A. AR = AC
- B. AR < AC
- C. AR > AC
- D. AC = AR
|
| 9 |
A firm gains normat profit, where: |
- A. P=AC
- B. P>AC
- C. P<AC
- D. AC>AR
|
| 10 |
Under Monopoly, a firm is in equilibrium position when Ed is: |
- A. Equal to unity
- B. Less than unity
- C. Grater than unity
- D. Both b and c
|
