Question # 1

"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

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Marshall

Pigou

Adam smith

Fisher

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

If we subtract direct taxes from personal income, we get

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Net national income

Net domestic income

Disposable personal income

Personal savings

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

Which one of the following is not called Gross national product

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Economic national product

Joint national product

Composite national product

All the three

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

The income which a person can use according to his will is called

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Personal income

Disposable personal income

Net income

Per capita income

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Principles of Economics Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers

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