Question # 1

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Gross national product means

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Total of price of all goods produced in a country in year

Total of price of all consumer goods produced in the economy during a year

Total of goods and services produced in the economy during a year

Total of monetary value of goods and services produced during a year in the economy

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

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

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

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

Transfer payments are included in the income

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National income

Gross domestic product

Personal income

Disposable personal income

Individual income means

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Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

Net national product is found by

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Subtracting tax from gross national product

Subtracting transfer payments form gross national product

Subtracting depreciation allowance from gross national product

Subtracting subsidies from gross national product

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

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

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