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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers
Question # 1
Transfer payment means that income
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Which can move from one place to order place i.g. money etc.
Which is received without labour, e.g. Zakat, gift , pension etc
Which is received after hardwork
Which is received by exports
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Question # 2
Transfer payments are included in
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Gross domestic income
National income
Disposable personal income
Personal income
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Question # 3
Method of measuring national income
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National income=Gross national product - depreciation allowance
National income= Net national product - Indirect costs
National income= Net national product + subsidies
National income= Net national product - indirect taxes + subsidies
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Question # 4
Monopoly refers to:
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Single buyer
Single seller
Single producer
Both b and c
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Question # 5
National income is total of
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Incomes of all entrepreneurs of the country
Incomes of all industrialists of the country
Incomes of all salaried persons of the country
Incomes of all the people of the country
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Question # 6
One of the following is not included in net national product
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Consumer goods
Capital goods
Capital formation
Consumer goods and capital goods
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Question # 7
Which one of the following is not included in the methods of measuring national income
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Method of total according to market prices
Method of total of incomes
Method of total of domestic necessities and desires
Method of total expenditures
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Question # 8
Which is subtracted from gross national product to find gross domestic product
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Depreciation allowance
Net income received from foreign sources
Indirect taxes
Transfer payments
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Question # 9
One of the following precautions is not included in measurement of national income by product method
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To subtract depreciation allowance
To subtract indirect taxes
Not to include transfer payments
To include subsidies
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Question # 10
In the long run monopolist earns profit:
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Normal
Abnormal
Super normal
Both b and c
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Question # 11
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
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Question # 12
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
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Professor Marshall
Professor Paul A Samuelson
Professor Fisher
Professor Pigou
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Question # 13
Oligopoly means:
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Single seller
Two seller
Multiple sellers
Multiple buyers
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Question # 14
What remains after the deduction of direct tax from the personal income
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NNP
NNI
DPI
GNP
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Question # 15
Firms earn abnormal profit when:
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AR = AC
AR < AC
AR > AC
AC = AR
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Question # 16
Under monopoly, the slope of MR curve is:
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Twice the slope of AR curve
Less than the slope of AR curve
Greater than the slope of AR curve
Half the slope of AR curve
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