Question # 1

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

Disposable personal income is equal to

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Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

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

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

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

Which thing of the following should be subtracted from gross national product to get net national product

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Direct taxes

Indirect taxes

Depreciation allowance

Income received from foreign country

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

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

According to professor Ackley Gardener, amounts are included in national income

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Wages

Rents and interests

Profits

All the three

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

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

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

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