Question # 1

National income increases by

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The increase in the quantity of capital goods

The increase in the quantity of goods and services

The increase in price of goods

The increase in the income of entrepreneurs

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

If MC=MR=AR=AC=P, then a firms gains:

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Super profit

Normal profit

Normal loss

Abnormal loss

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

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

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

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

Period in national income counting is

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One year

Two years

Three years

Four years

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

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

Monopoly refers to:

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Single buyer

Single seller

Single producer

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

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

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

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

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