Question # 1

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

"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

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 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

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

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

Disposable personal income means

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Total of incomes

Income of an industry after fulfilling all the needs

After paying personal taxes, income of the people who provide factors of production

Save income of a person after the payment of the taxes

At shut down position:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

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

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Wages

Rents and interests

Profits

All the three

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

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

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

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

National income means the income

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Which central government earns during a year

Which provincial government earn during a year

Total wealth of a country

Rewards which the factors of production get during a year

According to whom economist, National income is the name of the total of production of goods and services

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Adam smith

Marshall

Fisher

Pigou

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

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

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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