Question # 1

Firms earn abnormal profit when:

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AR = AC

AR < AC

AR > AC

AC = 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

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

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

Price discrimination policy refers to:

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Single price

Two prices

Multiple prices

None of these

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

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

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

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Net foreign income is

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Exports - imports

Exports + imports

Income received by exports

Income received by imports

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

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Super profit

Normal profit

Normal loss

Abnormal loss

What remains after the deduction of direct tax from the personal income

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NNP

NNI

DPI

GNP

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

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

national income is found by

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Subtracting depreciation allowance from gross national product

Subtracting indirect taxes from net national product

Adding subsidies in net national product

Subtracting indirect taxes and adding subsidies in net national product

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

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

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

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

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