Question # 1

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

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

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NNP

NNI

DPI

GNP

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

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

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

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

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

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

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

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

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Equilibrium of national income is, when

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S > 1

S = 1

S < 1

S and 1

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

Transfer payments are included in the income

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National income

Gross domestic product

Personal income

Disposable personal income

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

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

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