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Icom Part 2 Principles of Economics Chapter 1 English Medium Online Test MCQs With Answers

Question # 1

Transfer payments include.

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Daily wages, pensions

Pensions Zakat

Taxes, pocket money

Zakat , taxes

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Question # 2

When National income is estimated by expenditue method we include.

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All govt expenditure

All houseolds expenditure

All of the above

All expenditure of the business sector

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Question # 3

Market value of all final goods and services produced in a country during a year is definition

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GNP

NNP

Consumption

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Question # 4

If we include it. national income will be over estimated

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Transfer payment

Income from abroad

Illegal income

Exports

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Question # 5

The largest type fo in come in the Pakistan is

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Compensation of employees

Propretors income

Rental income

Corporate profits

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Question # 6

National Income is.

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Total Income earned in producing the national product

All taxes plus govt. spending

Sum of personal income and saving

NNP minus the capital consumption allowance

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Question # 7

If indirect taxes are deducted from NNP and subsidies are added. we achieve

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Personla savings

DPI

National Income

Percapita inocme

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Question # 8

Transfer payments are not included in national income becaues.

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Such payments are made to persons livnig abroad

Double counting would result

They are illegal

There is no method to account for these

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Question # 9

Direct taxes are not included in

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DPI

NNP

a and c above

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Question # 10

The largest type of income in the Pakistan is

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Compensation of employees

Rental income

Proprietors income

Coporate profits

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Question # 11

Total value of allfinal goods andservices produced annually by a country.

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NNP

GNP

GDP

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