Question # 1

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

"The study of nature and principles of government expenditures and revenue is called public finance"
This definition is stated by

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Bastable

Armitage Smith

Ricardo

Robbins

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

Basic characteristics of good money are

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General acceptability, durability

Homogeneity,divisibility

Transferability, recognizability, convertibility

All

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

Total number of canons of taxation stated by different economists is

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Seven

Nine

Eleven

Twelve

One of the following is not include in national income:

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Transfer payments

Depreciation

Wages

Both a and b

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

Quantity theory of money was criticised by

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Prof. Keynes

Prof Marshall

Prof Pigou

i and ii both

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

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

Advantages of international trade are

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One

Two

Three

Many

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

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

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