Question # 1

Surplus budget for the government is considered

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Useful

Harmful

Useful & harmful

None of three

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

Inflation is useful for

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Labourer

Consumers

Industrialist

Pensioners

According to law of demand, when price of a commodity decreases, then demand curve

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Moves from left to right upward

Moves from left to right downward

Moves vertically

Moves horizontally

If price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

When demand for a commodity changes due to the change in price of some other commodity, it is called

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Point elasticity

Arc elasticity

income elasticity

cross elasticity

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

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Robbins

Pigou

Keynes

Canon

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

Under monopoly, in the long run a firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

The trade transaction between the individuals of different areas of a country is called

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Local trade

Regional trade

Domestic trade

International trade

One of the following is not the difficulty of the barter system

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Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Infinite

The record of visible and invisible items on international account is called

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Balance of payment

Balance of trade

Balance of budget

Capital account

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

Supply means

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total money of a specific producer

Number of buyers

quantity of goods offered for sale at different prices

purchasing power of quantity supplied

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

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