Question # 1

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

One of the following is not the cause of inflation

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Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

If face value is equal to the metal value of a coin, it is called as

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Paper money

Token money

Credit money

Standard money

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

During recession demand for factors of production is

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Limited

Very low

Too much

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

Which book is named "Bible of Capitalism"

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Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

The price at which entrepreneur has a sufficient time to meet the demand, is called

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Market price

Normal price

Reserve price

Normal price

Notes and coins are legal tender money because

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Government keeps gold and silver in their exchange

They are issued by the commercial banks

They are issued by the central bank

People are bound to accept them

Exceptions, or limitations of law of demand have been stated by

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Professor Marshall

Professor Adam Smith

Professor Benham

Professor Robbins

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

World economic depression accured in

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1927

1928

1929

1931

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

TC = TFC +:

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MC

AR

TVC

TAC

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

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