11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by	Professor Marshall Professor Paul A Samuelson Professor Fisher Professor Pigou
2	National income is total of	Incomes of all entrepreneurs of the country Incomes of all industrialists of the country Incomes of all salaried persons of the country Incomes of all the people of the country
3	One of the following precautions is not included in measurement of national income by product method	To subtract depreciation allowance To subtract indirect taxes Not to include transfer payments To include subsidies
4	Equilibrium level of national income means that point where	Consumption = saving Consumption = investment Income = saving + investment Saving = Investment
5	Concept of equilibrium level of national income in comprehensive way was presented by	Professor keynes Professor Marshall Professor hicks Professor Lipsay
6	Which one of the following is not called Gross national product	Economic national product Joint national product Composite national product All the three
7	Which one of the following is not included in the methods of measuring national income	Method of total according to market prices Method of total of incomes Method of total of domestic necessities and desires Method of total expenditures
8	A monopolist controls the supply	Totally Partially More Not at all
9	The difference between total revenue (TR) and total cost (TC) is called	Loss Profit Profit or loss Utility
10	The formula of calculating total revenue is	P x Q P x AC AC x Q TC / Q
11	A monopolistic firm has control of	Whole market supply by one firm Whole market supply by two firms Whole market supply by a few firms None of these
12	To increase profit a firm minimizes	Revenues Costs Demand Supply
13	When total revenue and total cost of a firm are equal, the firm earns	Abnormal profit Normal profit Normal loss Abnormal loss
14	One condition which is not included in perfect competition conditions	Homogeneity of product Difference in price Large number of buyers and sellers Perfect knowledge of the market
15	Under monopoly, number of firms is	Large Few One Two

Download This Set