Question # 1

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

Who is the Founder of macro economics ?

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Marshall

Malthus

Adam smith

Keynes

One of the following is not included in the public expenditures

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Courts

Fee

Public administration

Defence

Net National product is equal to

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GNP + Depreciation expenditure

GDP + Depreciation expenditure

GNP - Depreciation expenditure

GDP - Depreciation expenditure

MRP curve is slopping:

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Negative

Positive

Downward

Both a and c

To derive economic laws inductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

One of the following is not the fiscal measure to control inflation

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Decrease in public expenditures

Increase in the value of money

Increase in taxes

Encouragement of saving

The revenue collection of government and spending policy is called

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Monetary policy

Fiscal policy

commercial policy

Labour policy

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

According to Prof. Jugglar a trade cycle comletes in

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Five to six years

Nine to ten years

Ten to eleven years

Eleven to twelve years

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

The name of first law of consumption is

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Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Law of supply

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

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

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