Question # 1

"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

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

Depreciation means:

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Wear and Tear

Reduction in value

Decrease in value

All of these

How many are kinds of economics

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Two

Three

Four

Five

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

Meaning of Economics:

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State management

Trade management

Household management

All of them

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

When a firm earns abnormal profit in the short run, then its

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MC=MR=AR=AC all are equal

MC=MR=AR while AC is less

MC=MR=AR while AC is more

MC=MR=AR while AV is sometimes equal to them and sometimes less than tham

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

In mathematics, symbol for utility is used

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U

M

X

Y

In which of the following condition theory of international trade is presented

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Monopoly

Duopoly

Monopolistic competition

Perfect competition

Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry

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Is earning abnormal profit

Is earning normal profit

Is facing minimum loss

Is facing abnormal loss

Inflation is useful for

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Labourer

Consumers

Industrialist

Pensioners

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

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