Question # 1

Guides finance minister for levying tax on the income of the people

Choose an answer

Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

The cause of extension and contraction of demand is

Choose an answer

Income

Price

Population

Technology

Exchange of goods with goods is called

Choose an answer

Medium of exchange

Store of exchange

Scale of measure of exchange

Barter system

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

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Inflation is useful for

Choose an answer

Labourer

Consumers

Industrialist

Pensioners

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

Choose an answer

Will increase its price

Will decrease its price

Will not change its price

None of these

"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist

Choose an answer

Marshall

Pigou

Adam smith

Fisher

If demand for commodity X changes due to the change in price of commodity, it is called

Choose an answer

Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

Equilibrium level of national income means that point where

Choose an answer

Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

One of the following is not fiscal measure to control inflation

Choose an answer

Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

The subject matter of Macro Economics is

Choose an answer

Consumer's behavior

International trade

Firm's behavior

Price mechanism

One of the following is not included in the public expenditures

Choose an answer

Courts

Fee

Public administration

Defence

What is the reward of Labour ?

Choose an answer

Rent

Wage

Interest

Profit

In which year Kenyens wrote his book "General theory of employment, interest and money

Choose an answer

1929

1931

1934

1936

Formula method to measure elasticity of supply is related to

Choose an answer

Marshall

Robbins

R.G.D Allen

Flux

Individual income means

Choose an answer

Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer