Question # 1

Public finance and private finance are of each other

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Opposite

Synonymous

Similar & different

None of three

Which thing of the following should be subtracted from gross national product to get net national product

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Direct taxes

Indirect taxes

Depreciation allowance

Income received from foreign country

Change in total production is called

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Marginal production

Zero production

Total production

Average production

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Law of diminishing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Education sector

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

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

Which economist is called Aristotal of economics

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Marshall

Keynes

Adam Smith

Malthus

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

Cheque, bill of exchange etc are

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Metallic money

Paper money

Credit money

Near money

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

National income is measured for:

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One year

Two years

Three years

Four years

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

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