Objective Type Questions for Principle of Economics I.Com Part 1 (b)

Objective Type Questions for Principle of Economics I.Com Part 1 Test 2

1. Exchange of goods with goods is called

 
 
 
 

2. Balance of payments includes

 
 
 
 

3. Federal tax is

 
 
 
 

4. Which law provides the basis for the law of demand?

 
 
 
 

5. The canons of taxation are described by

 
 
 
 

6. The price elasticity of luxuries is

 
 
 
 

7. Which elasticity can be measured by using this formula ∆q/q ÷ ∆q/q?

 
 
 
 

8. Second factor of production is

 
 
 
 

9. When total utility is decreasing, marginal utility is

 
 
 
 

10. One of the following is not condition of perfect competition

 
 
 
 

11. Transfer payments are included in

 
 
 
 

12. Zakat is the part of the present income

 
 
 
 

13. The Principles of Economics was written in

 
 
 
 

14. When marginal product is zero, then total product

 
 
 
 

15. The inflation is useful for

 
 
 
 

16. How many methods for measurement of National Income Are?

 
 
 
 

17. Law of decreasing marginal utility was presented by

 
 
 
 

18. Adam smith presented the basic canons of taxation

 
 
 
 

19. The innovation theory of trade cycles was presented by

 
 
 
 

20. The shape of average cost curve in short run is

 
 
 
 

21. Phases of trade cycle are

 
 
 
 

22. The unitary method of elasticity of demand was presented by

 
 
 
 

23. When a firm’s average total cost is equal to price, then it is called as

 
 
 
 

24. If face value is equal to the metal value of a coin, it is called as

 
 
 
 

25. Who wrote the book named Principles of Economics

 
 
 
 

26. Supply of good depends upon

 
 
 
 

27. When there is deflation then price

 
 
 
 

28. Another name of unitary method is

 
 
 
 

29. Demand pull inflation is caused by

 
 
 
 

30. At equilibrium price, demand and supply are

 
 
 
 

31. Who wrote the “Wealth of Nation”?

 
 
 
 

32. Another name of unitary method is

 
 
 
 

33. On agriculture applies immediately

 
 
 
 

34. The power of a good or service to satisfy human want is called as

 
 
 
 

35. Firm earns abnormal profit when

 
 
 
 

36. Zakat means

 
 
 
 

37. The supply of land is

 
 
 
 

38. When demand changes due to other factors except price, then it is called as

 
 
 
 

39. Economic laws are

 
 
 
 

40. If rate of tax increase as income increases, is called as

 
 
 
 

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2 comments

  1. My answers are not submitting

  2. thanks 4 the help

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