MCQs Economics – 2

1. When does national income increases

2. Consumer goods are those goods that are used by a man

3. Which economist presented the Cardinal Theory of Utility

4. What is deducted from GNP finds GDP?

5. The elasticity of demand for durable goods is

6. What remains after the deduction of direct taxes form the personal income

7. What was the difficult of the “barter system”?

8. When the price falls, supply will be

9. Canons of taxation describe

10. The quality of a good which satisfies a human want is called as

11. Who is the writer of “The Wealth of Nations”?

12. Who wrote “The Nature and Significance of Economics”?

13. According to the law of diminishing marginal utility, the marginal utility

14. The slope of a demand curve is

15. When the price of a product falls, supply will be

16. International trade has the benefits

17. Inflation on prices

18. Who criticized Prof. Robbin’s definition?

19. Phases of the trade cycle are

20. The unity method of elasticity of demand was presented by