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Online Tests
Terminology Online Test MCQs With Answers
Question # 1
What is meant by the term meritocracy:
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People achieving via merit
People achieving via accident of birth
People achieving because of who they know
None of these
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Question # 2
Whose opinions have revolutionized the scope of macro economics?
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Adam Smith
J.B Say
J,M Keynes
All of the above
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Question # 3
Economic development is measured on the basis of
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Increase in nominal GNP
Increase in real GNP
Increase in personal incomes
Increase in government revenue
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Question # 4
Where is the headquarters of World Trade Organization?
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New Delhi
New York
Geneva
None of the above
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Question # 5
Adam Smith's The Wealth of nations was published in:
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1772
1773
1774
1776
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Question # 6
If the minimum wage is set above the equilibrium wage rate then other things unchanged:
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There will be equilibrium in the labour market
There will excess demand in the labour
There will be excess supply in the labour market
More people will be employed
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Question # 7
Who became the first president of the European Central Bank?
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Wim Duisenberg
Jean-Claude Trichet
Alexandre Lamfalussy
Philippe Maystadt
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Question # 8
An industry comprised of a very large number of sellers producing a standardized product is known as:
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Monopolistic competition
Oligopoly
Pure monopoly
Pure Competition
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Question # 9
Pure monopoly means:
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Any market in which the demand curve to the firm is down sloping
A standardized product being produced by many firms
A single firm producing a product for which there are no close substitutes
A large number of firms producing a differentiated product
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Question # 10
What is a reflationary policy?
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Increases aggregate supply
Increases aggregate demand
Decreases the price level
Increases full employment
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Question # 11
A governmental agency that has the abbreviation of FDA is what:
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free diet advice
Federal Drug agency
food and drug administration
federal deposit agency
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