Terminology Online Test With Answers

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Terminology Online Test

Sr. # Questions Answers Choice
1 If the minimum wage is set above the equilibrium wage rate then other things unchanged:
There will be equilibrium&nbsp; in the labour market<br> There will excess demand in the labour<br> There will be excess supply in the labour market<br> More people will be employed<br>
2 If employes cannot accept a job because of the cost o moving this is known as:
 occupational immobility <br> Cyclical unemployment<br> Structural immobility <br> Geographical immobility <br>
3 If the price in a market is fixed by the government below equilibrium:
 There is excess equilibrium <br> There is excess supply<br> There is excess demand <br> There is equilibrium <br>
4 If an economy is productively efficient:
 Everyone is wealthy <br> Resource are unemployed <br> More of one product can only be produced if less of another product is produced <br> The distribution of income is equal <br>
5 The public sector includes:
 Investors owing companies <br> Government ownerships of assets <br> Market forces of supply of and demand <br> All trade via barter <br>
6 A system in which private citizens own the factors of production:
 Traditionalism <br> Communism <br> Capitalism <br> Profit <br>
7 Menu costs in relation to inflation refer to:
 Costs of finding better raters of return <br> Cost of altering price lists <br> Costs of money increasing its value <br> Costs of revaluing the currency <br>
8 The effects of inflation on the price competitiveness of a country products may be offers by:
 An appreciation of the currency <br> A revaluation of the currency <br> A depreciation of the currency <br> Lower&nbsp; inflation abroad <br>
9 Uruguay Round of multilateral trade negotiations:
 Started in 1986 and completed at the end of 1993<br> Replaced the GATT with WTO <br> Brought services and agriculture into WTO <br> all of the above <br>
10 Pass through effect in international trade theory refers to:
 The proportion of an exchange rate change that is reflected in export and import price change<br> Exports and imports not facing any tariff barrier <br> Exports and imports not facing any technical barrier <br> All of the above <br>
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