Question # 1

Macro Economics was introduced by

Alfred Marshall

J.M. Keynes

N.W. Senior

J.B. Clark

If we compare Gross Domestic Product (GDP) with Gross National

1. Product (GNP) then:

GNP = GDP - Net income from abroad

GNP = GDP + Net income from abroad

GNP = NNP - Net income from abroad

GNP = NNP + Net income from abroad

For a firm buying labor competitively, the marginal input cost is equal to the:

Wage

Interest rate

Price of output

Cost of raw materials

Which of the following event will lead towards cost-push inflation and therefore stagflation?

An increase in taxes on individuals

A decrease in real interest rates

A union settlement that increases wage levels

An increase in government purchases

According to law of diminishing marginal utility, the marginal utility:

Increases

Remains constant

Diminshes

Negative

What was the production of rice in million tons in 2005-06?

4.4

5.5

6.6

7.7

NAT II Management Science Economy MCQs With Answers