Question # 1

Less Developed countries lend to have

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A high average age

A slow population growth rate

High life expectancy

A low literacy rate

A cut in the tax rate designed to reduce the business investment is an example of.

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Expansionary demand side policy

Contractionary demand side policy

Expansionary supply side policy

Contractionary supply side policy

A scarce good.

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Does not exist

Is a good that can only be purchased with money

Is a good that can never be purchased with money

Is a good that is available in limited quantities, but is desired in greater quantities.

In marketing "USP " Stand for

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Unique selling proposition

Underlying sales pitch

Unit sales point

Under sales procedure

Aggregate demand will increase if

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Consumption falls

Investment falls

Exports fall

imports fall

Developing economics usually have

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Low GDP per captia

Low CPI

Large balance of payments surpluses

Large budget surpluses

Demand pull inflation may be caused by

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An increase in costs

A reduction in interest rate

A reduction in government spending

An outward shift in aggregate supply

With a positive externality

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There is under consumption in the free market

There is over consumption in the free market

The government may tax to decrease production

Society could be made off if less was produced

The best describes consumer surplus.

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The price consumers are willing to pay for a unit

The cost of providing a unit.

The profits made by a firm

The difference the price a consumer pays for an item and the price he is willing to pay.

There are three fundamental questions every society must answer Which of the following is one of these questions.

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What goods and services are to be produced.

How are the good and services to be produced.

Who will get the goods and services what are produced.

All of the above

Why does it make sense in assume that people are rational, if you want to predict their behavior.

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People are not guided by emotions when making decisions

People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make

People never make mistakes, and tend to make the correct choices all of the time

People always logically figure out what to do.

The marginal revenue curve in monopoly

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Equals the demand curve

Is a parallel with the demand curve

Lies below and converges with the demand curve

Lies below and diverges from the demeaned curve

Which of the following is not a supply side measure.

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Increased training

Providing more information

Helping individuals to move location to find work

Increasing spending on existing industries.

Profit making is basic motive in.

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Socialism

Mixed economy

Communism

^Capitalism

An increase income will

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Lead to a movement along the demand curve

Shift the supply curve

Shift the demand curve

Lead to an extension of demand

If firms join together to set prices and quantities this is known as what.

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Interaction

Conglomerate

Collusion

Integration

A benefit to consumers of price discrimination is that

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Some products are produced that would not other wise be produced

Producer surplus increases

Consumer surplus decreases

Firms profits increase

Firms in perfect competition face a

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Perfectly elastic demand curve

Perfectly inelastic demand curve

Perfectly elastic supply curve

Perfectly inelastic supply curve

When internal economics of scale occur

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Total costs fall

Marginal costs increase

Average costs fall

Revenue falls

Which of the following is a possible government objective as opposed to a policy.

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Lower interest rates

Lower taxation rates

Lower government spending

Lower inflection

If marginal utility is zero.

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Total utility is zero

An additional unit of consumption will decrease total utility

An additional unit of consumption will increase total utility

Total utility is maximized

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