Question # 1

in the keynesian model in the short run the amount of employment is determined by the effective labor demand curve and the level of.

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Prices

Output

The real interest rate

The supply of labor

In the long term a firm will produce provident the revenue covers.

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Fixed costs

Variable cost

Total costs

Revenue

Which financial instruments provide a buyer the right to purchase or sell a fixed amount of currency at a prearranged price within a few days to a coupled of years.

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Letter of credit

Foreign currency option

Cable transfer

Bill of exchange

The national security argument for protection is more likely to be valid when

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The purpose is to maintain protection for an indefinite time period.

The industry is characterized by increasing returns to scale.

the economy operates during a recession

The protected industry provides invaluable goods during periods of war

The price mechanism cannot.

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Act as a signal

Act as an incentive

Act as a rationing device

Shift the demand curve

The goal of a pure market economy is to best meet the desires of

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Consumers

Companies

Workers

The government

Through the world government tend o auction quota license to their highest bidder.

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Always

Often

Seldom

Never

State Bank of Pakistan was established in

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July 1st 1948

July 1st 1952

July 1st 1953

July 1st 1947

Country A 's GNP is increasing by 3% a year in contrast to its population growth of 2.4% The rate of growth of per capita GNP is.

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3%

0.85

0.6%

2.4%

A set totality of elements from all possible sets is called.

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Union set

Intersection set

Universal set

Unit set

In the mid 1960's agricultural scientists developed high yielding varieties of.

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Rice and Wheat

Rice and Cotton

Coffee, rubber

None of these

A Six year development plan was prepared on the recommendation of Colombo consultation Committee from _____ to.

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1951 -57

1952-58

1953-59

None of the above

Which theory is generally included under micro economics.

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Price theory

Income theory

Employment theory

None of the above

That the division of labor is limited by the size of the market best applies to which explanation of trade.

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Factor endowment theory

Product life cycle theory

Economies of scale theory

Overlapping demand theory

A demand curve that is an equilateral hyperbola is.

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Perfectly elastic

Relatively elastic

Unit elastic

Relatively inelastic

A firm's long run average total cost lineis

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Identical to its long run marginal cost line

Also its long run supply curve

In fact the average total cost curve of the optimal plant

Tangent to all the curve of short run average total cost

Which of the following IS a function of money.

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Medium of exchange

Store of value

Unit of accounting

All of the above

Trade based on comparative advantage assures that.

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Only the strongest suvrive

Some people are rich and others are poor

Each item is produced using the least amount of time needed to produce it

Each item is produced at as low a cost possible in terms of other things given up

A depreciation of the dollar willhave its most pronounced impact on imports if the demand for imports is.

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Constant

Inelastic

Elastic

Unitary elastic

To reduce the supply of money the government could.

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Reduce interest rates

Buy back government bonds

Sell government bonds

Encourage banks to lend

A competitive firms demand curve is.

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Horizontal

Vertical

Down ward sloping

Fairly elastic

When a nations money supply is Rs.1200 billion and the nominal Gros National product is Rs.4800 billion the velocity of money is.

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0.25

4

0.4

Rs.4 billion

Similar to import tariffs, import quotas tend to result in.

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Higher prices and reduced imports

Increasesed government revenue

Increased consumer surplus

Decrease producer surplus

The movement to free international trade is most likely to generate short term unemployment in which industries'.

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Industries in which there are neither imports nor exports

Import competing industries.

Industries that sell to domestic and foreign buyers

Industries that sell to only foreign buyers

In perfect competition the transpiration cost

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Excluded from the total cost

Is important figure in total cost

Is ignored

All of these

Net National product equals.

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Gross national product minus indirect business taxes

Gross national product minus depreciation

National income minus indirect business taxes

National income pluses depreciation

The economies of the developing nations are monitored by.

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ILO

WTO

IMF

UNICEF

An IOU of the Federal Reserve Bank of Scan Francisco to Bank of America is called.

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Discourse

Federal funds

Reserves

Collateral

Major sector of the Pakistan economy in

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Export sector

Industrial sector

Services sector

Agriculture sector

according to factor price equalization theorem, if country A is labor abundant then once trade opens.

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Wages and rents should fall in A

Wages and rents should rise in A

Wages should rise and rents should fall in A

Wages should fall and rents should rise in A

In singular sense 'Statistics' is considered as.

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Statistical data

Statistical methods

Both a a and b

None of these

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