Question # 1

A tariff can ___________ raise a country's welfare

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Never

Sometimes

always

None of the above

Relation between two numbers or variables are called.

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Function

Binary relation

Inverse relation

None of the above

Comparing a monopoly and a competitive firm the monopolist will.

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Produce less at a lower price

Produce more at a lower price

Produce less at a higher price

Produce less at a lower price

Why do people keep currency in their pockets when bank deposits pay interest.

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Because banks might steal your money

Because currency is more liquid

Because bank deposits lose value due to inflation

Because bank deposits lose value due to exchange in interest rates.

Green revolution was in the following sector

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Agricultural sector

Import sector

Services sector

Industrial sector

The most important source of wage differentiate are.

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Reginal variation

Unionization

Relative danger

Skills

Find the revenue the government collects as a result of the tax

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Rs.10 million

Rs.40 million

Rs.16 million

Rs.30 million

Finance minister tax a commodity

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having elastic demand

ignore elasticity

Having unti elastic demand

Having unit elastic demand

Micro economics is the study of.

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Economy on the whole

Large units of the economy

Individual units of the economy

General economics

Economics is the study of.

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All business, including how they operate why the exist and how they afect

Decisions that people must make because goods and services are limited.

How to save money, spend money invest savings, and balance a checkbook

The stock market the bond market and investment strategies

Big business and its impact on our live

If a long average cost rises, output rises from left to right this is an example of.

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Increasing returns to scale

Decreasing returns to scale.

Constant returns to scale

the minimum efficient scale

The government budget surplus equals

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Government purchases plus transfers

Net government receipts minus government purchases

Government purchases minus net receipts

Government purchases minus transfers.

The appropriate expenditure switching policy to correct a balance of payment surplus is.

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Currency revaluation

Currency devaluation

Expansionary monetary policy

Contractionary fiscal policy

Interview guide leaves as a suggestive reference or prompter during.

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Interview

Field note

Diary

Interview schedule

International difference in opportunity costs lead to countries acquiring.

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Comparative advantage

High exchange rates

Trade exchange rates

Trade barriers

All of the following are type of monetary policy except

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A nominal money stock target

A balances budget

An inflation target

The pursuit of a target real interest rate

In the short run firm in perfect competition will still produce provided.

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The price covers average variable cost

The price covers variable cost

The price covers average fixed cost

The price covers fixed cost

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

The Laffer curve depicts

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A trade off between tax rates and government receipts

Price levels and real income

government deficits and unemployment

Tax rates and infixation

Which of the following would qualify as an aggregate supply shock.

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An unexpected increase in oil prices

Seasonally expected increase in oil prices

An unexpected reduction in consumer confidence

an anticipated tax cut

In Production of goods and services tradeoffs exist becasue.

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Buyers and sellers often negotiate prices

Society has only a limited amount of productive resources

Not all production is efficient

Human wants and needs are limited at a particular point in time

A disadvantage of chain weighting is that

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Past inflation rates change whenever the base year changes.

Past growth rates of real GDP change whenever the base year changes.

It causes output growth to slow

The components of real GDP don't sum to real GDP

In the short run, the supply of farm commodities is.

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Inelastic

Less elastic

More elastic

Undetermined

Over time the price of primary products tends to fall because.

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Demand is income elastic

Supply is income elastic

Of outward shifts in supply

Demand is price elastic

Pakistan's fiscal year starts from

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1st September

1st January

1st April

1st July

Economic theory assumes that people

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Act in greedy and selfish ways, without regard for the welfare of others.

Act without regard for their own interests.

Are not motivated by self interest

Are motivated by self interest but still might be concerned for the welfare of others.

The human centered ethics puts value up on

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Human only

Animals only

Species as a whole

Single individual

What is the share of rural population in the total population of Pakistan.

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61.8 %

67.5%

59.6%

74.8%

in monopolistic competition the firms desire to sell more output at the equilibrium because.

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Price is more than marginal cost

Price is less than marginal cost

Price is less than average cost

Price more than average cost

The term that has no ecological perspective is.

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Growth orientation

Web of life

Relationships

Future generation

Which exchange rate mechanism calls for frequent redefining of the par value by small amounts to remove payments disequilibrium.

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Dual exchange rates

Adjustable pegged exchange rates

Managed floating exchange rates

Crawling pegged exchange rates.

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