Question # 1

The ethics, importance is given tobio sphere and the large eco system.

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Life centered animal

Ecological holism

Environmental

animal

An economy that has achieved full production has achieved

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Both allocative and productive efficiency

Allocative but not productive efficiency

Productive but not allocative efficiency

Neither allocative nor productive efficiency

In the efficiency wage model with the efficiency wage above the market clearing wage when employment is at its full employment level.

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Labor supply equals labor demand

There is an excess supply of labor

there is an excess demand for labor

There could be either an excess demand for or an excess supply of labor

For perfect competition ot work there must be

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Many buyers and sellers

A standard product

Free entry and exit

All of the above

change in quantity demanded

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Downward shift of demand curve

Movement on the same demand curve

Downward shift

None of these

A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the.

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Real interest rate

Productivity relation

Production function

Marginal product

Women and non whiles on average receive lower comes than white men because.

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They tend to work in relatively unskilled jobs

Educational disadvantage

Firms are reluctant to invest in training

All of the above

Economists tend to disagree primarily about.

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The implications of scarcity for our economy

Which resources are free

Topics in positive economics

Issues of normative economics

If a small country imposes a tariff on an imported goods terms of trade will

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Improve

worsen

Not change

any of the above

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

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Decreasing returns to scale

Constant returns to scale

Increasing returns to scale

Diseconomies of scale

Intermediate goods are meant for

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Direct use by the consumers

Further processing

The term do not exist

None

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

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Increase in demand

Decrease in demand

Increase in total revenue

Decrease in total revenue

A set containing all the elements of the universal set except those of set A is called.

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Complement of set A

Complement of universal set

Union of A and universals set

Universal set itself

A profit maximizing firm will hire labor until _______ equal the

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Marginal revenue, marginal cost

Long run marginal revenue, long run marginal cost

Labour output ratio, capital output ratio

Marginal cost of labour, marginal revenue product

The fac that the production function relating output to labor becomes flatter as wemove from left to right means that.

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The marginal product of labor is positive

The marginal product of capital is positive

There is diminishing marginal productivity of labor

There is diminishing marginal productivity of capital

Which of the following best describes the selling of a production license to another firm.

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Hands over all rights to its products

Sells its products abroad

Sells the right to produce to another business

Sells the business to another business

The commission's authoritative figures include a Chairman who is the_____ assisted by the deputy chairman and a science advisor.

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Prime Minister

President

Chairman Senate

None of these

A square matrix with 1's in its principal diagonal and zeros every where else is.

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Diagonal matrix

Identity matrix

Leading diagonal

Scalar matrix

Total revenue equals

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Price Plus quantity

Price multiplied by quantity sold

Price divided by the quantity sold

Price minus quantity sold

The equation for the LM curve is.

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Y = 100 -50 i

Y = 50 + 50 i

Y = 50 - 80 i

Y = 80 + 50 i

When referring to economic growth we normally refer to.

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Growth in actual real per capita output

Growth in potential real per capita output

Growth in actual nominal per capita output

Growth in potential real per capita output

A square matrix a such that A2 = a is called.

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Orthogonal matrix

Skew symmetric matrix

Idempotent matrix

Singular matrix

What is the per unit marginal cost of increasing production from 20 to 25 units.

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Rs. 3,500

Rs.100

Rs.4,000

Rs.500

A straight line downward sloping demand curve implies that as price falls the elasticity of demand.

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Increases

Decreases

Remain the same

None of these

The overall Budget Deficit is financed from

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External borrowing

Non bank borrowing domestically

Bank borrowing plus the above two at a and b

None of the above

Poor developing countries typically impose ______ tariffs than rich advanced nations on imports.

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Lower

Higher

About the same height

None of the above

When goods are compliments the cross demand curve

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Upward to the right

Backward to bottom

Inwards to the right

Downwards to right

According to the .A.H Hasen the capitalistic economy is basically characterized with

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Instability

Stability

Inefficiency

Efficiency

Suppose you are a monetarist and believe in the the monetarist rule which the monetary authorities appear to be following if the economy beings to experience a slight increase in the inflation rte you would recommend that the monetary autorities.

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Increase the money growth rate slightly

Decrease the money growth rate slightly

Leave the money supply growth unchanged

Enact a one time slight decrease in the money supply

The marginal Revenue product is.

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Upward sloping due to the law of demand

Upward sloping due to the law of marginal utility

Downward sloping due to the law of diminishing returns.

Downward sloping due to the law of supply

The reason that only final sales are counted in GDP is

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To avoid double counting good that are sold so as to be resold

To not count production in other countries

Because the government can't get records on intermediate sales.

To simplify the computation and no other reason

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