Question # 1

In the UK in recent years, union membership has ______ and days of work lost because of strikes has.

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Grown, declined

declined, declined

declined, grown

grown , grown

If the expected inflation rate is unchanged a fall in the natural rate of unemployment would.

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shift the Phillips curve to the right

Not Shift the phillips curve

Shift the Phillips curve to the left

shift the Phillips curve to the left shift the long -run Philips curve to the right

If the columns of a given matrix A and B are changed into rows and vice versa, the matrix thus obtained is called the.

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Symmetric matrix

Transpose of a matrix

Singular matrix

Rank of matrix

International specialization takes place because of.

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Differences in technology

Differences in factor endowments

Scale economies

All of the above

The demand for labor slopes down and to the right because of.

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The law of demand

The iron law of wages

The law of diminishing marginal returns

Economies of scale

Scarcity means that

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We cannot have everything that we might want

We have to make choices between the things we desire.

There are costs to just about any activity we undertake

We must give up some thing in order to obtain other things.

All of the above are correct

In a recession

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Unemployment is likely to be low

prices are likely to increase

Growth is negative

Growth is slow

In 1992 foreign currency accounts were frozen due to economic sanctions imposed due to.

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a civil war

Law and order situation

Nuclear test

Social problems

The equation for the IS curve is.

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Y = 55 - 50 i

Y = 175 - 75 i

Y = 300 - 100 i

Y = 275 - 25 i

Cardinal approach theory was presented by

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Marshall

Adam smith

Robbins

Hicks

In Nash equilibrium each player chooses the best strategy.

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Assuming other players move first.

Dominated by the other players

Given the strategies of other players

That is a credible threat

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.

The current chairperson of the planning commission of Pakistan.

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Nadeem ul Haque

Mehmood ul Haq

Abdul Hafeez sheikh

None of the above

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

If tastes are identical between countries than comparative advantage is determined by

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Supply conditions only

Demand conditions only

Supply and demand conditions

Can't tell without more information.

The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve.

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At their lowest points

When they are declining

When they are increasing.

When marginal revenue is zero

At any given level of the interest rate expectations are likely to be___________ optimistic and planned investment is likely to be ______ when _________ is growing rapidly than when it is growing slowly or falling.

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Less ; higher ; output.

more ; higher ; output

less ; lower ; unplanned investment

more ; lower ; unplanned investment

An increase in aggregate demand is more likely to lead to demand pull inflation if.

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Aggregate supply is perfectly elastic

Aggregate supply is perfectly inelastic

Aggregate supply is unit elastic

Aggregate supply is relatively elastic

To maximize revenue, an excise tax should be imposed on a product

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That has a highly elastic demand curve

Such as St. Joseph's children's' aspirin.

Such as salt

such as Toyota automobiles

Economics is the science of Wealth who gave this definition.

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J-x Mehta

Marshall

Adam Smith

Robbins

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

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Employed

Unemployed

Not in the labor force

None of these

Interview guide leaves as a suggestive reference or prompter during.

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Interview

Field note

Diary

Interview schedule

International trade in goods and services tends to

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Increase all domestic costs and prices

Keep all domestic costs and prices at the same level

Lessen the amount of competition facing home manufactures.

Increase the amount of competition facing home manufacturers

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

a possible use in encomia's for the circle or the ellipse is to model.

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Production possibility curve

Demand cuve

Isocost liine

Supply curve

A negatively sloped isoquant implies

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Products with negative marginal utilities

Products with positive marginal utilities

Inputs with negative marginal products

Inputs with positive marginal products

If the marginal revenue is less than the marginal cost then to profit maximize a firm should.

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Reduce output

Increase output

Leave output where it is.

Increase costs

Which of the following changes shifts the long run aggregate supply curve to the right.

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A demographic change that increases the labor supply

A decrease in the demand for labor

An increase in consumer confidence

A decrease in taxes

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 current account includes

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The value of trade in merchandise

Services

Unilateral transfers

All of the above

The price elasticity of demand measures

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The responsiveness of quantity demanded to a change in prie.

How far a demand curve shifts

A change in price

A change in quantity demanded

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