Question # 1

Those who argue in favor of import protection generally give the impression that such restricted trade will

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Decrease the level of national security

Provide benefits to some particular industry

Provides benefits to the entire nation

Not yield welfare losses for the nation

If marginal revenue equals marginal cost

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No profit is being made

total revenue equals total cost

Profits are maximized

Producing another unit would increase profits

Unknown values in an equation are called.

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Constants

Numeraire

Variables

All of the above

To move from point E to point E1 is consistent with.

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Expectations of a constant price level

Adaptive expectations that have no adjustment for the period immediately following a change in the actual price

Rational expectations and NCM

A and B

The effects of inflation on the price competitiveness of a country's products may be offset by

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An appreciation of the currency

A revaluation of the currency

A depreciation of the currency

Lower inflation abroad

Find the change in revenue to the industry due to the taxs.

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Rs. 40 billion

Rs. 34 million

Rs.25 million

Rs.36 Million.

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

Normative economics form ______ based on.

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Positive statements facts

Opinions, personal values

Positive statements values

Opinions facts

Total factor productivity growth is that part of economic growth due to.

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Capital growth plus labor growth

Capital growth less labor growth

Capital growth times labor growth

Neither capital growth nor labor growth

Predicting is the one important role in

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Deduction

Induction

Research

Vertifiablility

If there is a price floor there will be

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Shortages

Surpluses

Equilibrium

None of these

A country transactions with the rest of the world are recorded in the

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Balance of international indebtedness

Balance of financial transactions

Balance of payments

Income statement

A decrease in fully autonomous investment other things equal shifts the ______ curve to the

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IS ; right

IS ; Left

LM ; Left

LM ; right

The productivity curve

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Is given by the labor productively

Shows the change in real GDP per hour of labor as the amount of capital per hour labor changes

Shows the change in technology

Is given by the equation Y = F ( L,K, T)

In Islamic economic system holding is considered against the right of.

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Entrepreneurs

Labour

Consumers

Producers

Qualitative research focuses primarily on the meaning of.

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Subjective attributes of individuals groups

Objective attributes of individuals or groups

Facts of Indi duals or groups

Descriptive attributes of individuals or groups

Consider the five panels of the figure on the previous page in which of the five would monetary policy be the weakest.

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Panel a

Panel d

Panel b

Panel e

In Balance of payments accounting tourism and travel are classified in the

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Merchandise trade account

Services account

Unilateral transfers account

Capital account

The key feature of oligopoly is.

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Excess capacity

High profitability

Product differentiation

Interdependence of firms

Guid up of foreign exchange reserves leads to.

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Decrease in money supply

increase in money supply

contraction in money supply

None of the above

In linear consumption function with a positive slope less that on means that if income increase, consumption will.

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Fall

Not change

Fluctuate

Increase

Game theory

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Firm are assumed to act independently

Firms are assumed to cooperate with each other

Firm collude as part of a cartel

Firms consider the actions of others before deciding what to do.

The quantity of money demanded increases with income Thus if income increases the opportunity cost of holding money demand and re establish equilibrium in the money market This relation is captured by.

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An upward stopping LM curve

A downward sloping L curve

A downward sloping IS curve

The circular flow of money in the economy.

Comparative advantage is determined by

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Actual difference in labor productivity between countries.

Relative difference in labor productivity between countries.

Both a and b

Neither a nor b

Which of the following is not one of the four Ps in marketing.

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Product

Price

Place

Presence

A production possibilities curve indicates that when resources are being used efficiently

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More of one good cna be produced only if less of another good is produced

More of one good can be produced only if its price is lowered

Producing more of one good result in greater production of other goods

More of one good can be product without producing less of other goods

The long run aggregate supply curve.

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Is vertical

Slopes upward

Is horizontal

Slopes downward

The earliest statement of the principle of comparative advantage in associated with

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Adam Smith

David Ricardo

E . Heckscher

Bertil Ohlin

The arrangement where goods imported from trading partners in the developing world are subject to lower tariff rates than goods from other countries is referred to as.

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Normal trade relation status

Most favored nation status

Generalized system of preferences

Equilibrium in the money markets can be expressed by the equation i = 9k/h) Y -M/h. The slope of LM decrease when

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k increases and h increase

k increases and h decrease

k decrease and h increase

k decrease and h decrease

The organization that currently establishes rules of conduct for firms engaging in international trade is the.

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World Bank

International Trade commission

Department of Justice

World Trade Organization

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