Question # 1

The index used most often to measure inflation is the

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Consumer price index

Wholesale price index

Student price index

Producer price index

The form of dumping that represents the greatest potential net welfare loss the for importing nation is.

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Predatory dumping

Sporadic dumping

Persistent dumping

Year end dumping

The opportunity cost of holding currency decrease when

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Income decreases

The interest rate on bonds decreases

The interest rate on money decrease wealth decrease

Wealth decreases

The main role of the Federal Reserve is to

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Administer the government on the state of the economy

Overses the operations of the financial system and monetary management.

Establish the value of the dollar and official interest rates

Provide advice to the government on the state of the economy.

What does Social Researchers seek out of vast and confusing variety of individual characters.

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Generalizations

Decisions

Single events

group characteristics

As a plural noun, who defined statistics very adequately and realistically

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Webster

Bowley

A.M. Tuttle

Prof. H. secrist

To basic objective of sampling study is.

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To draw inference

To check units of population

To collect numerical data

To make census

Under a fixed exchange rate system an expansionary fiscal policy leads to a

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Trade account deficit and a capital account surplus.

Trade account deficit and a capital account deficit

Trade account surplus and a capital account surplus

Trade account surplus and a capital accoundt deficit

The ____ lag for fiscal policy is generally _____ than it is for monetary policy.

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Recognition ; shorter

Recognition ; longer

Implementation ; shorter

Implementation ; longer

When the period of Rabi crops starts and when it end.

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October - May

January - October

May- October

June - September

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

All of the following are obstacles to international economic policy coordination except.

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Different national objectives are institutions

Different national political climates

Different phases in the business cycle

Different national currencies.

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

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1.14

1.65

1.37

1.47

When capital mobility is perfect, interest rate differentials will tend to be offset by

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Price differences.

Balance of payments differences.

Current account differences.

Expected exchange rate changes

If marginal utility is zero.

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Total utility is zero

An additional unit of consumption will decrease total utility

An additional unit of consumption will increase total utility

Total utility is maximized

Export led growth strategies tend to emphasize.

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Resource allocation based on the principle of absolute advantage.

Resource allocation based on the principle of comparative advantage.

Trade protection for exporting competing firms

Trade protection for import competing firms

The agricultural price support program is an example of.

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A price celling

A price floor

Equilibrium pricing

None of these

A tax of 18 cents per unit of imported cheese would be an example of a.

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Compound tariff

Effective tariff

Ad valorem tariff

Specific tariff

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

The largest source of tax revenue for the federal government is

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The prerenal income tax

The social security tax

the property tax

The sales tax

"Treating an individual as typical a group" is the definition of.

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Pure dissemination

Statistical discrimination

Human capital

Specific skills

In an industry with a falling long term supply curve, which of the following is true.

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Industry unit cost are constant

Industry unit costs are decreasing

Industry unit costs are increasing

Industry unit costs cannot be determined

In the ISLM frame work an expansionary fiscal policy causes aggregate output to _________ and the interest rate to.

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increases ; increase

increases ; decrease

decreases ; decreases

decreases ; increses

The short run supply curve for a competitive industry is derived by.

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Horizontally summing the marginal cost curves for each firm in the industry

Horizontally summing the average variable cost curves for each firming the industry

Vertically summing the marginal cost curves for each firm in the industry

None of the above

Estimation is the process of.

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Formulating some hypothesis about the population

Inferring statistic from parameter

Testing some hypothesis about eh population

Inferring parameter from statistic

The effect of the most favored nation clause is to

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Eliminate at tariffs between countries.

Increase all tariff rates between countries

Maintain a nondiscriminatory structure of tariffs

Marlein a discriminatory structure of tariffs.

If there is a price celling, there will be.

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Shortages

surpluses

Equilibrium

None of these

The monopolization of the competitive market results in a deadweight loss to society of

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RSJK

JKL

THJ

RSJL

Increase un employment benefits and less incentive to work would.

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Shift aggregate supply to the right

Shift aggregate supply to the left

Shift aggregate demand to the right

Shift aggregate demand to the left

If investors expectations concerning the future are positive and thus increase investment at every interest rate the.

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IS curve would shift up

IS curve would shift down

LM curve would shift down

IS and LM curves will not shift

Profit making is basic motive in.

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Socialism

Mixed economy

Communism

^Capitalism

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