Question # 1

The difference between what consumers have to pay for a particular and what they are willing to pay is known as.

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Consumer surplus

Producer surplus

Dead weight costs

Dead weight surplus

Economics assumes that people consume goods and services to achieve.

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Status

Prestige

Utility

Self esteem

A good that is used as a medium of exchange as well as being a consumption good is called.

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A barter money

A commodity money

A legal tender

A debased money

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

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Adam Smith

David Ricardo

E . Heckscher

Bertil Ohlin

What characteristic does statistics emphasizes, as a Method or as a singular noun.

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Descriptive

Analytical

Inferential

Comparative

During period of inflation

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Those people who have fixed incomes benefit

Every one's real income falls

those people who enter long term wage agreements benefit

Those people whose real income rises faster than the general price level benefit

Academic community is otherwise called.

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General public

Target audience

Participant audience

Scientific community

Which crops are sown in Rabi Seasons.

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Tobacco, rape seed

Wheat, gram

Barely and mustard

All of them

A activates which do not promote human welfare cannot be encouraged.

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Western estate

Police state

Islamic estate

None Islamic estate

The prominent meaning of statistic

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Data , its analysis and interpretation

Observation of samples

Method for analyzing numbers

conducting census

If the price of orange juice rises 10% and as a result the quantity demanded falls by 8% the price elastic of demand for orange juice is.

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-1.25

Inelastic

Both a and b

Neither A nor B above

An expenditure increasing policy would consist of an increase in

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Import tariffs

Import quotas

Governmental taxes

The money supply

Social science Research

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Explain Problem

diagnosis problem

Recommend problems

Formulate probelms

The long run aggregate supply curve.

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Is vertical

Slopes upward

Is horizontal

Slopes downward

The "balance of trade" is a record of.

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Exports and imports of financial assets

The current account plus capital account

The net export of goods and services

The value of merchandise exports minus imports

Firm A's annual profit is.

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Rs.10,000

Rs.20,000

Rs.30,000

Rs.60,000

The main source of interest profits for banks is.

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Checking account fees

Loans

Government securities

Savigng accounts

Most industrial construes generally considered _______ as the most important economic goal

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External balance

Internal balance

Maximum efficiency for business

Maximum efficiency for labor

A tariff can ___________ raise a country's welfare

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Never

Sometimes

always

None of the above

Devaluation leads to.

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Increase in imports

Increase in exports

Decline in imports

None of the above

Other things equal a decrease in autonomous consumption shifts the _____ curve to the

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IS ; RIGHT

IS ; Left

LM ; Left

LF ; Right

To study the variation in the production of rice over a number of years, select from the following, the appropriate sample for drawing results that reflects only small variations.

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Collect data from some states

Collect data from all the states

Collect data from one or two states

Collect data from more than half the number of states.

The exchange rate system that best characterizes the present international monetary arrangement used by industrialized countries is.

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Freely fluctuating exchange rates

Adjustable pegged exchange rates

Managed floating exchange rate.

Pegged or fixed exchange rates

"Transactions" money is money used as a

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Store of value

Unit of account

Medium of exchange

Standard of deferred payment

When the central Bank ________ the money supply the LM curve shifts to the _______ interest rates ____________ and equilibrium aggregate output.

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Increase ; right ; fall; increase

increases ; left ; rise ; decrease

decreases ; left ;rise ; increases

decreases ; left ; fall ; increases

As the MPS increases, the multiplier will

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Increase

Either increase or decrease depending on the size of the change in investment

Remain constant

Decrease

The recording of the data is dome on the basis of the scheme.

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coding

Tabulation

Classification

Analysis

Economics is the science of Wealth who gave this definition.

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J-x Mehta

Marshall

Adam Smith

Robbins

Economic transition involves high inflation because ______ and _____

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High monetary growth, high wages.

High budget deficits, devaluation

High monetary growth, devaluation

Prices surge from an artificially low level to their equilibrium level the inflation tax is required as source of government revenue.

The simplest form of rectangular hyperbola is

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y = 1/x

y = x2

y = x-2

y = x3

Companies in the private sector are owned by

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The government

Shareholders

Employees

The community

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