Question # 1

The two main characteristics of the production function are.

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It slopes downward from left to right and the slope become flatter as teh input increases

It slopes upward from left to the right the slope becomes steeper as the input increase

It slopes upward from left to right unput increases

It slopes downward from left to right and the slope becomes steeper ath the input increase

The resources in an economy are

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Constantly increasing

Fixed at any moment

Constant decreasing

Able to be transferred easily between industries

Which of the following is a patriarchal value.

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Sympthy

Domination

Cooperation

Love

Price equal to.

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Total revenue -quantity

Total revenue/quantity sold

total quantity sold * quantity sold

Total revenue/total cost

Average fixed cost

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Is U shaped

Declines over the entire output range.

Is a long run concept only

Is influenced by diminishing returns to production

A market demand curve can be derived by adding all the individual demand curves

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Vertically

Horizontally

In parallel

Any of the above as long as it is consistent

Non proportional random sampling is a sub type of.

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Unrestricted random sampling

Simple Random sampling

Stratified Random sampling

Cluster Random sampling

Why might a country resist globalization.

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Greater choice of final products

Greater choice of supplies

Greater competition for domestic firms

More markets to sell to

The prisoners Dilemma Game demonstrates that.

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Players are better off to act independently

Monopoly is better than competition

People will always cheat

Players are better off if they con operate

The theory of ___________ suggests that government can assist domestic companies in capturing economic profits from foreign competitors

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International dumping

Countervailing duties

Strategic trade policy

Export promotion policy

When the population is badly affected, which type of sampling is appropriate.

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Systematic sampling

Stratified sampling

Cluster sampling

None of the above

Inflation.

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Reduces the cost of living

Reduces the standard of living

Reduce the price of products

Reduces the purchasing power of a price

Islamic economics is a social science which studies the economics of people living within the frame work of.

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Islam

Nationalism

Arab nationalism

All of these

The central metaphor of deep ecology is.

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Network

Hierarchy

Patriarchy

Domination

The agricultural price support program is an example of.

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A price celling

A price floor

Equilibrium pricing

None of these

Supply side policies are most appropriate to cure.

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Involuntary unemployment

Cyclical unemployment

Voluntary unemployment

A fall in aggregate demand

Fiscal policy refers to.

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The actions of the central bank in controlling the money supply

The government's altitude to taxation

The spending and taxing policies used by the government to influence the economy

The governments regulation of financial intermediaries.

Identification with nature is the grounding

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Bio centrism

_{Deep ecology}

Anthropocentrism

Holism

When a market is contestable , incumbent firms must.________ to avoid the entry of new competitors.

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Behave like competitive firms

Agree to act together

Differentiate their products

Practice price discrimination

If employees cannot accept a job because of the costs of moving this is known as.

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Occupational immobility

Cyclical unemployment

Structural immobility

Geographical immobility

The oldest basis of existence all over the world was.

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Fishing

Farming

Both a and b

None of these

Negative taxation refers to.

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Tax rebate

Subsidies

Tax evasion

Tax avoidance

Consider the five panels of the figure on the previous page in which panel would fiscal policy be the strongest.

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Panel b

Panel c

Panel a

Panel d

A tariff -rate quota

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Is a limit on the number of tariff that a country can place on imports

Uses a single tariff along with import quotas to restrict imports

Is decreased to avoid the price increase caused by simple tariffs

Is a two tier tariff system intended to restrict imports

The main source of interest profits for banks is.

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Checking account fees

Loans

Government securities

Savigng accounts

The single European Act committed_ governments to a ___ in 1992

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European union, single market

Western European, single currency area

European union, single currency area

Western European, single market

If marginal cost is positive and falling.

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Total cost is falling

Total cost is increasing at a falling rate

Total cost is falling at a falling rate

Total cost is increasing at an increasing rate.

In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.

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the average cost of labour

The marginal product

The marginal revenue

The total cost of labour

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 earliest statement of the principle of comparative advantage is associated with.

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Adam Smith

David Ricardo

Eli Heckshcer

Berti Ohlin

The risk free rate of interest would not be affected by.

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Changes in real output

Change in the money supply

Term to maturity

None of the above

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