Question # 1

Between 1982 and 1985 prices increased by

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11.4%

25.2%

14.5%

3.6%

The developing countries need to have a big push or big comprehensive package for economic development is the view of.

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Nurkse

M.P Todaro

Rosenstein Rodan

Leibenstein

A set of systematically related propositions specifying causal relationships among variables.

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Research

Concept

Theory

Hypothesis

Art gallery argument give emphasis to aesthetic aspect of.

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Diversity

Nature

Life

None of these

For a Muslim living within the code of Islam primary source for the the solution of economic problems is.

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the Holy Quran

Sunnah

Both a and b

None of these

Fiscal policy output to change demand for output is.

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Completely effective in region KL

Partially effective in region JK

Elasticity is infinite for region LT

Completely ineffective in region LT

Firm in oligopoly are likely to.

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Invest heavily in branding

Act independently of other firms

Try to differentiate its products

Try to be a price maker

A normal good can be defined as one which consumers purchase more of as.

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Price fall

Price rise

Income fall

Incomes increase

An oligopolistic industry can be characterized by all of the following except

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May sellers

mutual interdependence

Economies of scale

A homogenous product

A firm that breaks even after all economic costs are paid is earning.

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Economic profit

Accounting profit

Normal profit

Supernormal profit

In economics we ofthe say that a particular event will occur "as long as other things stay the same. " The conduction that other thing saty the same is also called.

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Ceteris paribus

Marginal decision making

Incentives

Secondary effects

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 mar mist theory of dialectical materialism theoretically follows a sequence

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synthesis thesis antithesis

Antihesis synthesis thesis

thesis antithesis synthesis

synthesis antithesis thesis

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

Which of the following is a characteristic of monopolistic competition.

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One seller serving the entire market

When each firm sells an identical product

When firms do not compete on a product quality price and marketing

When firms are free is enter and exit the market

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

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Income effect means people buy less pizza

Substitution effect means people buy more pizza

Quantity demanded of pizza will not change

None of the above

Open market operations occur when the government.

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Reduces the interest rate

Buys and sells bonds and securities

Increases taxation

Increases the exchange rate

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

Current account deficits are offset by

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Merchandise trade deficits

Merchandise trade surpluses

Capital /financial account surpluses

Capital /financial account deficits

Depreciation is.

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A decrease in the stock of capital

Gross investment

Net investment

An increases in the stock of capital

A diagonal matrix whose diagonal elements are equal is called.

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Unit matrix

Singular matrix

Scalar matrix

Non singular matrix

A profit maximizing firm will hire labor until _______ equal the

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Marginal revenue, marginal cost

Long run marginal revenue, long run marginal cost

Labour output ratio, capital output ratio

Marginal cost of labour, marginal revenue product

A tax of 17 percent per imported item would be an example of a

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Ad valorem tariff

Specific tariff

effective tariff

Compound tariff

In the efficiency wage model if the real wage is higher than the market clearing wage so that there in an excess supply of labor.

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Firms will hire new workers at lower wages

Firms will replace high paid workers with low paid formerly unemployed workers

Employers will not hire workers who are willing to work for a lower wage.

Firms will demand a higher level of effort from existing employees

When plotted with the aggregate price level on the vertical axis and output on the horizontal axis which of the following curves is vertical.

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SRAS

AD

LRAS

None of the above

If a price increase of good A increases the quantity demanded of good B, then good B is a.

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substitute good

Complementary good

Bargain

Interior good

The free market involves

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The free provision of products

The subsidizing of products by the government

Market forces of supply and demand

All trade via barter

Which of the following statements abut the relationship between marginal cost and average cost is correct.

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When MC is falling AC is falling

AC equals MC and MC'S lowest point

When MC exceeds Ac, Ac must be rising

When Ac exceed MC, MC must be rising

Which device is good to measure variation in open end distribution.

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Quartile deviation

Range

Mean deviation

Variance

Knowledge of the money supply can lead to good predications of nominal GDP only

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If the price level is stable

If the money supply is stable

Over very short periods of time

If the determinants of velocity are known

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

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.6

.8

.4

.2

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