Question # 1

In pure monopoly what is the relation between the price and teh marginal revenue.

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The price is greater than the marginal revenue

The price is les than the marginal revenue

There is no relation

They are equal

Which policy is an expenditure switching policy.

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Increase in the money supply

Decrease in government expensitures

Increase in business and household taxes

Decrease in import tariffs

In perfect competition there is.

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Many buyers

Many sellers

Homogeneous product

All of these

Which one of the following would cause demand pull inflation.

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Increases iin production costs

Wage gains in proportion productivity gains

An increase in aggregate demand with shortages of sup ply

Monoposonistic labor markets

change in quantity demanded

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Downward shift of demand curve

Movement on the same demand curve

Downward shift

None of these

Suppose that the domestic government allows a specific number of goods to be imported each year but it does not spicily from where the product is shipped or who is permitted to import such a trade barrier is known as

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an import tariff

A tariff rate quota

A selective quota

A global quota

The view which allows only use value ot nature is known as.

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Deep ecology

Shallow ecology

Life ecology

None of these

Economics assumes that people consume goods and services to achieve.

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Status

Prestige

Utility

Self esteem

Anthropocentrism gives intrinsic value to

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Nature

Human beings

Both a and b

None of these

One of the following is the renowned book of Imam Abu Yousaf

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Kitab ul khiraj

Kitab ul Anwal

Kitab ul Aloom

All of the sese

When IMF was established.

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1944

1945

1946

1947

A current account deficit means that a country may.

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Reduce its stock of foreign assets

Increases its stock of foreign assets

Increases its savings

Increases its foreign currency reserves.

Which of the following causes M1 demand to decrease.

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A fall in the tax rate

An increase in income

A fall in the interest rate

An increase in the use of credit cards

The aggregate demand curve

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Is vertical

Slopes upward

Is horizontal

Slopes downward

If the price of automobiles were to increase substantially the demand curve for gasoline would most likely

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Shift leftward

Shift right ward

Become flatter

Become steeper

In 1960s following policy was adopted regarding development

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Port substitution

Agriculture development

Export promotion

All of these

When we know the quantity of a product that buyers wish to purchases at each possible price we know.

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Demand

Supply

excess demand

Excess supply

Specific tariffs are collected as

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Fixed amount of money per unit traded

a percentage of the price of the product

A percentage of the quantity of imports

All of the above

A nation experience external balance if it achieves.

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No net changes in its international gold stocks

Productivity levels equal to those of its trading partners

An increases in its money supply equal to increases overseas

Equilibrium in its balance of payments

Which of the following changes shifts the AD curve up and to the right.

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A rise in the nominal money supply

An increase in income taxes

An increase in the risk on nonmonetary assets

A decreasing the future marginal productivity of capital.

Classical economics believe that in the short run.

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Money neutrality exists and prices adjust rapidly

Money neutrality does not exist and prices adjust rapidly

Money neutrality exists and prices do not adjust rapidly.

Which of the following explains why demand curves slope downward.

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Prices and income

substitutes and complements

Resources and technology

Substitution effect and income effect

A model in which individual producers act as price setters because there are only a few sellers and the product they sell is not standardized, is called.

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Imperfect competition

Perfect competition

Monopoly

Monopsony

Which stage guides from the planning stage to the stag of drawing of final conclusions.

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Numerical facts

Statistical methods

Data

None of the above

Anti dumping duties applied to imported goods.

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Are abolished by the world Trade Organization

Result in decreases in consumer surplus for domestic households

Are imposed by industrial countries but not developing countries.

Result in lower priced goods for domestic consumers

An increase in the rate of inflation which is not accompanied by any change in the volume of consumer goods sold will automatically increase the.

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Revenue from value added tax

Level of company profits

Level of unemployment

Average level of wages

Indifference curves shows various combinations of.

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One commodity

Two

Three

All of these

Which provide a shorthand summary of data.

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Frequency table

Simple table

Cross table

Two way table

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

In economics, the term 'scarcity' refers to the fact that

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Everything worthwhile costs money

No society is able to produce enough to fully satisfy the desires of people for goods.

Even in wealthy societies, like the united states, some people are poor

sometimes shortages of product result if its price is set too low.

In any urban are there are people who have had healed wounds

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

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