Question # 1

Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreasing marginal product of the factor this is an example of.

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Decreasing returns to scale

The law of diminishing returns

Constant returns to scale

an inefficient production technique

As the required reserve ratio is decreased the money multiplier.

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Could either increase or decrease

Remains the same as long as banks hold no excess reserves

Increase

Decreases

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

It is quantity that expresses a quantity in numbers to allow in numbers to allow more praise measurement.

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Variable

Concept

Attribute

Definition

Which of the following procedures is included in the process that produces a value for disposable personal income

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subtracting excies and sales taxes

Subtracting nonbusiness interest

Subtracting transfer payment from government.

subtracting income taxes

When an economy first begins to frow more slowly.

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GDP increase

Inflation is likely to increase

Stock levels are likely to increse

Investment in equipment is likely to increase

Information that is represented usually as words, not numbers.

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Qualitative data

Quantitative data

Primary data

Scientific data

Who among the following was the leader of Monetarism

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Keynes

Milton friedman

A.W.Philip

Mankiv

An increase in price causes an increase in total revenue when.

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Demand is elastic

Demand is inelastic

Demand is unit elastic

All of the above are possible

in The Liquidity trap region

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Fiscal policy is not effective

Monetary policy is completely ineffective

Monetary policy is completely effective

Fiscal policy and monetary policy are equally effective

An increase in the quantity of money supplied shifts the money supply curve to the_______ and the equilibrium interest rate

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right ; falls

right ; rises

left ; falls

left ; rises

Since 1960, the rate of economic growth in the country has been

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On the decline continuously

Increasing continuously

Increasing occasionally

Static in real terms

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

When unintended investment is positive

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Output tends to rise

Output tends to fall

Output is in equilibrium

None of these

M4 is a _________ measures of money and includes deposits at both _____________ and

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Narrow, banks, building societies

Wide, banks, insurance companies

narrow, banks, insurance companies

Wide, banks, building societies.

Ordered Pairs of two sets are called.

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Elements

Function

Cartesian product

None of the above

Objectivity means basing conclusion on facts wit out any

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Bias and value prediction

Bias and value judgment

Verifiability and value judgment

Prediction

Government policies that focus on increasing production rather than demand are called.

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Fiscal policies

Monetary policies

Incomes policies

Supply side policies

Which among the following is not a merit of the census method.

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Results are representative

Information on rare events

Result are reliable

In appropriate method for enumeration

Anthropocentrism gives intrinsic value to

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Nature

Human beings

Both a and b

None of these

The nominal interest rate minus the inflation rate is the

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Depreciation rate

Discount rate

Forward rate

Real interest rate

In the Harrod - Domar equation g = s/v , v is defined as.

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the value of the country a capital stock

The ratio of the country's capital stock to its output.

The change in the country's capital stock

None of the above

Which of the following is true.

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If the marginal cost is greater than the average cost the average cost fallls.

If the marginal cost is greater than the average cost the average cost increases.

If the marginal cost is positive total costs are maximized

If the marginal cost is negatives total costs increase at a decreasing rate if output increases

Which of the following persons would be considered unemployed.

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a house wife

A person who worked more than 20 hours in a family owned business

A 15 years old looking for summer employment

A recent college graduate looking for her fist job

The total multiplier for the economy will reflect.

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MPC and MPT

MPT and MPZ

MPC and MPZ

MPC, MPT and MPZ

A monopolist who is charging high price operates on.

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inelastic part of demand curve

Elastic demand of part curve

Ignore elasticity

More elastic demand of part curve

A positive definite Hessian fulfills the second order conditions for

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Maximum

Minimum

Both maximum and minimum

Mini max

Which of the following factors will cause the demand curve for labor to shift to the right.

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The demand for the product produced by labor declines.

The prices of substitute imputes falls

The productivity of labor increases

None of the above

The type of business in which an individual has unlimited responsibility for the debts of the organization.

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Partnership

Corporation

Monopoly

None of these

What are the two broad functions of statistical methods in social research.

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Description and summarizing

Description and indication

Description and induction

Applied Mathematics and induction

What is the current literacy rate of Pakistan.

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48%

52%

58%

65%

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