Question # 1

The Keynesian model is a good guide to ______ behavior and the classical model describes behavior in.

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^{Long run, short run}

Flexible, imperfect markets

Short term , long run

Ong run, imperfect market.

What does Social Researchers seek out of vast and confusing variety of individual characters.

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Generalizations

Decisions

Single events

group characteristics

If a country has a linear production possibilities frontier then production is said to be subject to.

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Constant opportunity costs

Decreasing opportunity costs

First increasing and then decreasing opportunity costs

Increasing opportunity costs

Which of the following is a characteristics 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's quality price and marketing.

When firms are free to enter and exit the market

The length of a business cycle would be measured from

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Peak t trough

Trough to peak

Peak to Peak

The slump to the expansion

Indifference curves shows various combinations of.

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One commodity

Two

Three

All of these

Primary producers maybe labeled as.

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White coliar workers

Pink collar workers

Red collar workers

None of these

If a person thinks they are better off after a 10% wage increase, and all prices have risen 10%, then they are experiencing.

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Inflation

A supply shocks

Crowding out

Inflation illusion

In an open economy leakages to imports ______ the value of the multiplier.

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Reduce

Increase

do not change

None of these

International trade is based on the idea that

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Exports should exceed imports

Imports should exceed exports

Resources are more mobile internationally than are goods

Resources are less mobile internationally than are goods

The idea that the money supply should change to accommodate changes in aggregate demand is associated with the ideas of.

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Milton Friedman

Ronald reagan

Margaret Thatcher

John Maynard Keynes

Immediately after a through we would expect to have al

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Peak

Recession

Recovery

Another trough

Which of the following correct about firms in an oligopoly.

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Each firm has complete control over its own selling price

All firms independently charge monopoly prices

No one firm controls price but each has an influence on the price

There is no competition in oligopoly industries

Marginal cost is the change is cost the result from a one unit increase in.

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Price

Cost

Output

Revenue

Economics is the science of Wealth who gave this definition.

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J-x Mehta

Marshall

Adam Smith

Robbins

A reduction in the costs of production will

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Lead to a movement along the supply curve

Shift the demand curve

Shift the supply curve

Lead to an extension of supply

The AD schedule indicates that______ inflation is associated with______ output.

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higher , lower

Higher , higher

Lower , lower

zero ,zero

In monopolistic competition firms profit maximize where

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Marginal revenue = average revenue

Marginal revenue= Marginal cost

Marginal revenue= Average cost

Marginal revenue = Total cost

That the division of labor a limited by the size of the market best applies to which explanation of trade

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Factor endowment theory

Product life cycle theory

Economies of scale theory

Over lapping demand theory.

A tariff that prohibits imports has only

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a revenue effect and redistribution effect

Revenue effect and protection effect

Consumption effect and protection effect

Redistribution effect and consumption effect

The through of a business cycle occurs when ______ hits its lowest point.

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Inflation

The money supply

Aggregate economic activity

The unemployment rate

The largest source of tax revenue for the federal government is

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The prerenal income tax

The social security tax

the property tax

The sales tax

Which of the following taxes is regressive.

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The Federal income tax

The state income tax

The sales tax

The Medicare tax

Secondary activities

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Services

Production

Raw materials

All of these

if two sets do not have any common element, then they are called.

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Complement sets

Joint sets

Disjoint sets

None of these

In _________ the government replaced the development board with a new autonomous body called the planning board.

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1951

1952

1953

none of the above

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

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70

95

700

800

If a country an imposes an import tariff its welfare can improve if

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The country is a small country's than a larger country.

Its terms of trade improve enough

The tariff enhances the welfare of its trading partners

Its government's tax revenue increase because of the tariff

Who among the following was the leader of Monetarism

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Keynes

Milton friedman

A.W.Philip

Mankiv

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

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More

Less

Irrelevant

Equal

If there is a price floor there will be.

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Shortages

Surpluses

Equilibrium

All of these

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