Question # 1

What of the following is false about W.T.O?

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It is the main organ implementing the Multilateral Trade Agreement

It is global in its membership

It has far wider scope than GATT

Only countries having more than prescribed level of total GDP can become its members

A form of government in which minority rules outside the law is:

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Oligarchy

Tyranny

Aristocracy

Democracy

What does SOP stand for:

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Special Operating Procedure

Special Operation Procedure

Standard Operating plan

simple operating Plan

Which of the following is not a supply side measure?

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increased training

Providing more information

Helping individuals to move location to find work

Increasing spending on existing industries

Ina parliamentary form of government minsters are appointed by:

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The head of he state at his discretion

The head of the government

The legislature

the head of he state on the recommendation of the head of the government

Fire Insurance is based on the principle of

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Utmost Good faith

Insurable interest

Indemnity

Cooperation

Full employment is a situation when?

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Cyclical unemployment is zero

Frictional unemployment is zero

Seasonal unemployment is zero

Disguised unemployment is zero

What is a 'Quasi-rents'?

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Are in the nature of free gifts

May be applicable to all factors of production

comprise of all the returns to firm in excess of the returns of the marginal firm

All the above

In the short run films t in perfect competition will still produced provided:

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The price covers averages variable cost

The Price covers variables cost

The price covers average fixed cost

The price covers fixed costs

The former policy of the south African government designed to Maintain the separation of Blacks and other non-Whites form the dominant whites is called:

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Alienation

Apartheid

Closed system

Control group

Who made the decision to name a single currency the Euro?

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European Commision

European Council

European Parliament

European Central Bank

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