Question # 1

The pong diplomacy refers to the exchange of table tennis (ping-pong)players between which two countries in the early 1970:

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United States and China

United states and South Korea

United states and North Korea

China and South Korea

What do the initials SEATO stand for?

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South-East Asia Treaty Organization

South-East Asian telecom Organization

South-East Asian Telephone Organization

None to the above

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

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Oligarchy

Tyranny

Aristocracy

Democracy

When a firm is maximizing profit it will necessarily be:

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Maximizing profit per unit of ouput

Maximizing the difference between total revenue and total cost

Minimizing total cost

Maximizing total revenue

Hedging and speculation in forx markets-

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Are opposite activites

Parallel activites

Same activites

All of the above

When an economy first begins to grow more slowly:

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GDP increases

Inflation is like to increase

Stock levels are likely to increase

Investment in equipment is likely to increase

Gross National Income is always more than net national income because it includes:

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Foreign income

Capital consumption allowance

Indirect taxes

Direct taxes

Land is the only factor of production whose supply is?

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More Elastic

Perfectly Elastic

Perfectly Inelastic

Unitary Elastic

A rise in the general level of prices is called

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A very bad thing

Raise

Inflation

Payroll

ESPN stand for:

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Entertainment sports network

entertainment sports programming News Paper

Entertainment sports Programming Network

None of the above

The liquidity trap occurs when the demand for money:

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Is perfectly interest elastic

Is perfectly interest inelastic

Means that an increase in money supply leads to a fall in the interest rate

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