NAT IIM Management Science Economy Online Test for Pakistani Students

MCQ's Test For NAT II Management Science Economy

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NAT II Management Science Economy

00:00
Question # 1

If we compare Gross Domestic Product (GDP) with Gross National
1. Product (GNP) then:

Question # 2

The supply of land is:

Question # 3

During a year aggregate value of produced goods and services of a country is called:

Question # 4

When price falls supply:

Question # 5

Income elasticity show the relationship between:

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NAT-II Economy Chapter 0 Important MCQ's

Sr.# Question Answer
1 A market is said to be in equilibrium when:
A. Demand equals output
B. There is downward pressure on price
C. The amount consumers wish to buy at the current price equals the amount producers wish to sell at that price
D. All buyers are able to find sellers willing to sell to them at the current price
2 The real exchange rate is defined as the:
A. Market exchange rate adjusted for prices
B. Market exchange rate adjusted for interest rates
C. Market exchange rate
D. Exchange rate determined by the government
3 In inflation prices:
A. Increase
B. Do not change
C. Decrease
D. Become zero
4 To find the profit maximizing level of output, a firm finds the output level where:
A. Price equals marginal cost
B. Marginal revenue and average total cost
C. Price equals marginal revenue
D. None of the given options
5 The other name of law of diminishing return is:
A. Law of supply
B. Law of diminishing marginal utility
C. Law of demand
D. Law of increasing cost
6 The price elasticity of demand measures the responsiveness of quantity demanded to:
A. Quantity demanded
B. Quantity supplied
C. Price
D. Output
7 The elasticity of demand of durable goods is
A. More than unity
B. Equal to unity
C. Less than unity
D. Zero
8 Double counting in national income refers to:
A. Counting a product more than once
B. Counting a product at the final stage of output process
C. Counting both as product and as factor payment
D. Counting both as real goods and as money flow
9 The shape of AR and MR under perfect competition is:
A. Vertical
B. U-shape
C. Horizontal to ox-axis
D. None of these
10 What is deducted from GNP to find GDP:
A. Depreciation allowance
B. Net income received from abroad
C. Indirect as
D. Transfer payments

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