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

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Question # 1

A market is said to be in equilibrium when:

Question # 2

Which sector contributed to 22 percent to GDP in Pakistan in 2005-06?

Question # 3

Which of the following is TRUE for a Giffen good?

Question # 4

Which of the following is true about supply curve under monopoly?

Question # 5

Inflation will be useful for:

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NAT-II Economy Chapter 0 Important MCQ's

Sr.# Question Answer
1 The price elasticity of demand for any good must be less than or equal to zero unless:
A. The good is a necessity.
B. The good is a luxury.
C. The good is a Ciffen good.
D. None of the given options.
2 Which Economists presented the law of diminishing marginal utility:
A. Robbins
B. Malthus
C. Adam Smith
D. Marshall
3 During 2005-06 maize was grown on an area of 982 thousand hectares and its production was:
A. 3.5 million tones
B. 4.2 million tones
C. 5.2 million tones
D. 6.7 million tones
4 Which ASEAN nation had the highest growth rate of 7.5 percent in 2005-06?
A. Indonesia
B. Malaysia
C. Vietnam
D. Thailand
5 What was the growth recorded by the manufacturing sector during 2005-06?
A. 4.2 percent
B. 5.5percent
C. 7.3percent
D. 8.6percent
6 In the short run, the equilibrium price level and the equilibrium level of total output are determined by the intersection of:
A. The aggregate demand, the short-run aggregate supply and the long-run aggregate supply curves
B. The short-run aggregate supply and the long-run aggregate supply curves
C. The aggregate demand and the short-run aggregate supply curves
D. The aggregate demand and the long-run aggregate supply curves
7 Who wrote "The Nature and Significance of Economics":
A. Adam Smith
B. Marshall
C. Robbins
D. Keynes
8 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
9 Canons of taxation describes:
A. Marshall
B. Keynes
C. Robbins
D. Adam Smith
10 If we compare Gross Domestic Product (GDP) with Gross National
1. Product (GNP) then:
A. GNP = GDP - Net income from abroad
B. GNP = GDP + Net income from abroad
C. GNP = NNP - Net income from abroad
D. GNP = NNP + Net income from abroad

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