NAT II Management Science Economy MCQs With Answers

Question # 1

The price elasticity of demand for any good must be less than or equal to zero unless:

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The good is a necessity.

The good is a luxury.

The good is a Ciffen good.

None of the given options.

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Question # 2

The aggregate supply curve is the relationship between:

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The price level and the real domestic output purchased

The price level and the real domestic output produced

The price level which producers are willing to accept and the price level purchasers are willing to pay.

The real domestic output purchased and the real domestic output produced.

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Question # 3

"Government collects zero revenue if the tax rate is 0% and if the tax rate is 100%." Which of the following best describes this statement?

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Consumption curve

Supply curve

Laffer curve

Investment curve

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Question # 4

What was the production of cotton in 2005-06?

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12.4million bales

16.2 millionbales

18.8 million bales

24.1 million bales

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Question # 5

What was the share of the major crops of value added in agriculture in 2005-06?

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24.2percent

35.2percent

39.1percent

45percent

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Question # 6

The interest rate parity is the basic identity that relates which of the following?

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Interest rates and exchange rates

Interest rates and inflation rate

Exchange rates and inflation rate

Discount rate and inflation rate

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