NAT II Management Science Economy MCQs With Answers

Question # 1

When national income is increases:

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Standard of living increases

Standard of living decreases

Remains same

Bad thing

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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

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

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Question # 4

Which of the following economists came up with a theory regarding the tradeoff between unemployment and inflation?

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A.W. Phillips

John Maynard Keynes

Joseph Schumpeter

Milton Friedman

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Question # 5

If we compare Gross Domestic Product (GDP) with Gross National

1. Product (GNP) then:

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GNP = GDP - Net income from abroad

GNP = GDP + Net income from abroad

GNP = NNP - Net income from abroad

GNP = NNP + Net income from abroad

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Question # 6

The long run aggregate supply curve will shift to the right if:

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The price level increases.

Factors of production (such as labor and capital) increase

Expenditures (such as consumption and net exports) increase.

The prices of inputs used to produce goods and services (such as wages and the price of oil)descreases

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