Question # 1

Inflation on prices:

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Decrease

Remains constant

Increase

Become zero

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

The market structure in which strategic considerations are most important is:

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Monopolistic competition.

Oligopoly.

Pure competition.

Pure monopoly.

Which economist presented the Cardinal Theory of Utility:

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Marshall

Canon

Kroose

J.B. Say

Personal income includes:

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Direct taxes

Indirect taxes

Undivided profit

Both 2nd and 3rd

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.

Consumer goods are those goods which are used by a man:

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Directly

Off and On

Indirectly

Never

National income does not include:

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Profit

Wages

Interest

Transfer payments

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

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