Question # 1

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

A.W. Phillips

John Maynard Keynes

Joseph Schumpeter

Milton Friedman

What was the contribution of the services sector to the GNP in FY 2005-06.

9.2 percent

3.5 percent

8.8 percent

4.7 percent

To find the profit maximizing level of output, a firm finds the output level where:

Price equals marginal cost

Marginal revenue and average total cost

Price equals marginal revenue

None of the given options

What was the number of buffaloes in 2005-06?

12 million

28.4 million

34 million

40 million

What remains after deduction of direct taxes lions the personal income:

NNI

DPI

NDI

GNP

Double counting in national income refers to:

Counting a product more than once

Counting a product at the final stage of output process

Counting both as product and as factor payment

Counting both as real goods and as money flow

NAT II Management Science Economy MCQs With Answers