Question # 1

The impact and incidence of sales tax is

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On the consumer

On the seller

On the producer

None of these

Price controls are

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Necessary for consumer's welfares

A must to check inflation

Doomed to fall

None of these

International trade in goods and services is sometimes used as a substitute for all of the following except.

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International movements of capital

International movement of labor

International movement of technology

Domestics production of different goods and services

An important policy instrument to influence commercial banks is.

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Open market operations

Changing reserve ratios of commercial banks

Moral persuasion

None of the above

Indirect taxes are

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Direct taxes - subsidies

Subsidies

Sales taxes

Income taxes

The overall Budget Deficit is financed from

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External borrowing

Non bank borrowing domestically

Bank borrowing plus the above two at a and b

None of the above

A change in the full employment quantity of labor_________ the short run aggregate supply curve and ______ the long run aggregate supply curve.

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shifts ; shifts

shifts ; does not shift

does not shift ; shift

does not shift ; does not shift

Similar to import tariffs, import quotas tend to result in.

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Higher prices and reduced imports

Increasesed government revenue

Increased consumer surplus

Decrease producer surplus

Quotas are government imposed limits on the ________ of goods trade between countries.

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Prices

Quantity

Revenue

Costs

According to the crowding out effect, a there is a government deficit, the real interest rate will.__________ and investment will_________

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rise ; rise

fall ; rise

rise ; fall

fall ; fall

All economic model ae based on

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Realistic assumptions

Assumptions which can never be perfectly realistic

Unrealistic assumptions

None of the above

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