Question # 1

In the theory of the firm profit maximization is always synonymous with.

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Profitability

Economic profit making

maximization of the sales revenue

None of these

In Balance of payments accounting tourism and travel are classified in the

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Merchandise trade account

Services account

Unilateral transfers account

Capital account

Absolute advantage is determined by.,

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Actual difference in labor productivity between countries.

Relative difference in labor productivity between countries.

Both a and b

neither a and b

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

International trade during the 19th century was characterized by.

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Extensive barriers to trade

Operation of the gold standard

A small volume of international trade

None of these

Disposable incomes is equal to.

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National income Minus taxes

Real GDP

National income Minus taxes

National income Minus Taxes plus transfers

The bowed shape of the production possibilities curve illustrates

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The law of increasing marginal cost

the production is inefficient

the production in unattainable

The demand is relatively inelastic

Which of the following is most likely to benefit a debtor.

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Un anticipated deflation

Anticipated deflation

Unanticipated inflation

anticipated inflation

The arrangement were goods imported from trading partners in the developing world are subject to lower tariff rates than good from other countries is referred to as.

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Normal trade relation status.

Most favored nation status

Generalized system of Preferences.

Offshore assembly provisions

Of the following which one is a characteristic of monopolistic competition.

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Standardized product

Comparatively easy only

Little non price competition

None of these

In autarky equilibrium.

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Production equals consumption

Export equal inmprts

There is no trade

All of the above

A supply schedule shows the relations between the quantity supplied of a commodity over a given time and.

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Factor prices

Technology

Both a and b

The price of the commodity

In order to maximize profits a monopoly company will produce that quantity at which the

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A marginal revenue equals average total cost

Price equals marginal revenue

Marginal revue equals marginal cost

Total revenue equals total cost

With no government and foreign trade sectors savings always equals.

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Intended investment

Realized investment

Botha a and b

None of these

The effect of the most favored nation clause is to

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Eliminate at tariffs between countries.

Increase all tariff rates between countries

Maintain a nondiscriminatory structure of tariffs

Marlein a discriminatory structure of tariffs.

Skills that cna be transferred to other employers are called.

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General skills

Specific skills

Non pecuniary skills

All of the above

An increasingly higher marginal income tax is

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Progressive

Regressive

Proportional

Both b and c

Expansion in money supply stems from.

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Increasing the cost of bank credit

Reducing availability of bank credit

Reducing the financial cost of bank credit

None of above

Saving means

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Part of income for investment

Income for boarding

Non consumption of income in the current period

None of the above

A decrease in lump sum taxes is an examples of.

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Contractionary fiscal policy

Expansionary fiscal policy

A change in induced taxes

A and c

the difference between actual and planned expenditure is equal to.

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X -M

M- X

Unplanned inventory change

Excess reserves of depository institutions.

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