Question # 1

When the demand curve is vertical its shows that the demand is.

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Less elastic

Very high elastic

Elastic

Perfectly inelastic

Which of the following index numbers is an important statistical concept in economic theory.

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Per capita income

Cost of living

Gross National product

Maximum Retail price

According to Karl Marx, revolution would inevitably come from the opposed workers, known as the

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Proletariat

Paricians

Bourageoise

Panaces

Which of the following is an injection into the economy.

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Investment

Saving

Taxation

Import spending

If the Bank of Pakistan wished to pursue a tight monetary policy is would.

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Sell government securities on the open market.

Reduce the minimum reserve asset ratio

Buy government securities on the open market.

Lower interest rates

All currencies other than the domestic currency of a given country are referred to as.

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Reserve currencies

Neal monies

Foreign exchange

Hard currency

When supply increases in an agricultural market famer's earnings might fall because.

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Supply is price elastic

Demand is price inelastic

the government buys up all the excess production

All output must be sold at a maximum price

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

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The absence of substitute for the good.

The presence of substitutes for the good.

The importance of the commodity in consumers budgets

The cost of producing the commodity

Increased levels of spending on imports

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shift aggregate supply to the right

Shift aggregate supply to the left

Shift aggregate demand to the right

Shift aggregate demand to the left

In the efficiency wage model with the efficiency wage above the market clearing wage when employment is at its full employment level.

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Labor supply equals labor demand

There is an excess supply of labor

there is an excess demand for labor

There could be either an excess demand for or an excess supply of labor

If a firm not operating at the output necessary to achieve al scale economies it has not achieved its.

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Efficient scale

Average efficient scale

Maximum efficient scale

Minimum efficient scale

Which skills are most likely to be paid for by the employer.

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General skills

Specific skills

Educational skills

None of these

Which of the following is an example of primary data.

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Book

Journal

News paper

group interview

Expansionary fiscal policy in the classical model will cause aggregate demand to ______ potential output.

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Exceed

Fall below

Fluclaute around

Remain equal to.

Islamic economics is a social science which studies the economics of people living within the frame work of.

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Islam

Nationalism

Arab nationalism

All of these

All of the following are trade problems of developing countries except.

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Unstable export markets

improving terms of trade

Limited access to the markets of industrial countries

Highly elastic demand curves for their products.

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

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Lowers total utility

Produces negative total utility

Lowers marginal utility and therefore total utility

Lowers marginal utility, but may raise total utility.

In Islamic economic system business is allowed in the field of.

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Halal goods only

beneficial goods

Consumer goods

All of these

Foreign capital formation includes

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Foreign direct investment

Grants

Loans

All of these

Fiscal policy is weak under floating exchange rates as fiscal expansion.

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Crowds out imports

Crowds out public consumption

Crowds out exports

Reduces the budget deficit

The allocation of resources is not efficient it

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The marginal cost of production does not equal society marginal benefit

The distribution is inequitable

Economic growth is low

Unemployment is high

Which of the following in a graph with interest rates and income on the vertical and horizontal axes, does not shift the balance of payments curve to the right.

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Capital flow restrictions

Export quotas

Export subsidies

Import tariffs

During the 1980 empirical evidence indicates that.

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Poverty re emerged in Pakistan

Good growth brought down poverty in Pakistan

Poverty situation showed no change

None of the above

M4 is a _________ measures of money and includes deposits at both _____________ and

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Narrow, banks, building societies

Wide, banks, insurance companies

narrow, banks, insurance companies

Wide, banks, building societies.

The variable that stands alone on the left hand side of the equation such as y = 2x + 1 is known as.

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Dependent variable

Independent variable

Endogenous variable

Explained variable

Firms in perfect competition face a

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Perfectly elastic demand curve

Perfectly inelastic demand curve

Perfectly elastic supply curve

Perfectly inelastic supply curve

A meeting of persons faces to face especially for the purpose of formal conference on some point

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Interview

Participant observation

Observation

Projective techniques survey

The ethics, importance is given tobio sphere and the large eco system.

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Life centered animal

Ecological holism

Environmental

animal

an asset that can easily be exchanged for goods and services is called a.

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Financial asset

Barter like asset

Illegitimate asset

Liquid asset

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

An increase in the expected rate of inflation would.

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shift the Philips curve upward

shift the phillips curve downward

Shift the long -run phillips curve to the right

Shift the long-run phillips curve to the left

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