[{"id":213719,"question":"\"Human Welfare is the subject of Economics\" Y. This statement is associated with the name of which of the economists.","choices":[{"text":"Marshall","value":"A"},{"text":"Pigou","value":"B"},{"text":"Pension","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213718,"question":"Given the Is -LM construction of the figure above an unexpected increase in the price level, in the absence of any policy adjustment will.","choices":[{"text":"Increase both interest rates and GNP","value":"A"},{"text":"Reduce both interest rates and GNP","value":"B"},{"text":"Increase GNP but cause interest rates to tall","value":"C"},{"text":"Increase interest but cause GNP to fall.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213717,"question":"The major source of revenue for the government is.","choices":[{"text":"the collection of property taxes","value":"A"},{"text":"The collection of the corporates income tax","value":"B"},{"text":"The collection of excise taxes on gasoline cigarettes and tires","value":"C"},{"text":"The collection of import and export duties in the conduct of foreign trade","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213716,"question":"\"Economics is what economists do \" It has been supported by.","choices":[{"text":"Richard jones","value":"A"},{"text":"Comte","value":"B"},{"text":"Gunnar Myrdal","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213715,"question":"Economics is the science of Wealth who gave this definition.","choices":[{"text":"J-x Mehta","value":"A"},{"text":"Marshall","value":"B"},{"text":"Adam Smith","value":"C"},{"text":"Robbins","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213714,"question":"Which of the following procedures is included in the process that produces a value for disposable personal income","choices":[{"text":"subtracting excies and sales taxes","value":"A"},{"text":"Subtracting nonbusiness interest","value":"B"},{"text":"Subtracting transfer payment from government.","value":"C"},{"text":"subtracting income taxes","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213713,"question":"According to classical economists the economy.","choices":[{"text":"Requires fine tuning to reach full employment","value":"A"},{"text":"Should not be left to market forces","value":"B"},{"text":"Will never be at full employment","value":"C"},{"text":"Is self correction","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213712,"question":"The practice of using fiscal and monetary policy to stabilize the economy is known as.","choices":[{"text":"Fine turning of deamand","value":"A"},{"text":"Monetarism","value":"B"},{"text":"Laissez faire economics","value":"C"},{"text":"Supply side economics","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213711,"question":"A group of modern economists who believe that price and wage rigidities do not provide the only rationale for macroeconomic policy activism are called.","choices":[{"text":"New Keynesians","value":"A"},{"text":"Keynesians","value":"B"},{"text":"Monetarists","value":"C"},{"text":"The Classical shool","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213710,"question":"Money must fulfill all of the following functions except.","choices":[{"text":"Be a medium of exchange","value":"A"},{"text":"Be a store of value","value":"B"},{"text":"Be generally accepted as a means of purchasing commodities","value":"C"},{"text":"The above are all functions of money","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213709,"question":"Which of the following assets is most liquid.","choices":[{"text":"Shares of stock in IBM","value":"A"},{"text":"Land","value":"B"},{"text":"Gold","value":"C"},{"text":"Currency","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213708,"question":"All of the following are obstacles to international economic policy coordination except.","choices":[{"text":"Different national objectives are institutions","value":"A"},{"text":"Different national political climates","value":"B"},{"text":"Different phases in the business cycle","value":"C"},{"text":"Different national currencies.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213707,"question":"The appropriate expenditure switching policy to correct a balance of payments deficit is.","choices":[{"text":"Contractionary monetary policy","value":"A"},{"text":"expansionary fiscal policy","value":"B"},{"text":"Currency devolution","value":"C"},{"text":"Currency revaluation","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213706,"question":"The appropriate expenditure switching policy to correct a balance of payment surplus is.","choices":[{"text":"Currency revaluation","value":"A"},{"text":"Currency devaluation","value":"B"},{"text":"Expansionary monetary policy","value":"C"},{"text":"Contractionary fiscal policy","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213705,"question":"Given fixed change rate assume Pakistan initiates expansionary monetary and fiscal polices to combat recession these policies will also.","choices":[{"text":"Increase both imports and exports","value":"A"},{"text":"Increase exports and reduce import","value":"B"},{"text":"Reduce a balance of payments surplus","value":"C"},{"text":"Reduce a balance of payment deficit","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213704,"question":"An expenditure reducing policy would consist of a decrease in","choices":[{"text":"The par value of a currency","value":"A"},{"text":"Government expenditures","value":"B"},{"text":"Import duties","value":"C"},{"text":"Business or household taxes","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213703,"question":"An expenditure increasing policy would consist of an increase in","choices":[{"text":"Import tariffs","value":"A"},{"text":"Import quotas","value":"B"},{"text":"Governmental taxes","value":"C"},{"text":"The money supply","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213702,"question":"Which policy is an expenditure switching policy.","choices":[{"text":"Increase in the money supply","value":"A"},{"text":"Decrease in government expensitures","value":"B"},{"text":"Increase in business and household taxes","value":"C"},{"text":"Decrease in import tariffs","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213701,"question":"Most industrial construes generally considered _______ as the most important economic goal","choices":[{"text":"External balance","value":"A"},{"text":"Internal balance","value":"B"},{"text":"Maximum efficiency for business","value":"C"},{"text":"Maximum efficiency for labor","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213700,"question":"A nation experience external balance if it achieves.","choices":[{"text":"No net changes in its international gold stocks","value":"A"},{"text":"Productivity levels equal to those of its trading partners","value":"B"},{"text":"An increases in its money supply equal to increases overseas","value":"C"},{"text":"Equilibrium in its balance of payments","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213699,"question":"A nation experiences internal balance if it acieves.","choices":[{"text":"Full employment","value":"A"},{"text":"Price stability","value":"B"},{"text":"Full employment and price stability","value":"C"},{"text":"Unemployment and price instability","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213698,"question":"The costs of disinflation would be low if","choices":[{"text":"Expected inflation falls as inflation falls","value":"A"},{"text":"Wages and price controls were used","value":"B"},{"text":"The Phillips curve were nearly horizontal","value":"C"},{"text":"The Phillips curve adjusted slowly to changes in inflation","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213697,"question":"The reduction of the inflation rate is called","choices":[{"text":"Deflation","value":"A"},{"text":"Disinflation","value":"B"},{"text":"Inflation","value":"C"},{"text":"Reflation","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213696,"question":"Hyperinflation occurs when","choices":[{"text":"The inflation rate rises","value":"A"},{"text":"The inflation Tate declines","value":"B"},{"text":"The inflation rate is extremely high","value":"C"},{"text":"The inflation rate is extremely low","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213695,"question":"The idea that the natural rate of unemployment rises when the acual rate of unemployment rise is known s.","choices":[{"text":"Stabilization","value":"A"},{"text":"Insider outsider theory","value":"B"},{"text":"Hysteresis","value":"C"},{"text":"an efficiency wage model","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213694,"question":"When the economy goes into are cession there's an increase in.","choices":[{"text":"Frictional unemployment","value":"A"},{"text":"structural unemployment","value":"B"},{"text":"Cyclical unemployment","value":"C"},{"text":"Voluntary unemployment","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213693,"question":"The fact that the long run Phillips curve is vertical implies that","choices":[{"text":"Monetary policy can't effect unemployment","value":"A"},{"text":"Money is neutral in the long run","value":"B"},{"text":"There is a natural rate of inflation","value":"C"},{"text":"Money can't affect inflation in the long run","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213692,"question":"The long run Phillips curve is","choices":[{"text":"Vertical","value":"A"},{"text":"Horizontal","value":"B"},{"text":"Upward sloping","value":"C"},{"text":"Downward sloping","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213691,"question":"A beneficial supply shock would cause.","choices":[{"text":"A movement up the short run Phillips","value":"A"},{"text":"a movement down the short run Phillips curve","value":"B"},{"text":"The short run Phillips curve to shift upward and to the rights","value":"C"},{"text":"The short run Phillips curve to shift down ward and to the left","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213690,"question":"If the expected rate of inflation rose at the same time the natural rate of unemployment rose the Philips curve.","choices":[{"text":"would shift down","value":"A"},{"text":"would shift up","value":"B"},{"text":"Would not move","value":"C"},{"text":"Might shift up or down or not move depending on which effect was larger.","value":"D"},{"value":"E"}],"correctAnswer":2}]