[{"id":213479,"question":"A long-run total cost curve can be constructed from","choices":[{"text":"An income consumption curve","value":"A"},{"text":"A price consumption curve","value":"B"},{"text":"Isoquant is cost expansion path diagram","value":"C"},{"text":"An Engel curve","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213478,"question":"The firms average variable cost of the 150th unit is.","choices":[{"text":"Rs.15","value":"A"},{"text":"Rs.17","value":"B"},{"text":"Rs.20","value":"C"},{"text":"Rs.9","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213477,"question":"Which of the following is a function of money","choices":[{"text":"Medium of exchange","value":"A"},{"text":"Store of value","value":"B"},{"text":"Unit of accounting","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213476,"question":"For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.","choices":[{"text":"Comparability assumption","value":"A"},{"text":"Transitivity assumption","value":"B"},{"text":"Non seriation assumption","value":"C"},{"text":"Reflexivity assumption","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213475,"question":"The method most commonly used to test the overall significance of a regression is.","choices":[{"text":"The t test","value":"A"},{"text":"The F -test","value":"B"},{"text":"Chi square test","value":"C"},{"text":"R","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213474,"question":"Allocative efficiency is achieved under which of the following market structures.","choices":[{"text":"Perfect competition","value":"A"},{"text":"Monopolistic competition","value":"B"},{"text":"Oligopoly","value":"C"},{"text":"Monopoly","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213473,"question":"Which of the following is an automatic stabilizer.","choices":[{"text":"Unemployment benefits","value":"A"},{"text":"Spending on education","value":"B"},{"text":"Defense spending","value":"C"},{"text":"Net interest","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213472,"question":"Which of the following does not apply to pareto efficiency.","choices":[{"text":"Consumptive efficiency","value":"A"},{"text":"Productional efficiency","value":"B"},{"text":"Allocative efficiency","value":"C"},{"text":"Equity","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213471,"question":"If Supply and demand both decrease simultaneously. Which of the following will happen.","choices":[{"text":"Price will rise","value":"A"},{"text":"Quantity sold will rise","value":"B"},{"text":"Price will fall","value":"C"},{"text":"Quantity sold will decrease","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213470,"question":"The elasticity of demand for cigarettes by a non smoker is.","choices":[{"text":"Unitary price elastic","value":"A"},{"text":"Relatively price elastic","value":"B"},{"text":"Perfectly price elastic","value":"C"},{"text":"Perfectly price inelastic","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213469,"question":"If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.","choices":[{"text":"Rs. 8,000","value":"A"},{"text":"Rs. 5,000","value":"B"},{"text":"Rs.6,000","value":"C"},{"text":"Rs.7500","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213468,"question":"if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.","choices":[{"text":".Less of both commodities","value":"A"},{"text":".More of both commodities","value":"B"},{"text":"More of Y.","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213467,"question":"As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.","choices":[{"text":".6","value":"A"},{"text":".8","value":"B"},{"text":".4","value":"C"},{"text":".2","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213466,"question":"If A is preferred to B and B is preferred to C and there is indifference between A and D","choices":[{"text":"D is preferred to C","value":"A"},{"text":"B is preferred to D","value":"B"},{"text":"There is indifference between C and D","value":"C"},{"text":"There is indifference between B and D","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213465,"question":"A production function for a firm which produces a product with two or more inputs.","choices":[{"text":"Represents a physical relationship between outputs for a specified set of inputs","value":"A"},{"text":"Indicates the least cost combinations of inputs for a given output","value":"B"},{"text":"Relates revenues and costs","value":"C"},{"text":"Indicates the dollar cost for each level of ouput.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213464,"question":"The marginal rate of substitution for two goods can be obtained from","choices":[{"text":"The slope of the demand curve","value":"A"},{"text":"The slope of the indifference curve","value":"B"},{"text":"The ration of first derivative of the total utility functions","value":"C"},{"text":"B and D both","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213463,"question":"Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.","choices":[{"text":"Remains is balance","value":"A"},{"text":"Has a surplus","value":"B"},{"text":"Has a deficit","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213462,"question":"If the government lower taxes by $10 billion, the Real GDP will rise by","choices":[{"text":"More than $10 billion","value":"A"},{"text":"Less than $10 billion","value":"B"},{"text":"Exactly $10 billion","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213461,"question":"The same graph shows that the firm order to maximize profits , should produce.","choices":[{"text":"30 units charges a price of Rs. 16","value":"A"},{"text":"20 Units and charge a price of Rs. 22","value":"B"},{"text":"35 Units and charge a price of Rs. 12","value":"C"},{"text":"38 units and charge a price or Rs. 10","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213460,"question":"According to Keynes, when the great depression started the government should be.","choices":[{"text":"Done nothing","value":"A"},{"text":"Decreased the money supply","value":"B"},{"text":"Had a large increase in government spending.","value":"C"},{"text":"Enacted high tariffs such as the smoot Hawley tariff","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213459,"question":"If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.","choices":[{"text":"Hire more of A and less of B","value":"A"},{"text":"Hire more of B and less of A","value":"B"},{"text":"Start paying factor A more","value":"C"},{"text":"Try to use factor B more productively","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213458,"question":"A linear homogenous production function would reveal.","choices":[{"text":"Constant returns to scale","value":"A"},{"text":"Increasing returns to scale","value":"B"},{"text":"Decreasing return to scale","value":"C"},{"text":"Doubling all inputs would more than double output","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213457,"question":"A price cross elasticity of 0.81 between X and Y shows that.","choices":[{"text":"They are complementary goods","value":"A"},{"text":"They are competitive substitutes","value":"B"},{"text":"They are not substitutes","value":"C"},{"text":"a reduction in the price of one would cause an increase in the consumption of the other.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213456,"question":"In an industry with a falling long term supply curve, which of the following is true.","choices":[{"text":"Industry unit cost are constant","value":"A"},{"text":"Industry unit costs are decreasing","value":"B"},{"text":"Industry unit costs are increasing","value":"C"},{"text":"Industry unit costs cannot be determined","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213455,"question":"Which of the following is NOT an example of non price competition the auto industry.","choices":[{"text":"End of the year discounts","value":"A"},{"text":"Zero percent auto loans","value":"B"},{"text":"Television advertising","value":"C"},{"text":"Establishing market niches","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213454,"question":"Disposable income is equal to.","choices":[{"text":"National income","value":"A"},{"text":"National income minus taxes plus transfers","value":"B"},{"text":"Real GDP","value":"C"},{"text":"National income Minus taxes","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213453,"question":"An increase in the discount rate at the FED generally has the following effect on bond prices.","choices":[{"text":"There is no demonstrated effect","value":"A"},{"text":"Such an increase tends to lower bond prices.","value":"B"},{"text":"Such an increase tends to raise bond prices","value":"C"},{"text":"Bond prices are related to the government purchase and sale of bonds.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213452,"question":"A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.","choices":[{"text":"70","value":"A"},{"text":"95","value":"B"},{"text":"700","value":"C"},{"text":"800","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213451,"question":"Which of the following groups is most hurt by unexpected inflation.","choices":[{"text":"Workers with cost of living adjustments in their labor contracts","value":"A"},{"text":"Home owners","value":"B"},{"text":"People with large debts to pay for their homes and cars","value":"C"},{"text":"People with large retirement savings held in savings accounts.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213450,"question":"An entrepreneur who collects profits in the short run for a new invention is collecting.","choices":[{"text":"The competitive rate of return on capital","value":"A"},{"text":"Temporary monopoly profit","value":"B"},{"text":"Rent","value":"C"},{"text":"A Ramsey surplus","value":"D"},{"value":"E"}],"correctAnswer":2}]