Question # 1

when there is huge change in demand following method is used to measure elasticity of demand.

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Percentage method

Arc method

Point method

Other method

Of the following the thinkers who viewed markets most favorably and who would consequently have been least likely to condemn payments of interest as immoral or unjustified by productivity would have been.

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Richard Cantillon and Francois Quesnay

Aristotle and Plato

Thomas Aquinas and Albertus Magnus

Ibn kaldur and Bu Hamid al ghazali

Which of the following is the most liquid.

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A savings account

A 6 months CD

A home

Water

Appreciation of the U.S. dollar results in.

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U.S. tourists traveling abroad being worse off

U.S. imports increasing.

Foreign currency buying more U.S. goods and services.

No change iin foreign pucchases or sales.

If the price of automobile were to decrease substantially the demand curve for automobiles would most likely.

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shift rightward

Shift left eard

Remain unchanged

Become steeper

An increase in wealth that doesn't affect labor supply would cause the IS curve to _________ and the FE line to ____________

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Shift down and to the left be unchanged

Shift down and to the left shift left

Shift up and to the right be unchanged

Shift up and to the right shift left

Extensive subsistence agriculture is found in

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Warm

Moist

Low latitude

All of these

If each element of a raw of column of a square matrix A is zero, then the value of the determinant. is.

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Equal

One

Zero

None of these

A monolithically competitive market is characterized by all of the following except.

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Easy entry

Differentiated product

Excess capacity

Economic profit in the long run

Which characteristic of the following is not belonging to statistics as a method.

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A tool of analysis

Helps processing the raw

Descriptive nature

Processing done by systematic analysis and interpretation

An increase in price all other, things unchanged leads to.

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Shift demand outwards

Shift demand inward

A contraction of demand

An extension of demand

The Hocksher Ohlin model rules out the classical model's basis for trade by assuming that. _______ is identical between countries.

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Factor endowments

Factor intensities

Technology

Opportunity costs

Comparative 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 nor b

Gross National product equals

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Net National Product adjusted for inflation

Gross domestic product adjusted for inflation

Gross Domestic product plus net property income from abroad

Net National product plus net property income from abroad

During the 1980's 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

In Production of goods and services tradeoffs exist becasue.

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Buyers and sellers often negotiate prices

Society has only a limited amount of productive resources

Not all production is efficient

Human wants and needs are limited at a particular point in time

One of the following has more elastic demand.

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A commodity with substitutes

A commodity having more than one use

A commodity commonly use

None of these

The commission's authoritative figures include a Chairman who is the_____ assisted by the deputy chairman and a science advisor.

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Prime Minister

President

Chairman Senate

None of these

While resources and products flow in one direction of the circular flow model what flow the other direction.

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Services

Public goods

Money

Imported goods

Skilled labour is relatively scarce because.

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There are too few teachers

Too few student places in higher education

It is costly to acquire human capital

Teachers salaries are too low

Monetary policy can affect output.

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this statement is always true

This statements always false

This statement is true only in the short run

This statement is true only in the medium run and the long run

In pure monopoly there is.

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A lot of firms

Two firms

A single firm

Many firms

Union of A with B is same as union of B with A, that is AUB = BUA is termed as

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Associative law of union

Cumulative law of union

Reflective law

All the above

In the Keynesian model which curve is vertical.

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LRAS

SRAS

AD

NS

The recording of the data is dome on the basis of the scheme.

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coding

Tabulation

Classification

Analysis

Economists use the phrase ceteris paribus to express the assumption.

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All else equal

Everything affects everything else.

Scarcity is a fact of life

There is no such thing as a free lunch

An increase in investment is most likely to be caused by.

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Lower interest rates

Lower national income

A decreasing the marginal propensity to consume

An increase in with drywalls.

During period of inflation

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Those people who have fixed incomes benefit

Every one's real income falls

those people who enter long term wage agreements benefit

Those people whose real income rises faster than the general price level benefit

Short run average total costs are equal to the sum of _______ and______

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Short run opportunity costs, profit

Short run average variable costs, profit

short run average variable costs, profit.

Short run average variable costs short run average fixed costs

The increase in dependent variable that results when the independent variable increases by one unit in a simple lines. function is called.

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Y intercept of the curve

Slope of the curve

X intercept of the curve

Marginal value

Total utility of a commodity is measured by which price of that commodity.

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Value in use.

Value in exchange

Both of above

None of above

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