Question # 1

Alfred Marshall formalized and then popularized the analytical technique known as

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General equilibrium analysis

Felicific calculus

Partial equilibrium analysis

Differential equations

When equilibrium in the money and goods markets occurs at a rate of interest below the BP schedule internal and external equilibrium for the United States can he achieved by.

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Expanding the U.S. money supply

Increasing government spending

Increasing taxes

Lowering interest rates in the united states.

A nation wishing to reduce its current account deficit would be advised to.

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Engage in more government spending.

Reduce government taxes

Increase private investment spending

Decrease domestic consumption spending

the purpose of research is to discover answer to questions through application of.

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Scientific method

scientific research

Scientia procedure

Social science research

An increases in the demand curve for orange juice would be illustrated as a.

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Leftward shift of the demand curve

Right ward shift of the demand curve

Movement up along the demand curve

Movement down along the demand curve

"Treating an individual as typical a group" is the definition of.

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Pure dissemination

Statistical discrimination

Human capital

Specific skills

A profit maximizing monopolist in two separate markets will

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Charge different price according to elasticity

Charged same price

Charged very high price

Charged very low price

The valued of expenditure multiplier relates.

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The change in autonomous spending to the change in income

the change in consumption to change in income

The change in come to the change is consumption

The change in income to the change in autonomous spending.

A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the

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Real interest rate

Production function

Productivity relation

Marginal product

The product cycle theory of trade is essentially a

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Static short run trade theory

Dynamic, long run trade theory

Zero sum theory of trade

Negative sum theory of trade

In a market system, sellers act in ___________ interest, but thsi leads to behaviors in __________ interest.

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Self, self

Self, society's

Society's' , society's

society's, self

The free market involves

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The free provision of products

The subsidizing of products by the government

Market forces of supply and demand

All trade via barter

Consider the five panels of the figure on the previous page in which panel would fiscal policy be the strongest.

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Panel b

Panel c

Panel a

Panel d

For perfectly competitive firm

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Price equals marginal revenue

Price is greater than marginal revenus

Price equal total revenue

Price equals total cost

In the Keynesian cross diagram, an increase in autonomous consumer function to shift _______ the equilibrium level of aggregate output to rise and the IS curve to shift to the.

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up ; left

up ; right

down ; left

down ; right

Economic transition involves high inflation because ______ and _____

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High monetary growth, high wages.

High budget deficits, devaluation

High monetary growth, devaluation

Prices surge from an artificially low level to their equilibrium level the inflation tax is required as source of government revenue.

A tariff can________ raise a country's welfare.

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Sometimes

Never

Always

None of these

Empirical research may given a new focus to the exiting theory means.

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Research clarifies theory

Researh intitiate theory

Reach refocuses theory

Psychoanalytic theory

The demand for labor will be more elastic if

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There are few substitutes for labor

There is a shor time under consideration

Labor is a large percent of the total cost of production

The demand for the product is relatively inelastic

Which of the following the most elastic demand the extra revenue a firm receives from the services of an additional unit of a factor of production.

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Total revenue

Marginal physical product

Marginal revenues product

Marginal revenue.

Should international transpiration costs decrease, the effect on international trade would include a.

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Increase in the volume of trade

smaller gain from trade

Decline in the income of home producers

Decrease in the level of specialization production.

Labour productivity measures.

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The output per worker

The output per machine

Total output

Marginal output

Monetary expansion can still be effective in getting out of liquidity trap if it's combined with.

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Restrictions on bank loans

Increased taxes

Contractionary fiscal policy

Expansionary fiscal policy

Union of A with A, that is A U A.

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Complement of A

A itself

Con not be determined

None of these

What is the characteristic of the sample which is selected randomly.

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It is not average of the whole

It would be representative

It would not be equal to the population

All of the above

A straight line downward sloping demand curve implies that as price falls the elasticity of demand.

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Increases

Decreases

Remain the same

None of these

An increase in aggregate demand if aggregate supply is totally inelastic will.

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Increase price but not output

Increase output but not price

Increase out put and price

Decrease output and price

Two commodities are considered to be perfect substitutes for each other if the elasticity of substitution is

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Positive

Negative

Infinite

None of these

The average variable cost curve.

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Is derived from the average fixed costs

Converges with the average cost as output increases

Equals revenue minum profits

Equal the total costs divided by the output

Th transpose of the cofactor matrix is called.

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Adjoin of the matrix

Power of a matrix

Minor of the matrix

Rank of a matrix

If the expected inflation rate is unchanged a fall in the natural rate of unemployment would.

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shift the Phillips curve to the right

Not Shift the phillips curve

Shift the Phillips curve to the left

shift the Phillips curve to the left shift the long -run Philips curve to the right

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