Question # 1

Which of the following is a normative statement in economics.

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More spending by the government reduces poverty

Higher taxes lead to less desire to work

the UK Economy is growing fast relative to other European Union members

The Government should concentrate on reducing unemployment

When real income increases, other things equal we fan expect the demand for real money holdings to.

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Fall

Not change

Increase

Decrease

Market failure may arise because of.

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Imperfect competition

Taxation

Externalities

All of the above

Real business cycle theories suggest that _____ to correct departures from the desired growth path.

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There is a role of fiscal policy

There is a role for monetary policy

There is a role for supply side policies

There is no case for stabilizing output over the business cycle.

Rorschach test comes under visual projective.

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method

research

techniques

Audio

If the same amount is added to or subtracted from all the values, standard deviation shall be.

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Changed

Unchanged

Both

None

A set of systematically related propositions specifying causal relationships among variables.

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Research

Concept

Theory

Hypothesis

The term skewness refers to.

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Bulginess

Lack of symmetry

symmetrical

Normal

What is the reason for the necessity of statistics in the field of social sciences.

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Simplification and quantitative approach

Knowledge acquisition and description

Easiness and analytical

all of the above

"Human Welfare is the subject of Economics" Y. This statement is associated with the name of which of the economists.

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Marshall

Pigou

Pension

All of the above

A movement along the demand curve may be caused by

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A change in income

A change en the number of buyers

A change in advertising

A shift in supply

Wars new inventions, harvest failures, and change sin government policy are examples of.

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The business cycle

Economics models

Shocks

Opportunity costs

All economic model ae based on

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Realistic assumptions

Assumptions which can never be perfectly realistic

Unrealistic assumptions

None of the above

In Balance of payments accounting tourism and travel are classified in the

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Merchandise trade account

Services account

Unilateral transfers account

Capital account

Which of the following will not result in an increase in the level of income.

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An increase in autonomous spending

A decrease in autonomous taxes

An increase in autonomous transfers

an increased in net tax revenues

Which of the following is most likely to benefit a debtor.

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Un anticipated deflation

Anticipated deflation

Unanticipated inflation

anticipated inflation

Equilibrium in the market for good A obtains.

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When there is no surplus or shortage prevailing in the market

Where the demand and supply curves for A intersect

When all of what is produced of A is consumed

All of the above

In balance of payments accounting tourism and travel are classified in the

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Merchandise trade account

Services account

Unilateral transfers account

Capital account

Compared to the case of perfect competition.

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Monopolist is more likely to

Charge a higher price

Produce a lower quantity of the product

All of the above

facts are empirically verifiable

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Research

Obserevations

theory

Data

A _________ is a regional trading block in which member countries eliminate intercanal trade barriers but maintain existing barriers against countries that are not members.

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Free trade area

Customs union

Common market

Monetary union

Total factor productivity growth is that part of economic growth due to.

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Capital growth plus labor growth

Capital growth less labor growth

Capital growth times labor growth

Neither capital growth nor labor growth

In a free market

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Government intervene

Government plan production

Government interfere

Price adjust to reconcile scarcity and desires.

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 determinant composed of all the first order partial derivatives of a system of equations, arranged in ordered sequence is called.

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Hassian determinatn

Jacobian determiant

Discrimianant

First order determinant

according to factor price equalization theorem, if country A is labor abundant then once trade opens.

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Wages and rents should fall in A

Wages and rents should rise in A

Wages should rise and rents should fall in A

Wages should fall and rents should rise in A

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

If firms paying employees monthly began paying them weakly then the demand for money would.

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Rise and income would rise

Rise and income would fall

Fall and income would rise

Fall and income would fall

Health of a country's economy is indicated by

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Number of doctors per 1,000 population

Per capital income

Literacy rate

None of the above

All of the following are recognized as arms of agricultural price program except.

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Dampening the fluctuations agricultural commodity price.

Maintaining some purchasing power of agricultural households

Shifting the elastic demand for agricultural commodities.

Appeasing some politically powerful special interest grops

A production function for a firm which produces a product with two or more inputs.

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Represents a physical relationship between outputs for a specified set of inputs

Indicates the least cost combinations of inputs for a given output

Relates revenues and costs

Indicates the dollar cost for each level of ouput.

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