Question # 1

An income demanded curve of an inferior good is.

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Same in slope

Upward is slope

Downward in slope

None of these

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

If inflationary expectations increase, the short run Phillip's curve will

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Become vertical

Become up warding sloping

Shift to the right

Shift to the left

According to Nurkse a balance growth a ncessary to.

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Develop resources

Develop capital

Break vicious circle of poverty

Develop infrastructure.

Which of the following concepts represents the extra revenue a firm neceives 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

A profit maximizing firm will employ labour up to the point where.

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Marginal revenue = Marginal product

Margial cost = Marginal product

Marginal revenue product = Average cost of labour

Marginal revenue product = Marginal cost of labour

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

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Decreased by 5.4 %

Decreases by 8%

Increased by 15%

Decreased by 6.7 %

Average fixed cost

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Is U shaped

Declines over the entire output range.

Is a long run concept only

Is influenced by diminishing returns to production

The impact and incidence of sales tax is

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On the consumer

On the seller

On the producer

None of these

In which of the following situations will an increase in the money supply have no effect upon equilibrium income.

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LM is steeply sloped and IS is relatively flat

LM is vertical and IS si steeply sloped

LM is steeply sloped and IS is vertical

LM is relatively flat as is IS

Tax and rulers duty and terms of trade are discussed in.

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Kitab ul Anwal

ammali

Kitab Ul Asar

Kitab ul Khiraj

an more labor is added to a fixed amount of input the rate at which output goes up begins to decrease This is called.

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Diminishing marginal utility

Diminishing marginal productivity

Diminishing marginal costs

Diminishing marginal profit

Saving means

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Part of income for investment

Income for boarding

Non consumption of income in the current period

None of the above

Companies in the private sector are owned by

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The government

Shareholders

Employees

The community

A group of modern economists who believe that price and wage rigidities do not provide the only rationale for macroeconomic policy activism are called.

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New Keynesians

Keynesians

Monetarists

The Classical shool

In the long term a firm will produce provident the revenue covers.

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Fixed costs

Variable cost

Total costs

Revenue

As a result of privatization of industries private investor was

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Discouraged

Neutral

Encouraged

None of these

the_____________ analysis considers the ability of domestic and foreign prices to adjust to devaluation in the short run.

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Pass through

Absorption

Adjustment mechanism

currency contract period

If the fprice in a market is fixed by the government below equilibrium.

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There is excess equilibrium

There is excess supply

There is excess demand

There is equilibrium

Classical design is a type of

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Basic research

Applied research

Action research

Exploratory research

The most frequently occurring score in distribution.

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Mean

Mode

Median

Quartile

Demand for labour is more likely to be wage inelastic if.

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Wages are a small proportion of total costs

Demand for the final product is price elastic

It is easy to replace labour

Capital is a good substitute forlabour

Identification with nature is the grounding

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Bio centrism

_{Deep ecology}

Anthropocentrism

Holism

Micro economics is conceded with

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The economy as a whole

The electronics industry

The study of individual economic behavior

the interactions within the entire economy

If the price of orange juice rises 10% and as a result the quantity demanded falls by 8% the price elastic of demand for orange juice is.

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-1.25

Inelastic

Both a and b

Neither A nor B above

Classical economics believe that in the short run.

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Money neutrality exists and prices adjust rapidly

Money neutrality does not exist and prices adjust rapidly

Money neutrality exists and prices do not adjust rapidly.

A mathematical statement setting two algebraic expressions equal to each other is called.

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Equations

Hypothesis

Inequality

All of above

Earning from primary products are often unstable because.

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Demand is price elastic

Supply is price elastic

Supply conditions are relatively stable

Supply conditions are unstable

Which of the following factors will cause the demand curve for labor to shift to the right.

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The demand for the product produced by labor declines.

The prices of substitute imputes falls

The productivity of labor increases

None of the above

Under perfect competition, the price system automatically result in efficient output selection when

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MC = MR

MC = MU

P = ATC

P > AVC

A person who is made redundant because of the contraction of an industry is a victim of.

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Frictional unemployment

Demand deficient unemployment

Classical unemployment

Structural unemployment

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