Question # 1

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

The data indicates that country A in billions of rupees is experiencing a

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A deficit of Rs.60

A surplus of Rs. 300

Deficit of Rs.900

A deficit of Rs. 500

In order to practice price discrimination which of the following is needed.

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Some degree of monopoly power

An ability to separate the market

An ability to prevent reselling

All of the above

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

That the division of labor is limited by the size of th market best applies to which explanation of trade.

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Factor endowment theory

Product like cycle theory

Economics of scale theory

Over lapping demand theory

Sum of squares of the deviations about mean is.

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Maximum

Minimum

zero

one

When the demand curve is a straight line the elasticity of demand at the center point will be.

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Equal to zero

infinite

More than one

Equal to one

Weighted monetary aggregates

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Ignore the fact that some assets are more money like than others.

Are constructed by simply adding up the outstanding amounts of various types of asssets

Give greater weight to currency than to savings deposits

Value coins more than currency.

In Islamic economic system business is allowed in the field of.

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Halal goods only

beneficial goods

Consumer goods

All of these

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

The most widely traded currency in the foreign exchange market is the.

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Euro

Chinses yuan

British pound

U.S. Dollar

In monopolistic competition, firms desire to sell more output at equilibrium because.

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Price is greater than average cost

Price is greater than average variable cost

Price is greater than marginal cost

Price is equal to marginal revenue

At level of income and output of 100 in the diagram above

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APC < 1

Equilibrium occurs

Consumption expenditures are equal to 100

MPC > APC

AB = BA = 1 , then B is said to

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Ad joint of matrix of A

Inverse matrix of A

Determinant of A

Cofactor of a

Along the long run supply curve all of the following can vary except.

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The level of profits

The number of firms in the industry

Input prices

The level of input usage

Total Share of agricultural sector in employment is.

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60%

43%

55%

None of these

The factor endowment theory was pioneered by

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Adam Smith

David Richardo

Wassily Leontief

Ell Heckscher and Bartill Ohlim

Money's primary role in the economy comes from the benefits of lowering transactions costs and allowing specialization This function of money is called.

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Store of value

Medium of exchange

Standard of deferred payment

Unit of account

In the short run in the Keynesian model a sharp increase in oil prices would leave the economy with a ____ level of output and a ______ real interest rate.

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Higher ; lower

Lower ; Higher

Higher ; higher

If the price of an apple increases.

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Its opportunity cost decreases

Its opportunity cost increases

The substitution effect does not occur

The income effect does not occur

A country that is a net international debtor initially experiences a.

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Larger savings pool available finance domestic spending

Higher interest rate which leads lower domestic investment.

Loss of funds to trading partners overseas

Decrease in tis services exports to other countire.

The nominal interest rate minus the inflation rate is the

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Depreciation rate

Discount rate

Forward rate

Real interest rate

The set of subsets of a set A is called.

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Power set of A

Complement of A

Both a and b

None of these

Foreign aid is mostly attached with

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Formalities

Complexities

Conditions

All of these

Anthropocentrism gives intrinsic value to

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Nature

Human beings

Both a and b

None of these

In the long run a profit maximizing firm will choose to exit a market when

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Fixed costs exceed total costs

Total revenue from production is less than total costs

Average fixed cost is rising.

Marginal cost exceeds marginal revenue at the current level of production.

If the price was fixed below the equilibrium price there would be.

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Excess supply

Excess demand

Equilibrium

Down ward pressure on prices

Rapid increases in the price level during periods of recession or high unemployment are known as.

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Slump

Stagnation

Stagflation

Inflation

Which of the following taxes is regressive

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The federal income tax

The state income tax

The sales tax

The Medicare tax

A decline in the money supply shifts the LM curve to the left causing the interest rate to ________ and output to___

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rise ; rise

rise ; fall

fall ; rise

fall ; fall

The quantity of money demanded varies

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Directly with both prices and output

Inversely with both prices and output

Directly with prices and inversely with output

Inversely with prices and directly with output

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