Question # 1

Which of the following is an economic activity.

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Teaching of a teacher in the school.

To teach son at home

To serve her child by mother

to play foot ball by a student

National Income account of Pakistan have registered GDP & GNP as.

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GDP = GNP

GDP < GNP

GDP > GNP

GDP / GNP

Suppose there is full employment and a neoclassical aggregate supply schedule A 105 increases in the nominal money supply.

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Has no effect upon the price level

Increase the rate of interest

Increase the nominal wage 10%

Increase the real money supply 10%

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

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Rs. 4

Rs.7

Rs.5

Rs.6

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

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The supply of salsa increases

The supply of salsa decreases

There is no change to either the supply of salsa or the quantity supplied of salsa

There is no change to the supply of salsa but the quantity supplied of salsa increases

A supply curve is directly affected by

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Technology

Input costs

Government regulation

All of the above

Which of the following is the second law of gossen.

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Law of equal marginal utility.

Law of equi product

Theory of indifference curve

Law of diminishing marginal utility.

In the neoclassical theory of growth a higher saving rate leads to.

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A higher growth rate

A fluctuating growth rate

A lower growth rate

No change in the growth rate

According to factor price equalization theorem the ______ factor should oppose free trade policies in any given country.

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Abundant

Scarce

Neither

Can't tell without more information

The sufficient condition required for the matrix to posses inverse is that the matrix should be.

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square matrix

Singular matrix

Non singular matrix

Orthogonal matrix

The monopolization of the competitive market results in a deadweight loss to society of

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RSJK

JKL

THJ

RSJL

i- statistical laws are not exact

ii- statistics reveals the entire story

choose the correct from the following.

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Both the statements are correct

Only the first statement is correct

Only the second statement is correct

Both the statements are wrong.

The costs of inflation are

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Shoe leather costs

Menu costs

Income redistribution

All of the above

Following banks were again privatized by Nawaz Sharif

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Allied Bank

Muslim Commerciale bank

None of these

Both a and b

Which of the following groups is most hurt by unexpected inflation.

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Workers with cost of living adjustments in their labor contracts

Home owners

People with large debts to pay for their homes and cars

People with large retirement savings held in savings accounts.

If the intercept of the consumption function is 75, and MPS is 0.10 the value of consumption expenditures at Yd = Rs. 5,000 is

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Rs.4,500

Rs. 575

Rs.500

Rs. 4,575

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

More trade and more and is the demand made by the

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Developing countries

Developed countries

More developed countries

Non developing countries

The economic growth model of Ricardo based on.

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Capital formation

Diminishing retune

Capital output ratio

None of these

If some body is prepared to work at the going wage rate but cannot find work than they are victims of.

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Voluntary unemployment

Classical unemployment

Frictional unemployment.

All of the above

Large difference is inflation rates among countries are almost always the result of large difference in.

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Productivity

Real income growth

The growth rates of real money demand

The growth rates of nominal money supplies

Objectivity means basing conclusion on facts wit out any

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Bias and value prediction

Bias and value judgment

Verifiability and value judgment

Prediction

Marginal cost is the change is cost the result from a one unit increase in.

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Price

Cost

Output

Revenue

If your income during one year is L 10,000 ad the following year it is L,12,000 then it has grown by

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20%

2%

12%

15%

International specialization takes place because of.

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Differences in technology

Differences in factor endowments

Scale economies

All of the above

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

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Rs.37

Rs.29

Rs.31

Greater than Rs.37

Real GNP measures income

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Including non market activities

Adjusted for inflation

Including externalities

Including tax evasion

The marginal Revenue product is.

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Upward sloping due to the law of demand

Upward sloping due to the law of marginal utility

Downward sloping due to the law of diminishing returns.

Downward sloping due to the law of supply

Chose the advantage of snowball sampling from the following.

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population of not seen

Total size of population is not known

researcher's acquaintance influence the research

Contradicts with conventional nations.

If the consumption of a good by one person does not reduce the quantity available by other and nobody cna be easily excluded from consumption, we are referring to a.

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Private good

Merit good

Public good

Abundant good

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

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A is preferred to C

A is preferred to D

B is preferred to D

D is preferred to A

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