Question # 1

Forced labor is one of the greatest injustice in the world according to.

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Imam Abu Yousaf

Imam Abu Qasim

Khalil Jabran

Ibn e Khaldun

In 1950's liberal policy was adopted regarding.

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Export

Imports

Both

Non

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

Loss must be shared according to ratio of respective investment in case of.

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Musharika

Hire purchase

Mudaraba

All of these

A disadvantage of the barter system is that

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No trade occurs

People must produce all their own food clothing and shelter

The opportunity to specialize is greatly reduced.

Gold is the only unit of account

The value of real GDP in the current year equals.

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The value of current year output in prices of the base year

The value of current year output in pries of the current year

The value of base year output in prices of the base year

The value of base year output in prices of the current year

When considering any kind of economics indicator, prices are important because.

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They reflect the value of goods and services.

They are established by the government to control population 's needs

They categorize goods and services by their weight

Historically they have proved to the good predictors of futures unemployment.

The fact that the Production function relating output to capital becomes flatter as we move from left to right means that.

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The marginal product of labor is positive

The marginal product of capital is positive

There is diminishing marginal productivity of labor

There is diminishing marginal productivity of capital

The regression equation for consumption as a function of disposable income is C = -60 + 0.90Y .the standard error of Y is 30 and the standard error of estimate is 9.5 What is the 95% confidence interval for C when Y is Rs. 1000 billion.

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Rs.941 to Rs. 979

Rs.900 to Rs. 1,020

Rs.821 to Rs.859

Rs.780 to Rs.900

A decline expected future output would cause the IS curve to.

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Shift up and to the right

Shift down and to the left

Remain unchanged

shift up and to the right only if people face borrowing constratints.

LDC's often have a comparative advantage in the production of.

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Primary products

Intermediate products

Manufactured products

Financial services.

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

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Increases in the volume of trade

Smaller gain from trade

Decline in the income of home producers

Decrease in the level of specialization in production.

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

The marginal rate of substitution of two goods can be obtain from

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Slope of budget line

Slope of demand curve

Slope of indifference curve

None of these

Price controls are

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Necessary for consumer's welfares

A must to check inflation

Doomed to fall

None of these

The central bank of a country plays a significant role in her macroeconomics performance by regulating the.

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Money supply

Supply credit

Interest rate

All of these

Due to indivisibilities in demand and infrastructure economic development can be achieved.

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Balance growth according to its advocates

Unbalanced growth according to its advocates

Big pus

None of these

The aggregate supply of labor is the

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Total amount of time a person works over his or her lifetime

Total amount of time a person spend in the labor force over his or her life time

Unemployment rate

Sum of the labor supplied by everyone in the economy

Why is the law of diminishing marginal returns ture.

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Specialization and division of labor

Spreading the average fixed cost

Limited capital

All factors being variable in the long run

Which of the following is correct for the demand and supply schedules given above.

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The demand curve is non linear

The slope of the supply curve is 4

Equilibrium quantity is 40 units

The slope of the demand curve is 0.5

The investment demand curve shows the relationship between the levels of.

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Investment and consumption

Consumption and Interest rate

Investment and interest rate

None

In market economics the incentive that draws entrepreneurs into industry is.

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Government bonuses for meeting production quotas

Profit

Government assumption of the risk of failure

Government assistance with making output and pricing decisions

Which of the following macro economic variables is procyclical and coincident with the business cycle.

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Residential investment

Nominal interest rates

Industrial production

Unempolyment

Information that is represented usually as words, not numbers.

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Qualitative data

Quantitative data

Primary data

Scientific data

"The problem with monetarism is that its advocates have seen it as infallible over short periods of time and wish it to be rigid in its application over all periods of time "The advocates of monetarism wish it to the rigid in its application over all periods of time to.

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Weaken fiscal policy

Avoid monetary policy errors

Strengthen the impact of monetary policy

Ensure the independence of the central bank

A change in the full employment quantity of labor_________ the short run aggregate supply curve and ______ the long run aggregate supply curve.

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shifts ; shifts

shifts ; does not shift

does not shift ; shift

does not shift ; does not shift

Negative taxation refers to.

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Tax rebate

Subsidies

Tax evasion

Tax avoidance

Which exchange rate system does not require monetary reserves for official exchange rate intervention.

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Floating exchange rates

Pegged exchange rates

Managed floating exchange rates

Dual exchange rates

An increase in price all other things unchanged leads to.

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A shift in supply out wards

A shift in supply in wards

A contraction of supply

An extension of supply

In a free market the combination of products produced will be determined by.

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Market forces of supply and demand

The government

The law

The public sector

Snowball sampling is used for data collection through.

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Connecting relations

Small population

Representatives

None of the above

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