Question # 1

The main monetary tool in Islamic economic system regarding circulation of wealth is zakat it is for.

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Poor and needy

consumers

Producers

Banks

In developing countries the co existence of modern and tadeonal method of production in urban and ruler sector is called.

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Dualism

Under employment

Under estimation of resources

None of these

An increase in interest rates.

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Is likely to reduce savings

Is likely to reduce the external value of the currency

Leads to a shift in the MEC schedule

Leads to a movement along the MEC schedule

The equilibrium level of saving is.

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Rs.120

Rs.75

Rs.40

Rs.80

"Zakat" is a charity on.

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Wealth / income which stays with a Muslim for at least one year

Levied on a Muslim who is sahib e Nisab

Deducted at the rate of 2.5% of the income

All of the above

An increase in demand for a product should.

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Increase equilibrium price and quantity.

Decrease equilibrium price and quantity.

Increase equilibrium price and decrease quantity.

Decrease equilibrium price and increase quantity.

What is the share of Urban Population in the total population of Pakistan.

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38.6%

42.6%

41.0%

32.5%

___________ are quotas that lead to a complete abolishment of trade.

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Nontariff barriers

Embargoes

Voluntary export restraints

Orderly marketing agreements

The balance of trade can only worsen if income_______ relative to absorption

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Increases

Decreases

Does not change

None of the above

Which of the following changes shifts the AD curve down and to the left.

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A temporary increase in government purchases.

A rise in the nominal money supply

A decrease in corporate taxes

A decrease in consumer confidence

The productivity curve

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Is given by the labor productively

Shows the change in real GDP per hour of labor as the amount of capital per hour labor changes

Shows the change in technology

Is given by the equation Y = F ( L,K, T)

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

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Increase in the volume of trade

smaller gain from trade

Decline in the income of home producers

Decrease in the level of specialization production.

All of the following are credit items in the balance of payments except.

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Investment inflows

Merchandise exports

Payment for American service's to foreigners

Private give to foreign residents

Which of the following was a belief shared by utopian and scientific socialists.

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The labor of the middle class determines the value of a product

Class struggle is the necessary means to achieve social change

Private property should be abolished

History is determined by economic laws

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

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Negative

Positive

Zero

Either a or c

If the demand curve for a good is downward sloping then the good must be.

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Normal

Inferior

Giffen

Either a or b

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%

In perfect price discrimination

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Consumer surplus is maximized

Produce surplus is zero

Community surplus is maximized

Consumer surplus is zero

Which of the following is incorrect with respect to the consumption diagram.

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the interest rate is a premium

MRS = (i +r)

The consumer will be lender in time zero

The consumer lends 700

A model of game theory of oligopoly is known as the

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Prisoner's dilemma

Monopoly cell

Jailhouse sentence

Jury box

When IMF was established.

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1944

1945

1946

1947

The current account includes

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The value of trade in merchandise

Services

Unilateral transfers

All of the above

"More reliable results can be obtained through sampling method" because.

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Statistical error is low

Saves time

Cost is low

None of the above

If Federal reserve conducts open market sales, the money supply ___ shifting the LM curve to the_____

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decreases ; right

decreases ; left

Increases ; right

Increase ; left

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

Nationalism, self sufficiency, and imperial power were central concerns of.

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French physiocrats

Thomas Malthus

Mercantilists

Adam Smith

When the value of output exceeds planned spending .

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There is unsold output, and the level of income will fall

there is unsold output and the level of income will rise

There is unsold output, and the level of income does not change.

All of the above

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

Consumers and firms are known as price takers only it

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No market exists to determine the equilibrium price

they can set the market price

They cannot effect the market price

Excess demand exists

Suppose that the domestic government allows a specific number of goods to be imported each year but it does not spicily from where the product is shipped or who is permitted to import such a trade barrier is known as

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an import tariff

A tariff rate quota

A selective quota

A global quota

A rise in the real exchange rate will __ the competitiveness of the domestic economy.

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Increase

reduce

do nothing do

all of these

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