Question # 1

In order to constitute an oligopolistic market structure.

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There must be a few firms in a given relevant market

There must be a few firms selling in a national market

There must be more than 20 firms selling in the international market

There must be fewer than 15 firm is any given market

A function where a variable x can only very in jumps, is often called.

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Non linear functions

Inverse function

Step function

All of above

The concept of the intuition of deep ecology is related to.

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Kant

Warwick fox

Spinoza

All of these

For the economic growth of country following is required.

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Capital formation

Human resources

Natural resources

All of these

The effect of the most favored nation clause is to

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Eliminate at tariffs between countries.

Increase all tariff rates between countries

Maintain a nondiscriminatory structure of tariffs

Marlein a discriminatory structure of tariffs.

Estimation is the process of.

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Formulating some hypothesis about the population

Inferring statistic from parameter

Testing some hypothesis about eh population

Inferring parameter from statistic

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

The fact that the long run Phillips curve is vertical implies that

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Monetary policy can't effect unemployment

Money is neutral in the long run

There is a natural rate of inflation

Money can't affect inflation in the long run

When plotted with the aggregate price level on the vertical axis and output on the horizontal axis which of the following curves is vertical.

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SRAS

AD

LRAS

None of the above

A decrease in autonomous consumer expenditure causes the equilibrium level of aggregate output to __________ at any given interest rate and shifts the ___ curve to the __________

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rise ; LM ;right

rise ; IS ; right

Fall ; LM ; left

rise ;IS; Left

A scarce good.

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Does not exist

Is a good that can only be purchased with money

Is a good that can never be purchased with money

Is a good that is available in limited quantities, but is desired in greater quantities.

The long run Phillips curve is

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Vertical

Horizontal

Upward sloping

Downward sloping

If a country has a linear production possibilities frontier then production is said to be subject to.

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Constant opportunity costs

Decreasing opportunity costs

First increasing and then decreasing opportunity costs

Increasing opportunity costs

A straight line downward sloping demand curve implies that as price falls the elasticity of demand.

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Increases

Decreases

Remain the same

None of these

The gift exchange motive suggests that

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Workers value benefits like health insurance more than job security

Workers prefer a nice work environment even if they must accept lower wages.

Workers who feel well treated will work harder and more efficiently

Workers will shirk if they are paid a low wage

Why does it make sense in assume that people are rational, if you want to predict their behavior.

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People are not guided by emotions when making decisions

People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make

People never make mistakes, and tend to make the correct choices all of the time

People always logically figure out what to do.

Macro economics is the study of.

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Individual building blocks in the economy

The relationship between different sectors of the economy

Household purchased decisions

The economy as a whole

If the central bank buys financial securities in the open market to increase the monetary base, this is an example of.

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Lender of last resort

Financial intermediation

Open market operations

Financial regulation.

A profit maximizing firm will hire labor until _______ equal the

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Marginal revenue, marginal cost

Long run marginal revenue, long run marginal cost

Labour output ratio, capital output ratio

Marginal cost of labour, marginal revenue product

"Economics is what economists do " It has been supported by.

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Richard jones

Comte

Gunnar Myrdal

All of the above

The central metaphor of deep ecology is.

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Network

Hierarchy

Patriarchy

Domination

" A growing number of economists view the Fed's new willingness to take on more of the nation's debt as inflationary in the long run." This inflation worry is because.

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The government may tax less

The debt may become excessive

The government may spend more

The money supply may increase excessively

An essential Criterion of Scientific study is.

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Belief

Value

Objectivity

subjectivity

Which of the following the most elastic demand the extra revenue a firm receives 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.

Fiscal defect in the budget means.

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Revenue Deficit plus the net borrowings of the government.

Budgetary deficit plus the net borrowings of the government

Capital deficit plus revenue deficit

Primacy deficit minus capital deficit

Through the world government tend o auction quota license to their highest bidder.

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Always

Often

Seldom

Never

When equilibrium in the money and goods markets occurs at a rate of interest below the BP schedule internal and external equilibrium for the United States can he achieved by.

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Expanding the U.S. money supply

Increasing government spending

Increasing taxes

Lowering interest rates in the united states.

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.

Deep ecology places emphasis upon

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Life

Man

Environment

Relationship

The ancient Greek philosopher who tried to analyze isolated exchange because markets with standardized products were relatively rare during his are was.

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Plato

Aristotie

Euclid

Protagoras

Historically countries at early stages of rapid economics development have tended to experience.

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Trade deficits and an excess of investment over domestic saving.

Trade surpluses and an excess of investment over domestic saving

Trade deficits and an increase of domestic saving over investment.

Trade surpluses and an excess of domestic saving over investment.

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