Question # 1

In perfect competition price is settled by

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Sellers

Buyers

Producers

Both a and b

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

The main source of interest profits for banks is.

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Checking account fees

Loans

Government securities

Savigng accounts

Friend man's theory of consumption focuses on

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Past income

Current income

Disposable income

Permanent income

Anthropocentrism gives intrinsic value to

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Nature

Human beings

Both a and b

None of these

When planned consumption equals Rs. 40 + 0.90 Yd and planned investment is Rs.50, the equilibrium level of income is.

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Rs.90

Rs.400

Rs.500

Rs.900

Time lags which often erode effectiveness of monetary and fiscal policy measures represent.

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The change in export and import price.

Delays in the response of the economy to stabilization policy.

The foreign response to price changes

The change in exchang erates

If input price adjusted very slowly to output prices, the Phillip's curve would be.

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Downward sloping

Vertical or nearly vertical

Upward sloping

Horizontal or nearly horizontal

What is the reason for the necessity of statistics in the field of social sciences.

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Simplification and quantitative approach

Knowledge acquisition and description

Easiness and analytical

all of the above

if A = A , then A is

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Symmetric matrix

Skew symmetric matrix

Identity matrix

Orthogonal matrix

Bank and other corporations were nationalized by

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Z.A. Bhutto

Nawaz sharif

Zia ul Haq

None of these

A production possibilities curve indicates that when resources are being used efficiently

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More of one good cna be produced only if less of another good is produced

More of one good can be produced only if its price is lowered

Producing more of one good result in greater production of other goods

More of one good can be product without producing less of other goods

Scientific method in the application of valid and reliable research methods.

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Experimental

Survey

Methods

Enquiry

Mercantilism.

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Is the philosophy of free international trade.

Was a system of export promotion and barriers to imports practiced by government .

Was praised by Adam Smith in the Wealth of Nations

Both a and c

In the short run no firm operates with a loss unless

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Variable cost equals fixed cost

Variable cost falls short of fixed cost

Total revenue covers variable costs

Total revenue covers fixed cost

Kharif crops include

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Rice and sugarcane

Cotton and maze

Bajra and Jawar

All of them

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

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Decreasing

Constant

Increasing

At a minimum

Social research aims at.

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Integration

Social harmony

National integration

Social equality

All of the following are trade problems of developing countries except.

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Unstable export markets

improving terms of trade

Limited access to the markets of industrial countries

Highly elastic demand curves for their products.

Suppose the intersection of the IS and LM curves is to the left of the FE line A decrease in the price level would most likely. eliminate a disequilibrium among the asset labor and goods markets by.

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Shifting the LM curve down and to the right

Shifting the IS curve up and to the right

Shifting the IS curve down and to the left

Shifting the FE curve to the left

the mar mist theory of dialectical materialism theoretically follows a sequence

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synthesis thesis antithesis

Antihesis synthesis thesis

thesis antithesis synthesis

synthesis antithesis thesis

A monolithically competitive market is characterized by all of the following except.

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Easy entry

Differentiated product

Excess capacity

Economic profit in the long run

A set containing only one element is termed as

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Unit set

Singleton set

Both a and b

None of these

Fiscal policy output to change demand for output is.

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Completely effective in region KL

Partially effective in region JK

Elasticity is infinite for region LT

Completely ineffective in region LT

Using the Keynesian model , the effect of a decrease in the effective tax rate on capital would be to cause_____ in the real interest rate and __ in output in the long run.

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An increase ; no change

A decrease ; no change

An increase ; an increase

No change ; a decrease

Resources in an economy

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Are always fixed

Can never decrease

Always increase over time

Are limited at any moment in time

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

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Musharika

Hire purchase

Mudaraba

All of these

If there is a price celling, there will be.

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Shortages

surpluses

Equilibrium

None of these

What is the production level for public good W, if the government uses full cost pricing.

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Q = 2

Q = 5

Q= 4

Q = 6

Given the IS equation Y = Ke a - Ke Bn the IS slope decreases when

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Ke increase and b increases

Ke decreases and b increases

Ke increases and b decreases

Ke decreas4es and b decreases

Which of the following is an example of a normative statement.

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Since this good is bad for you, you should not consume it.

this good is bad for you

If you consume this good you will get sick

People usually get sick after consuming this good

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