Question # 1

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

Which of the following is not an argument for protectionism.

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To protect infant industries

To increase the level of imports

To protect strategic industries

To improve the balance of payments

The costs of disinflation would be low if

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Expected inflation falls as inflation falls

Wages and price controls were used

The Phillips curve were nearly horizontal

The Phillips curve adjusted slowly to changes in inflation

An increase in spending those results from expansionary _______ policy cause the interest rate to.

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fiscal ; rise

fiscal ; fall

incomes ; rise

income ; fall

Market is called father of economics

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Marshall

Robbins

Keynes

Friedman

In 1960s following policy was adopted regarding development

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Port substitution

Agriculture development

Export promotion

All of these

When supply increases in an agricultural market famer's earnings might fall because.

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Supply is price elastic

Demand is price inelastic

the government buys up all the excess production

All output must be sold at a maximum price

Devaluation leads to.

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Increase in imports

Increase in exports

Decline in imports

None of the above

"Transactions" money is money used as a

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Store of value

Unit of account

Medium of exchange

Standard of deferred payment

Which of the following is not a way of helping developing economics.

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Aid

Loans

Protectionism of developed markets

Training and education programmes

Statistics is one of those science which are only indicative of a trend, therefore

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It is probabilistic than deterministic

It is deterministic than probabilistic

a definite data collection method is unnecessary

Data sources should be clear

Laboratory experiments cannot be performed in economics because.

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Of resource scarcity

Economics is a natural science

Of the difficulty of distinguishing between normative and positive statements.

Economics is a social science

Given fixed exchange rates assume Pakistan initiates contractionary monetary ad fiscal policies to combat inflation. these policies will also.

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Reduce a balance of payments surplus

Reduce a balance of payments deficit

Increases both imports and exports

Decrease both imports and exports

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

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A direct

An inverse

A positive

No relationship

If the price of automobiles were to increase substantially the demand curve for gasoline would most likely

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Shift leftward

Shift right ward

Become flatter

Become steeper

Rate of growth of an economy is measured in terms of

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Per capita income

industrial development

Number of people who have been lifted above the poverty line

National income

Average fixed cost

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Is U shaped

Declines over the entire output range.

Is a long run concept only

Is influenced by diminishing returns to production

Which of the following is not one of the four Ps in marketing.

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Product

Price

Place

Presence

Economic transition involves high inflation because ______ and _____

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High monetary growth, high wages.

High budget deficits, devaluation

High monetary growth, devaluation

Prices surge from an artificially low level to their equilibrium level the inflation tax is required as source of government revenue.

Which of the following statements is true about platykurtic curve as compared to normal curve.

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Flatter

Broader central position

Lower tails

All of the above

A square matrix with 1's in its principal diagonal and zeros every where else is.

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Diagonal matrix

Identity matrix

Leading diagonal

Scalar matrix

Data that are verbal or other symbolic materials.

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Quantitate

Qualitative

Primary

Secondary

in the keynesian model in the short run the amount of employment is determined by the effective labor demand curve and the level of.

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Prices

Output

The real interest rate

The supply of labor

The determinant of quadratic form is called.

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Jacobian determinant

Hessian determinant

Discriminant

None of these

If a small country imposes a tariff on an imported goods terms of trade will

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Improve

worsen

Not change

any of the above

If one country, with floating exchange states, has higher inflation than its competitors, we would expect its exchange rate to.

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Appreciate

Depreciate

Revalue

be in short supply

The economists who emphasized wage flexibility as a solution for unemployment were.

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Monetarists

New keynesians

Classical economists

Keynesians

The marginal rate of tax paid is.

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The total tax paid /total income

Total income/total tax paid

Change in the tax paid/change in income

Change in income/change in tax paid

Which of the following is not an example of the functions of statistic.

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Average

Intelligence quotient

Diagram

x2 test

During the financial year 1999-2000 the tax yielding the largest revenue for the Federal Government was.

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Income tax

Value added tax

Excise duty

Customs duty

Who among the following is concerned with deep acology.

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Arne Naes

Warwick fox

Kant

None of these

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