Question # 1

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

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All the time

Only in the long run

Only if "marginal cost is rising at the point of equality.

Only if average total cost is falling at the point of equality

Among the institutions and polices that have been created to support developing countries are.

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the World bank

The international Monetary Fund

The Generalized system of Preferences

All of the above

When the export function is Rs.100-0.2 Y , net exports are 0 when income is .

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Rs.300

Rs.400

Rs.500

Rs.600

When stock market is falling it is calle.

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Bearish

Bulish

Imperfect competition

Fall down

Zakat in an important feature of Islamic economics system which is given from

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Poor to rich

Producers to consumers

Banks to people

Rich to poor

In the home country government grants a subsidy of a domestically produced good domestic producers tend to.

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Capture the entire subsidy in the form of higher profits

Increase their level of production

Reduce wages paid to domestic workers

Consider the subsidy as an increase in production cost

Country A 's GNP is increasing by 3% a year in contrast to its population growth of 2.4% The rate of growth of per capita GNP is.

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3%

0.85

0.6%

2.4%

Which of the following is a characteristic of pure monopoly.

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one seller of the product

Low barriers to entry

Close substitute products

Perfect information

In the long run, an increase in productivity would cause output to _________ and the aggregate price level to

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fall ; rise

fall ; fall

rise ; fall

rise ; rise

Ordered Pairs of two sets are called.

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Elements

Function

Cartesian product

None of the above

Utility means.

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Power to satisfy a want

Usefulness

Willingness of a person

Hamfulness

According to Karl Marx, revolution would inevitably come from the opposed workers, known as the

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Proletariat

Paricians

Bourageoise

Panaces

The fundamental reason people must choose which goods to buy and consume is because of.

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Scarcity

Specialization

People engaging in exchange

The fact there are many different economic agents

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment , caters parabasal increases equilibrium income and the budget.

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Romaic's in balnce

Has a surplus

Has a deficit

None of these

"Human Welfare is the subject of Economics" Y. This statement is associated with the name of which of the economists.

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Marshall

Pigou

Pension

All of the above

Skewness refers to.

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Symmetry

Asymmetry

Flatness

Varience

An equation in which all variables are raised to the first power is known as.

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Linear equation

Non linear equation

Quadratic equation

Polynomial of degree two

The near term effect of an unexpected sale of bonds by the central bank is.

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An increase in interest rates, a risen investment and a rise in GDP

An increase in interest rates a drop in investment and a drop in GDP

A decrease in interest rtes a rise in investment and a rise in GDP

A decrease in interesr rates a drop in investment and a drop in GDP

Identification with nature is the grounding

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Bio centrism

_{Deep ecology}

Anthropocentrism

Holism

In the short run an increase in export sales would cause output to ______ and the price level to.

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Rise, rise

Rise,; stay; constant

Fall; rise

fall; stay; constant

a demand curve can shift because of changing.

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Incomes

Prices of related goods

Testes

All of the above

The product cycle theory of trade is essentially a

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Static short run trade theory

Dynamic, long run trade theory

Zero sum theory of trade

Negative sum theory of trade

Which of the following does not result in an increase in U.S. autonomous net exports.

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The U.S. dollar depreciated

Major trading partners stimulate their economy

Foreign currencies depreciate

Foreign trading partners lift tariff barriers

A primary reason why nations conduct international trade is because.

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some nations prefer to produce one thing while others produce another.

Resources are not equally distributed to all trading nations

Trade enhances opportunities to accumulate profits

Interest rates are not identical in all trading nations

The determinant of a matrix and that of its transpose are

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Equal

Zero

One

Negatively related

Capital goods are

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A type of intermediate good

Final goods, because they are not used up during a given year

Produced in the same year as the related final good whereas intermediate goods are produced in different years.

Produced in one year whereas final goods are produced over a period of more than one year

An increase in the number of workers hired by a firm could result from

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a decrease in the marginal product of labor

a decrease in the marginal revenue product of labor

An increase in the real wage

A decrease in the real wage

Nontariff trade barriers could include all of the following except.

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Domestic content laws

Government procurement polices

Health , safety, and environmental standards

Antidumping counter/vialling duties applied to imports.

the Maastricht criteria for entry to the EMU are that applicants should have

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Low inflation

Low interest rates

Stable nominal exchange rate

All of the above

According to Marshall the basis of consumer surplus is.

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Law of diminishing marginal utility.

Law of equal marginal utility

Law of proportions

All of the above

Short run is a time frame where a firm can change its.,

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Total cost

Total production

Plant size

None of these

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