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Hassan
1.All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called ?
A. GDP
B. NNp
C. NDP
D. GDP
2.Power of a good/ service to satisfy human desire/want is called______?
A. Utility
B. Worth
C. The point of satiety
D. Utility
3.The sale of products below sale of production in a foreign country or below the prices charged at home is called ?
A. Dumping
B. Subsidy
C. Inflation
D. Dumping
4.An increase either in real output (GDP) or in real output per capita is called_____?
A. Economic development
B. Economic growth
C. Growth rate
D. Economic development
5.Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run___?
A. Economics of scale
B. Economics of mass production
C. Both of these
D. Economics of scale
6.A condition when there is excessive produce in the market which lowers down the price is called_____?
A. Market glut
B. Perfect market
C. Imperfect market
D. Market glut
7.Changes in govt. spending and tax collection designed to achieve a full employment and non-inflationary domestic out put is called____?
A. Fiscal policy
B. Economic planning
C. Economizing problem
D. Fiscal policy
8.The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is____?
A. capital flight
B. capital account
C. capital deficit
D. capital flight
9.A legally determined price above the equilibrium price is_____?
A. Floor price
B. Ceiling price
C. Equilibrium price
D. Floor price
10.The branch of economics which analyze govt. revenues and expenditures is____?
A. Public revenue
B. Public finance
C. Public good
D. Public revenue
11.Nominal income adjusted for inflation_____?
A. Real income
B. Net income
C. Total income
D. Real income
12.A tax imposed by a nation on an imported good is called____?
A. Tariff
B. Foreign exchange
C. Net profit
D. Tariff
13.The body of knowledge and techniques which can be used to produce goods and service from economic resources is____?
A. Technology
B. Advanced knowledge
C. Both A & B
D. Technology
14.The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is____?
A. Trade surplus
B. Trade deficit
C. Trade bloc
D. Trade surplus
15.An economic system in which traditions and customs determine how the economy would use its scare resources ?
A. Traditional economy
B. Mixed economy
C. capitalistic economy
D. Traditional economy
16.Failure to use all available economic resources to produce goods and services is called_____?
A. Unemployment
B. Underemployment
C. Inflation
D. Unemployment
17.The price paid for the use of services of labour per unit of time is called____?
A. Salary
B. Income
C. Wage
D. Salary
18.A market in which products households sell and firms buy resources or the services of resources is____?
A. Resource market
B. Product market
C. Consumer market
D. Resource market
19.A measure of average output or real output per unit of input is called____?
A. Efficiency
B. Production
C. Productivity
D. Efficiency
20.The households and the business firms of the economy are called____?
A. Public sector
B. Ptivate sector
C. Govt sector
D. Public sector
21.The process of deriving principles is called_____?
A. theoretical economics
B. Economics analysis
C. Both A. and B.
D. theoretical economics
22.An analytic approach in which we move from general to particular from theory to facts is_____?
A. Induction
B. Deduction
C. Specification
D. Induction
23.“Wealth of nations” was written by____?
A. Lewis
B. Rostow
C. Keynes
D. Lewis
24.All goods and services produced in a country in one year are called its_____?
A. GNP
B. GDP
C. NDP
D. GNP
25.Using part of income/saving for more income is called_____?
A. Investment
B. Busyness
C. Consumption
D. Investment
26.Total consumption deducted from total income is called_____?
A. Net income
B. Gross income
C. Saving
D. Net income
27.An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?
A. Command economy
B. Closed economy
C. Open economy
D. Command economy
28.The total revenue of a film less all its economic costs is called____?
A. Economy Profit
B. Pure Profit
C. Above normal Profit
D. Economy Profit
29.To charge different prices for the goods of the same standard is called____?
A. Prices discrimination
B. Prices differentiation
C. Oligopoly
D. Prices discrimination
30.The monetary payment a firm must make to an outsider to obtain a resource____?
A. Implicit cost
B. Explicit cost
C. Net cost
D. Implicit cost
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