Lecturer Economics Past Papers 2011 for preparation.
An ISO – Product curve slopes?
A) Downward to the left
B) Downward to the right
C) Upward to the left
D) Upward to the right
The capital-output ratio is determined by?
A) Sectoral allocation of capital
B) Level of economic activity
C) Human and natural resources
D) All of these
Who coined the phrase ‘demonstration effect’?
A) Restow
B) G. Myrdal
C) James Duessenberry
D) R. Nurkse
Which of the following was given a central place by Schumpeter his theory of development?
A) Capital accumulation
B) Role of the govt.
C) Need for balanced growth
D) Role of innovations
Which of the following models assumes a constant saving income ratio?
A) Kaldur model
B) Leontief model
C) Harrod domar model
D) John Robinson model
In the case of complementary goods ass indifference curve can be?
A) Convex
B) Concave
C) Straight line
D) L-Shaped
The law of diminishing marginal utility will be applicable If the good in use is?
A) Interior
B) Giffen
C) Superior
D) Same
According to Classical Theory utility?
A) Can not be expressed in number
B) Can be expressed in number
C) Can be tanked
D) None of these
In the Cournot model, each firm makes decisions regarding?
A) Price
B) Output
C) Cost
D) Advertisement
The situation of single buyer and single seller is called?
A) Monopoly
B) Multi plant monopolise
C) Bilateral monopoly
D) Price discrimination
The slope of the indifference curve at any point reflects?
A) Income level
B) Prices
C) Utility level
D) Marginal rate of substitution
For a few products such as insulin for diabetes, within a range of prices?
A) The demand curve can be upward-sloping
B) The supply curve can be upward-sloping
C) The supply curve could not be upward sloping
D) It is not possible to calculate either demand or supply elasticities
The cross-price elasticity of demand for orange juice concerning the price of apple juice?
A) Negative
B) Near infinity
C) Zero
D) Positive
An effective price ceiling usually results in?
A) Excess demand
B) Excess supply
C) A new equilibrium at a lower-priced
D) A decrease in demand
An increase in supply shifts the supply curve.
A) Upward
B) To the right
C) To the left
D) Up and to the left
Tall, slender athletes play basketball while shorter, huskier ones play football because of?
A) The law of diminishing returns
B) The law of increasing costs
C) The law of comparative advantage
D) The law of decreasing cost
The invisible hand refers to the?
A) Unseen govt. control of the economy
B) The power of large corporations
C) Intangible goods produced in the country
D) The unseen coordination of market economic by the price system
Both the consumer in the economy are in equilibrium when MRS?
A) Differ
B) Falls
C) Same
D) Rises
The utility possibility curve shows the level of satisfaction.
A) Two consumers
B) Three consumer
C) Both A & B
D) None of these
The general equilibrium shows equilibrium in?
A) Single market
B) All markets
C) Both A and B
D) None of these
The classical and neo-classical theories of consumption and firm behavior are based on?
A) Certainty
B) Uncertainty
C) Neutrality
D) Preference
The economic models consist of?
A) A statement and assumption
B) Hypothesis
C) Predictions
D) All of these
Philips curve shows a relationship between prices and?
A) Wages
B) Costs
C) Inflation
D) Unemployment
The IS curve under monetarists is?
A) Steeper
B) Flatter
C) Both A and B
D) None of these
An underground worker is a worker?
A) Counted as being employed
B) Counted as being unemployed
C) Whose income is not fully reported to the Govt.
D) That has no skilled to offer in the Job market
Paper money is called flat money because?
A) It is issued by the authority of govt.
B) It is convertible into gold
C) It can be easily printed
D) It is light weight
The equation of exchange PT = MV was given by?
A) Fisher
B) Crowther
C) Kuznt
D) Keynes
Purchasing power of money during deflation is?
A) Reduced
B) Constant
C) Increased
D) Fluctuating
Utility in economic means the capacity to?
A) Provide comforts
B) Satisfy human wants
C) Earn and income
D) Satisfy human motives
Quantity of money has relation with value of money?
A) Direct
B) Indirect
C) Inverse
D) No relation
