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Question No: 14 ( Marks: 1 ) - Please choose one
In monopoly, which of the following is NOT true?
► Products are differentiated.
► There is freedom of entry and exit into the industry in the long run.
► The firm is a price maker.
► There is one main seller.
Question No: 15 ( Marks: 1 ) - Please choose one
Welfare economics is the branch of economics which deals with:
► Positive issues.
► Normative issues.
► Micro issues.
► Macro issues.
Question No: 16 ( Marks: 1 ) - Please choose one
Under the kinked demand curve model, an increase in marginal cost will lead to:
► An increase in output level and a decrease in price.
► A decrease in output level and an increase in price.
► A decrease in output level and no change in price.
► Neither a change in output level nor a change in price.
Question No: 17 ( Marks: 1 ) - Please choose one
Which of the following market situation is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies?
► Duopoly.
► Cartel.
► Market sharing monopoly.
► Natural monopoly.
Question No: 18 ( Marks: 1 ) - Please choose one
In the complete classical model, a rightward shift of the labor supply curve will:
► Decrease the price level and increase the nominal wage.
► Decrease the nominal wage and increase the price level.
► Decrease both the price level and the nominal wage.
► Increase both the price level and the nominal wage.
Question No: 19 ( Marks: 1 ) - Please choose one
Which of the following events could cause the aggregate demand curve to shift to the right?
► An increase in the rate of inflation.
► A decrease in government expenditures.
► A decrease in investment spending.
► A decrease in income tax rates.
Question No: 20 ( Marks: 1 ) - Please choose one
The Great Depression of 1930s opened the door to the __________ revolution in macroeconomic theory.
► Keynesian.
► New classical.
► Old classical.
► New Keynesian.
Question No: 21 ( Marks: 1 ) - Please choose one
Keynesian economics was the predominant economic theory:
► Prior to the late 1700s.
► From the late 1700s to the early 1900s.
► From 1930s to 1970s.
► Since 1970s.
Question No: 22 ( Marks: 1 ) - Please choose one
Classical economics was replaced as the dominant theory of macroeconomic analysis by:
► Monetarism.
► Rational expectations.
► Keynesian economics.
► Neoclassical economics.
Question No: 23 ( Marks: 1 ) - Please choose one
According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause:
► Both prices and output to rise.
► Prices to fall and output to remain unchanged.
► Both prices and output to fall.
► Prices to rise and output to remain unchanged.
Question No: 24 ( Marks: 1 ) - Please choose one
Intermediate goods are meant for:
► Direct use by the consumers.
► Further processing.
► The term do not exist.
► None of the given options.
Question No: 25 ( Marks: 1 ) - Please choose one
Final goods are meant for:
► Direct use by the consumers.
► Further processing.
► The term do not exist.
► None of the given options.
Question No: 26 ( Marks: 1 ) - Please choose one
Which of the following is a flow variable?
► The value of the house in which you live.
► The balance in your savings account.
► Your monthly consumption on food items.
► The number of carrots in your refrigerator at the beginning of the month.
Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following is NOT a stock variable?
► Government debt.
► Capital.
► The amount of money held by the public.
► Inventory investment.
Question No: 28 ( Marks: 1 ) - Please choose one
All other things remain the same, Gross Domestic Product (GDP) will rise if:
► Imports rises.
► Exports falls.
► Durable goods consumption rises.
► Military spending falls.
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