Home Economics Lecturer Economics Economics Miscellaneous MCQs Set: 4

Economics Miscellaneous MCQs Set: 4

1 - Deviance is defined as________________?

behavior that passes the limits of what the social group tolerates

2 - According to the differential association theory deviant acts are_________________?

learned through interaction with others

3 - A mother who says "If you hang out with bums you will become a bum" favors which theory of deviance ?

Differential association

4 - The treatment of mental illness based on rewards and punishment is referred to as_____________?

behavior therapy

5 - Merton attributed deviance to "anomie" meaning ?

lack of legitimate means to attain group goals

6 - An emotional disorder that still allows one to work in society is called a(n) ?

neurosis

7 - Deviance______________?

all of the above

8 - According to the text the following people were/are deviant ?

The Hell,s Angels

9 - An infant,s cries for help_______________?

are instrumental in cementing the mother-infant bonding

10 - The newest challenge to the family,s formerly exclusive claim to the socialization of its children has come from ?

the day-care center

11 - Lawrence Kohlberg,s theory of moral development claims______________?

universal validity

12 - In Erikson's system each of the stages present the individual with________________?

crises of self-definition

13 - The term "Neo-Freudian" refers to__________________?

thinkers influenced by Freud who have modified his ideas

14 - Psychodynamic approaches to personality are so named because _____________?

they are based on a sophisticated definition of instinct

15 - Mead,s"I" ?

emerged before the "me"

16 - In the metaphor of the "looking-glass self "the looking glass represents ?

the imagined judgments of others

17 - Adult socialization typically_____________?

is less effective and easier to resist than childhood socialization

18 - According to Mead the generalized other is_______________?

societal norms

19 - Studies of siblings who shared parents' social class and everyday experiences have shown that they_____________?

view the same experiences differently

20 - The psychodynamic theories of personality are associated with________________?

Sigmund Freud

21 - The biological basis of human personality derives from____________________?

all of the above

22 - According Piaget,s developmental theory______________?

a child of eight can master addition

23 - A major criticism of Fred,s theory is__________________?

his overemphasis on early childhood

24 - Freudian psychoanalytic theory emphasizes the importance of the______________?

unconscious level of personality

25 - A child shows her parents how to operate a computer This situation reflects_____________?

reverse socialization

26 - Recent studies related to daycare centers indicate that_____________?

there is no important loss or gain in intellectual development in well managed centers

27 - Agents of socialization consist of_______________?

none of these

28 - Cooley's Lookingglass self refers to______________________?

self-regard based on instinct

29 - An example of unconscious socialization would be____________________?

child absorbing parents' attitudes toward race

30 - Descriptive statistics_______________?

convey information about central tendency

31 - Socialization happens in__________________?

persons of all ages

32 - The human infants first step in socialization is_________________?

awareness of self

33 - Personality must be considered as________________?

interplay between environment and learned behavior

34 - A personality refers to______________?

all of the above

35 - Maturation for humans involves ?

physical development

36 - An individual learns to be a human being by______________?

socialization

37 - According to George Herbert Mead the self is______________?

an individual's self-concept or self-awareness

38 - Which of the following refers to Piaget,s developmental theory ?

Personality development proceeds in stages related to sensorimotor maturation

39 - The emergence of the self as a result of interaction with others is a common thread in ALL BUT ONE of the following theories ?

behaviorism

40 - The theory of symbolic interactionism in personality formation is associated with_______________?

Abraham Maslow

41 - Specialized socialization occurs most frequently in________________?

occupational groups or organizations

42 - Americans who join voluntary associations are generally ?

urban

43 - It is true that_____________?

formal organizations are based on groups of people

44 - An extreme type of coercive organizations is called a(n) _______________-?

total institution

45 - Utilitarian organizations are so named because they ?

provide material benefits in exchange for work

46 - A formal structure of an organizations is its_______________?

bylaws and body of officers

47 - Conflict_______________?

is a hostile form of struggle?

48 - According to Daniel Bell the first technological revolution_______________?

was the first of three such revolution

49 - A separation of institutional forms is most characteristic of__________________?

industrial societies

50 - The most self-sufficient group is________________?

society

51 - Which of the following is NOT true of primary relations ?

all of the above

52 - "Humanity"is__________________?

a category

53 - The struggle of women and ethnic minorities to change certain discriminatory practices concerns ?

ascribed statuses

54 - Master status refers to________________?

the most widely recognized among several positions

55 - The norm of reciprocity entails______________?

doing something in return for what someone has done for you

56 - Tolerance of conflicting ideas has been_________________?

one of the great contributions of democracy

57 - A group way of life lends itself to disorder because_________________?

human behavior is unpredictable

58 - Weber,s abstract model of bureaucracy entails______________?

task specialization governed by explicit rule

59 - "The largest group of people inhabiting a specific territory and sharing a common culture"is a definition of a_____________?

society

60 - The from of interaction that occurs when two or more individuals try to possess a scarce object or value is_____________?

competition

61 - A social system_____________?

all of the above

62 - The group way of life characteristic of humans may be traced to____________?

the fact that human infants are helpless for a long period of time

63 - The situation in the Middle East is an example of________________?

conflict

64 - A society based on close personal ties is a_____________?

Gemeinschaft

65 - Agrarian societies are based on_____________?

the use of the plow

66 - For a young guitar player a rock band seen on TV would represent a (n) ?

reference group

67 - A good example of a primary group is_________________?

a family

68 - The largest group to Which a person belongs is______________?

society

69 - A working wife and mother is likely to encounter ?

role strain

70 - The master status of George W.Bush was______________?

president

71 - In the United States a college degree is generally associated with_____________?

achieved status

72 - A general in an army chart of command positions would constitute a______________?

status

73 - Norms are_______________?

social rules of behavior

74 - Social systems are based on_______________?

expectations as to the behavior of others

75 - Pivotal institutions_________________?

all of the above

76 - Ethnocentrism refers to_______________?

an attitude with which members of one society judge another society according to their own standards

77 - "Head hunting is wrong "This statement is made from the point of view of______________?

ethnocentrism

78 - The evaluation that a certain phenomenon is good beautiful moral right and therefore desirable is termed a_______________?

value

79 - Which of the following is an example of material culture ?

The football itself

80 - When does a society need laws ?

when the folkways and mores are not sufficient to control behavior

81 - The principal difference between people and other animals is that ?

people communicate with symbols while animals communicate with signals

82 - A counterculture ?

opposes values of the mainstream culture

83 - Cultural universals include ?

music

84 - Which is an example of a pivotal social institution ?

The economy

85 - A culture complex is_______________?

a cluster of traits centered around a common activity

86 - There is a tendency for people to_______________?

accept group norms

87 - Laws are_______________?

formal norms enforced by the state

88 - In the United States___________________?

values norms and beliefs are often in conflict

89 - Burning your neighbor's house down is considered a serious offense It is a violation of_____________?

mores

90 - Knowing the workings of a car engine represents which kind of knowledge ?

cognitive

91 - Biological factors which make the development of culture possible include ?

all of the above

92 - Language____________?

all of the above

93 - Culture is the basis of______________?

human social life

94 - Cultural relativity ideally implies ?

tolerance and respect for the cultural values of others

95 - Which of the following is an example of a culture complex ?

playing football

96 - The most important category of norms for maintaining social order are ?

mores

97 - The development of modern culture is CHIEFLY dependent upon ?

complex symbolic communication

98 - The double standard in the behavior of people in society is acknowledged by the existence of a(n)?

overt and covert culture

99 - Symbolic interaction ism functionalism conflict feminism exchange are_____________?

theoretical models used by sociologists and anthropologists

100 - The classical neoclassical monetarist Keynesian refers to the discipline of_____________?

economics

101 - The study of traits that appear in specific population as adaptation to specific environments is called ?

physical anthropology

102 - Every hypothesis must ?

predict a relationship between two factors

103 - A case study is most useful when ____________?

facts must be established

104 - Correlation differs from causation in that correlation ?

occurs purely by chance

105 - Ethical neutrality is the opposite of_________________?

judgmental social science

106 - Variables that exercise influence on other variables are called ?

dependent variables

107 - The social sciences first emerged ?

as a search for universal social laws

108 - The social sciences have no laws because ?

none of the above

109 - When gathering data, the scientist is required to exhibit all BUT which one of the following traits ?

Social involvement

110 - Which of the following is NOT an example of a subject investigated by social scientists ?

The interaction of various drugs in humans

111 - It is true that the differences among the social sciences ?

all of the above

112 - It is true of science that_______________?

it is body of knowledge organized in a logical manner

113 - Which of the following is FALSE? Scientific observation ?

is open to anyone who wants to pursue it

114 - For the better part of recorded history knowledge about social relationships was principally based on ?

speculation

115 - The current trend in the social sciences is toward ?

using whatever technique seems best to fit

116 - Once a social scientist has formulated the hypothesis what is the next step of the scientific method ?

Developing a research design

117 - Objectivity means ?

eliminating bias

118 - An anthropologist living with a group of people and engaging in some of their rituals is using the following research method ?

participant observation

119 - A sample survey deals with_______________?

a statistically valid section of a population

120 - The social sciences lack ?

scientific laws

121 - Durkheim was one of the first scientific sociologists who studied______________?

suicide

122 - Psychology deals with_________________?

mental states of individual humans

123 - History is often NOT considered a social science because_______________?

its primary concern is to record events of the past

124 - Economics deals with_______________?

all of the above

125 - According to supply-side economists if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest ?

aggregate supply will increase , aggregate demand will decrease

126 - A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work save and invest these economists are ?

supply side economists

127 - The accelerator theory of investment says that induced investment is determined by ?

the rate of change of national income

128 - According to the paradox of thrift increased efforts to save will cause ?

a decrease in income and an overall decrease in saving

129 - Assuming there is no government or foreign sector the formula for the multiplier is ?

1/MPS

130 - Assuming there is no government or foreign sector, if the MPC is 8 the multiplier is ?

5

131 - In macroeconomics, equilibrium is defined as that point at which ?

Planned aggregate expenditure equals aggregate output

132 - The proportion of an increase in national income paid in tax is ?

the marginal tax propensity

133 - The marginal propensity to save (MPS) is ?

the fraction of a change in income that is saved

134 - Disposable income is the part of households income left after the deduction of ?

taxes and the addition of benefits

135 - In the equation C = a + bY, which describes the aggregate consumption function ‘b' stands for ?

The marginal propensity to consume.

136 - The total quantity of goods and services produced (or supplied) in an economy in a given period is ?

aggregate output

137 - An outward shift in the demand for money other things being equals should lead to ?

A higher quantity of money but lower interest rates

138 - To reduce the supply of money the government could ?

Encourage banks to lend

139 - According to the quantity theory of money an increase in the money supply is most likely to lead to inflation if ?

The number of transaction decrease

140 - The liquidity trap occurs when the demand for money ?

Is perfectly interest elastic

141 - The difference between goes investment and net investment is ?

Declaration

142 - Investment is a unstable element of aggregate demand because it depends heavily on ?

Government policy

143 - A profit maximising firm will invest up to the level of investment where ?

The cost of borrowing is less then the marginal efficiency of capital

144 - The accelerator assumes ?

There is a constant relationship between net investment and the rate of change of output

145 - An outward shift in the Marginal Efficiency of Capital should ?

Reduce aggregate supply

146 - The marginal propensity to consume is equal to ?

Total spending / total consumption

147 - Lower interest rates are likely to ?

increase cost of borrowing

148 - As income increase ?

The average propensity to consume falls

149 - An increase in the marginal propensity to consume will ?

Increase the marginal propensity to save

150 - When an economy first begins to grow more slowly ?

Stock levels are likely to increase

151 - If the Keynesian consumption function is C = 10 + 0.8 Td when disposable income is Rs1000 the marginal propensity to consume is what ?

0.81

152 - Economic growth can be seen by an outward shift of ?

The Minimum Efficient Scale

153 - Labour Productivity measures ?

Marginal output

154 - In a recession, GDP ?

Grows by 0%

155 - Economic growth can be measured by ?

The CPI

156 - A reflationary policy ?

Reducing interest rates

157 - For equilibrium in an open four sector economy ?

Actual injections = actual withdrawals

158 - If injections are greater than withdrawals ?

National income will increase

159 - An increase in national income is likely to ?

Decrease tax receipts

160 - An increase in national income is ?

Likely in increase exports

161 - Companies in the private sector are owned by ?

Employees

162 - Normal profit occurs when ?

Average revenue equals average variable cost

163 - To be allocatively efficient a firm must produce where ?

The price equals the average cost

164 - Profit is measured by ?

Revenue – total costs

165 - To maximise sales revenue a firm should produce where ?

Marginal revenue equals marginal cost

166 - Barriers to entry ?

Enable losses to be made in the long run

167 - In perfect price discrimination ?

The average revenue equals the average cost

168 - In perfect price discrimination ?

produce surplus is zero

169 - For a firm operating in two markets and price discriminating the profit maximising condition is ?

Marginal revenue in A = Marginal revenue B = Price A = Price B

170 - Barriers to entry ?

Do not exist in monopolistic competition

171 - If marginal revenue equals marginal cost ?

Profits are maximised

172 - The total costs are Rs2000 and 10 units are produced. The marginal cost of an 11th unit is Rs1300 Which of the following is true ?

The average cost for 10 units is Rs1300

173 - In the short term a firm will produce provided the revenue ?

covers variable costs

174 - If firms earn normal profits ?

The revenue equal total costs

175 - If the marginal revenue is less than the marginal cost then to profit maximise a firm should ?

Reduce output

176 - Total increase from Rs500 to Rs600 When output increases from 20 to 30 units Fixed costs are Rs200 Which of the following is true ?

Average cost rises

177 - If marginal cost is positive and falling ?

Total cost is increasing at a falling rate

178 - The first level of output at which the long run average cost are minimized is called ?

The Minimum Efficient Scale

179 - The law of diminishing returns assumes ?

Utility is maximised when marginal product falls

180 - An outward shift of the production possibility frontier may be caused by ?

Better training of employees

181 - The resources in an economy are ?

Fixed at any moment

182 - An economy may operate outside the production possibility Frontier if ?

It is trading other economies

183 - In a free market the combination of products produced will be determined by ?

Market forces of supply and demand

184 - Economic growth can be shown by ?

An outward shift of the production possibility frontier

185 - A way of helping depressed regions by having wage subsidies lower business taxes and capital subsidies has been suggested as ?

interventionist policies

186 - Which of the following statements supports deregulation of industries ?

All of the above

187 - Privatisation is the transfer out ?

government businesses to the private sector

188 - Reaganomics was a radical shift in Policy aimed at direct tackling ?

the supply side of the economy

189 - According to supply side economists as tax rates are reduced labour supply should increase. This implies that ?

The substitution effect of a wage change is greater than the income effect of a wage change

190 - Which of the following would be considered a supply-side policy ?

Investment tax credits for businesses to encourage investment

191 - In Which of the business cycle do firms try to cut stocks in order to save costs ?

The recession

192 - If injections are less than withdrawals at the full-employment level of national income, there is ?

A deflationary gap

193 - Assume there is no government or foreign setor, If the MPC is 75 a Rs20 million decrease in planned investment will cause aggregate output to decrease by ?

Rs80 million

194 - Assuming there is no government or foreign sector, if the multiplier is 2.5 the MPC is ?

6

195 - The ratio of change in the equilibrium level of output to a change in some autonomous variable is the ?

multiplier

196 - The marginal propensity to withdraw is ?

MPS + MPT + MPM

197 - As the MPS increases the multiplier will ?

decrease

198 - Keynes suggested that decisions to consume and save were based on ?

absolute income

199 - The fraction of change in income that is consumed or spend is called ?

the average propensity to consume

200 - A variable whose value is determined by the model of which it is a part is termed ?

endogenous

201 - Open Market Operations occur when the government ?

Increases taxation

202 - The speculative demand for money occurs when ?

Individuals hold money to buy things

203 - A reduction in the money supply is likely to ?

Increase the interest rate

204 - A fall in interest rates is likely to ?

Increase aggregate demand

205 - The precautionary demand for money is ?

An idle because

206 - If an increase in investment leads to a bigger increase in national income this called the ?

Aggregate demand

207 - Investment is ?

A withdrawal that decrease aggregate

208 - Investment depends mainly on ?

Present national income levels

209 - An increase in interest rates ?

Leads to a shift in the MEC schedule

210 - An increase in investment is most likely to be caused by ?

A decrease in the marginal propensity to consume

211 - Friedman's theory of consumption focuses on ?

permanent income

212 - An increase in consumption at any given level of income is likely to lead to ?

An increase in exports

213 - If the Keynesian consumption function is C = 10 + 0.8 Td when disposable income is Rs1000 the average propensity to consume is what ?

810

214 - If the Keynesian consumption function is C = 10 + 0.8 Td when disposable income is Rs1000 total consumption is what ?

0.8

215 - If the marginal propensity to consume on domestic products is 0.9 the size of the multiplier is ?

0.1

216 - To anticipate what the economy is going to do next the government will look at ?

Leading indicators

217 - The socially optimal rate of growth is ?

Where the marginal social benefit = the marginal social cost

218 - Potential growth measures ?

the growth of the fastest economy in the world

219 - If labour productivity per week is 200 units and there are 5 employees what is the total output ?

40 units

220 - In a boom ?

Unemployment is likely to fall

221 - Which of the following is an injection into the economy ?

Taxation

222 - A deflationary policy could include ?

Reducing interest rates

223 - Injections are?

Decrease the investment into an economy

224 - A significant increase in the government budget deficit is likely to ?

Move the economy away from full employment

225 - Injections ?

Always equal national income

226 - An independent assessment of the impact of firm's activities on society is called a ?

Financial audit

227 - If the marginal revenue is Positive ?

Selling another unit will increase average revenue

228 - To be Productively efficient a firm must produce where ?

Marginal costs are maximized

229 - When marginal revenue equals marginal cost ?

There is the biggest negative difference between total revenue and total cost

230 - To maximise growth without making a loss a firm should produce the highest output where ?

Marginal revenue equals marginal cost

231 - If the price elasticity is -0.3 this means ?

Demand is upward sloping

232 - In Price discrimination abnormal profits are made if ?

Average revenue is greater than marginal revenue

233 - A benefit to consumers of price discrimination is that ?

Consumer surplus decreases

234 - If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?

The same Price in both markets

235 - Which best describes price discrimination ?

Charging the same prices for different products

236 - Price equals ?

Total revenue / quantity sold

237 - Total revenue equals ?

Price divided by the quantity sold

238 - The profit per sale is a measure of ?

Realism

239 - In the long term a firm will produce provided the revenue covers ?

Total costs

240 - If the price is less than the average costs but higher than the average variable costs ?

The firm is making a loss but will continue to produce in the short term

241 - If marginal product is below average product ?

The average product will fall

242 - Total increases from Rs500 to Rs600 when output increases from 20 to 30 units. Fixed costs are Rs200 Which of the following is true ?

Variable cost rises by Rs100

243 - The average variable cost curve ?

Converges with the average cost as output increases

244 - When internal economies of scale occur ?

Average costs fall

245 - According the law of diminishing returns ?

The marginal product fall as more units of a variable factor are added to a fixed factor

246 - Which of the following is true ?

If the marginal cost is greater than the average cost the average cost increase

247 - Any combination of products inside the production possibility frontier is ?

Productively inefficient

248 - The resources in the economy do not include ?

Demand

249 - If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs The opportunity cost of the 5th B is ?

3As

250 - As resources are shifted from one industry to another this can be shown by ?

A movement along the production possibility frontier

251 - If an economy is productively efficient ?

More of one product can only be produced if less of another product is produced

252 - An increase in the budget surplus ?

Shift the supply of loanable funds to the right and reduces the real interest rate.

253 - If Pakistani citizens become less concerned with the future and save less at each real interest rate ?

Real interest rates rise and investment falls

254 - An increase in the budget deficit is ?

a decrease in public savings

255 - An increase in the budget deficit will ?

raise the real interest rate and decrease the quantity of loanable funds demanded for investment

256 - Which of the following sets of government policies is the most growth oriented ?

Lower taxes on the returns to saving, provide investment tax credits and lower the deficit

257 - Investment is ?

The purchase of capital equipment and structures

258 - If the public consumes Rs 100 billion less and the government purchases Rs100 billion more (other things unchanging), Which of the following statement is true ?

Saving is unchanged

259 - If government spending exceeds tax collections?

there is a budget deficit

260 - National Saving (or just saving) is equal to ?

private saving + public saving

261 - Credit risk refers to a bond's ?

Probability of default

262 - If the government increases investment tax credits and reduces taxes on the return to saving at the same time ?

the impact on the real interest rate is indeterminate

263 - If an increase in the budget deficit reduces national saving and investment we have witnessed a demonstration of ?

crowding out

264 - If the Supply of loanable funds is very inelastic (steep) Which policy would likely increase saving and investment the most ?

a reduction in the budget deficit

265 - An increase in the budget deficit that causes the government to increase its borrowing ?

Shift the supply of loanable funds to the left

266 - If Pakistani citizens become more thrifty we would expect ?

The supply of loanable funds in the Pakistan loanable funds market to shift to the right and the real interest rate to fall.

267 - Which of the following financial market securities would probably pay the highest interest rate ?

A bond issued by a startup company

268 - If GDP = Rs1,000 Consumption = Rs 600 taxes = Rs 100, and government purchases = Rs200, how much is saving and investment ?

Saving = Rs 0 investment = Rs 0

269 - Which of the following statements is true ?

Government bonds pay less interest than comparable corporate bounds

270 - A financial intermediary is a middleperson between ?

borrowers and lenders.

271 - Which of the following is an example of equity finance ?

Company shares

272 - If a market generates a side effect or externlity then free market solutions ?

are inefficient

273 - If a producer has market power (can influence the price of the product in the market) then free market solutions ?

are inefficient

274 - If buyers are rational and there is no market failure ?

free market solutions are efficient and free market solutions maximize total surplus

275 - Adam smith's invisible hand concept suggests that a competitive market outcome ?

maximizes total surplus

276 - Suppose that the price of a new bicycle is Rs300 Natalie values a new bicycle at Rs 400 it costs Rs200 for the seller to produce the new bicycle. What is the value of total surplus if Natalie buys a new bike ?

Rs300

277 - The seller's cost of production is ?

the minimum amount the seller is willing to accept for a good

278 - If a benevolent social planner chooses to producer less than the equilibrium quantity of a good, then ?

the value placed on the last unit production by buyers exceeds the cost of production.

279 - Producer surplus is the area ?

above the demand curve and below the price

280 - An increase in the price of a good along a stationary demand curve ?

decrease consumer surplus

281 - A buyer's willingness to pay is that buyer's ?

maximum amount they are willing to pay for a good

282 - Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime ?

Efficiency Jamil should receive the glove

283 - Medical care clearly enhance people's lives. Therefore, we should consume medical care until ?

the benefit buyers place on medical care is equal to the cost of producing it

284 - If a market is efficient then_______?

all these answers

285 - In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?

allow the market to seek equilibrium on its own.

286 - An increase in the price of a good along a stationary supply curve______________?

increase producer surplus

287 - Total surplus is the area_______________?

below the demand curve and above the supply curve

288 - If a benevolent social planner chooses to produce more than the equilibrium quantity of a good, then ?

the cost of production on the last unit produced exceeds the value placed on it by buyers.

289 - Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is th

Two vases will be sold, and consumer surplus is Rs5.

290 - If a buyer's willingness to pay for a new Honda is Rs20,000 and she is able to actually buy it for Rs18,000 her consumer surplus is ?

Rs2,000

291 - Consumer surplus is the area ?

below the demand curve and above the price.

292 - Per capita income is:

Income per head

293 - If indirect taxes are deducted from NNP and subsidies are added, we achieve:

NI

294 - Transfer payments are not included in national income because:

Double counting would result

295 - To determine the correct level of GNP, it is necessary to:

Add up the values of goods and services during one year

296 - Real national income increases when:

Quantity of goods and services increases

297 - It is considered as investment:

Construction of a house

298 - It is considered as transfer payments:

Unemployment allowance paid by govt.

299 - GNP is always:

Greater than NNP

300 - The four factor payments are:

Wages, rent, interest and profits

301 - It is transfer payment:

A social security payment

302 - It is counted in GDP:

A TV set produced this year but not sold

303 - If government increases taxes, private savings:

Decrease

304 - If C=200 and I = 40 then Y will equal to:

240

305 - Corporate tax is levied on:

Big companies

306 - If we deduct direct tax from personal income, we get:

Disposable income

307 - The largest part of national income is:

Consumption

308 - We measure national income by this method:

All of the above

309 - Which statement is true?

NNP = GNP - Depreciation

310 - Transfer payments means:

The payment without work

311 - Direct taxes are not included in:

DPI

312 - When National income is estimated by expenditure method, we include:

All of the above

313 - Which statement is true?

National Expenditure = National income

314 - Which statement is true?

NI = NNP - indirect taxes

315 - There are methods of measuring national income:

3

316 - If we compare GDP and GNP, then:

GNP = GDP + net income from abroad

317 - It is deducted from GNP to get NNP:

Depreciation

318 - Select the correct statements:

Depreciation allowance is a part of GNP

319 - Which is the largest figure:

GNP

320 - Which is a flow concept:

My monthly income

321 - To avoid double counting when GDP is estimated, economist:

Calculate value added at each stage of production

322 - A TV set purchased from a retail store is an example of:

Final goods

323 - It is deducted from GNP to find NNP:

Depreciation allowance

324 - Undistributed profits are considered:

Income earned but not received

325 - GNP is:

The market value of all goods and series produced in an economy

326 - GNP includes:

A broker's commission

327 - In terms of national income accounts, multiple counting refers to:

Counting currently produced goods more than once

328 - Net Investment is:

Gross Investment minus capital consumption allowance

329 - PI is equivalent to:

NI plus unearned receipts minus earnings not received (taxes)

330 - Market value of all final goods and services produced in a country during a year is definition of:

GNP

331 - Investment spending includes the purchase of:

Residential construction

332 - Which of the following would not be included in GNP:

Govt. transfer payments

333 - Consumption spending does not include:

Household's purchase of stock in any XYZ corporation

334 - Net exports are:

Total exports minus total imports

335 - National Income is:

Total income earned in producing the national product

336 - Which of the following is not included in personal Income:

Undistributd corporate profits

337 - Traffic fines are:

Included in PI but not in Disposable PI

338 - Govt. transfer payment include:

All of the above

339 - Which of the following would increse level of national income?

An increase in exports

340 - National income is a measure of:

Payments made to factors of production

341 - In calculating national income which one will not be included:

Old age pensions

342 - In circular flow model

Households own the resources

343 - A country is poor if it has:

Less production of goods per capita

344 - A country is poor if it has:

Less GNP per capita

345 - It is transfer payment:

Pension

346 - They have a functional relation

Consumption and national income

347 - This is NOT a method of measure national income:

By adding all money supply in the country

348 - Gross national product includes:

None of the above

349 - It is considered as investment in national accounting:

Construction of a house

350 - It is considered as transfer payment:

Unemployment allowance paid by govt.

351 - GNP is always:

Greater than NNP

352 - The four factor payments are:

Wages, rent, interest and profits

353 - Macroeconomics is concerned with:

Aggregate economic activity

354 - Which of the following is not macroeconomics:

Level of wages in garment industry

355 - A closed economy is best described as one in which:

No international trade

356 - In economics, one or more persons living in a joint family are called a:

Household

357 - The largest type of income in the Pakistan is:

Compensation f employees

358 - An open economy:

Is that interacts with other economies

359 - Which of the following is transfer payment:

Payment for social security

360 - Which of the following is counted in GDP:

A TV set produced this year but not sold

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