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# 1st Quiz, ECO-403, Last date:22-11-2013

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this is my quiz file, few are missed .........!

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+ Saim Rao  thanks for sharing ur quiz..keep it up

ECO-403, 1st Quiz

Disposable Personal income is equal to personal income minus------------

Personal taxes.

Capital consumption allowance.

 Which one of the following is correct?

M * V = P + Y

M * V = P * Y

M + V = P – Y

M * V = P/ Y

Which of the following best describes the definition of money?

The stock of assets used for transactions.

The number of dollars in the hands of the public.

A store of value, a unit of account, and a medium of exchange.

All of the given options.

National saving is equal to ---------.

Y – C + G

Y – C – G

Y + C – G

Y + C + G

Assume the first three units of labor input generate corresponding total outputs of 700, 770 and 830. The marginal product of the second unit of labor is:

70

700

770

1470

The GDP deflator can be used:

 In a given year, a country's exports total Rs39 million & imports are Rs17 million. Its net exports are:

Rs.56 million.

Rs. 39 million.

Rs. +22 million.

Rs. - 2 million.

GNP is \$750 billion and depreciation is \$200 billion, then net national product:

Is \$550 billion.

Is \$640 billion.

Is \$950 billion.

Cannot be determined from this information.

The quantity of money in an economy is Rs.7 million, and the velocity of circulation is 3. GDP in this economy is------------- million.

4

-4

7

21

 If an economy has population of 20 million people, 10 million unemployed and 7 million employed, 5 million adult populations, the labor force participation rate is:

17/5 *100

20/5*100

 The _______ rate is equal to the number of _______ divided by the _______multiply by 100.

Unemployment; unemployed; labor force

Unemployment; employed; labor force

Employment; unemployed; labor force

Labor force participation; Adult population; labor force

Economics is a __________word.

Latin.

Greek.

English

None of given options.

Human wants are:

Always fixed.

Limited.

Unlimited.

Likely to decrease over time.

If consumer incomes increase, the demand for commodity “k”:

Will shift to the left.

Will shift to the left than right.

Will shift to the right.

Will necessarily remain unchanged.

Saim Rao

Mera aur mere frnd Syed Aftab Zaidi ka quiz just now from Qatar,,,

Q. The relationship between consumer spending and income is known as the:

Q. Assume the first three units of labor input generate corresponding total outputs of 700, 770 and 830. The marginal product of the second unit of labor is:

Q.  In production function, labor (L) and output (y) has;

Q.Which one of following is correct equation?

Y = C + I + G + NX

Y = C + S + I + NX

Y = C + T + G + NX

Y = C + T + I + G + NX

Q.  If V = 2, P = Rs3, and Y = 40, then the quantity of money equals------------------

Q.  Real GDP (Gross Domestic Product) is measured:

Q.  A carpenter buys wood for Rs.500 and paint for Rs.200 and uses them to produce table for consumers of worth Rs.700, the contribution to Gross Domestic Product (GDP) is:

300

500

700

1400

Q. In the monetary policy government controls _______________:

Q: Which one is NOT a factor of production?

Q: Economy faces a short run tradeoff between inflation and____________.

Q: Macroeconomics is concerned with which of the following?

Q: Going to the doctor would be counted in GDP as: a Service

Q: If nominal GDP = Rs10 million and the quantity of money is Rs.2 million, what is velocity?

Q: If an economy has population of 200 million people, 100 million unemployed and 70 million employed, what is the labor force?

Q: Human wants are:

Q: Disposable Personal income is equal to personal income minus-----------.

Q: Which of the following is primary economic function of household sector?

Q: The 'law of demand' means:

Select correct option:

Q: If nominal GDP = 4700 while real GDP = 1500 then GDP deflator is equal to;

Q: Causes of market failure include:

Select correct option:

Externalities and market power.

Market power and incorrect forecasts of consumer demand.

Externalities and foreign competition.

Incorrect forecasts of consumer demand and foreign competition.

Question # 2 of 20 ( Start time: 05:07:25 PM )  Total Marks:  1

If an economy has population of 20 million people, 10 million unemployed and 7 million employed, 5 million adult populations, the labor force participation rate is:

Select correct option:

17/5 *100

20/5*100

5/20*100

5/17*100

Q: If you buy a pizza from a restaurant rather than making the identical product at home, then which of the following would happen?

Select correct option:

GDP increases.

GDP decreases.

GDP remains unchanged.

Society’s well-being decreases.

Q: Economics is a __________word.

Select correct option:

Latin.

Greek.

English.

None of given options.

Q: GNP is \$750 billion and depreciation is \$200 billion, then net national product:

Select correct option:

Is \$550 billion.

Is \$640 billion.

Is \$950 billion.

Cannot be determined from this information.

Q: If consumer incomes increase, the demand for commodity “k”:

Select correct option:

Will shift to the left.

Will shift to the left than right.

Will shift to the right.

Will necessarily remain unchanged.

Q: If the private saving is 700 and public saving is 400, the National saving is------------:

Select correct option:

300.

400.

700.

1100.

Q: The quantity of money in an economy is Rs.7 million, and the velocity of circulation is 3. GDP in this economy is------------- million.

Select correct option:

4

-4

7

21

Q: Which of the following is counted in Gross Domestic Product?

Select correct option:

The sale of a used computer.

The sale of an old house.

The sale of new car.

The sale of bonds.

Q: Which of the following is true?

Select correct option:

MPL = F (K, L +1) – F (K, L)

MPL = F (K, L -1) – F (K, L-1)

MPL = F (K, L +1) – F (K, L+1)

MPL = F (K+1, L +1) – F (K, L)

Q: In the monetary policy government controls _______________:

Select correct option:

Money supply.

Expenditure.

Taxation.

All of given options.

Q: Suppose, a nation's exports are Rs.17 billion while its imports are Rs.10 billion in year 2001. Its net exports for this year are:

Select correct option:

-27 billion

27 billion

17 billion

7 billion

Q: In economics marginal means:

Select correct option:

Incremental.

Extra.

All of given options.

Q: Economy faces a short run tradeoff between inflation and _________:

Select correct option:

Employment.

Unemployment.

Price level.

None of given options.

Q: Which one of the following is correct?

Select correct option:

M * V = P + Y

M * V = P * Y

M + V = P - Y

M * V = P/ Y

Q: If an economy has population of 15 million people out of which 2 million are unemployed and 7 million are employed. What is rate of unemployment?

Select correct option:

(2/17)*100

(2/09)*100

(7/09)*100

(2/7)*100

Q: If the Keynesian consumption function is C = 0.8 Yd and disposable income is Rs1000.What is the marginal propensity to consume?

Select correct option:

8

0.8

800

8000

Q: Which of the following is fiat money?

Select correct option:

Gold

Silver

Gold coins ,  Paper currency

Q: The cost of next best alternative forgone is best described by the:

Select correct option:

Principle of diminishing returns.

Marginal principle.

Principle of opportunity cost.

Reality principle.

Q: National saving is equal to ---------.

mere aur dost kaa combine quiz, almost all quiz include hen,

Manzar Abbas with Syed Aftab Zaidi.

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