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1) 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. None
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2) 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. All of these
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3) A legally determined price above the equilibrium price is__ a. Floor price b. Ceiling price c. Equilibrium price d. None
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4) The branch of economics which analyze govt. revenues and expenditures is__ a. Public revenue b. Public finance c. Public good d. None
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5) Nominal income adjusted for inflation___ a. Real income b. Net income c. Total income d. None
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6) A tax imposed by a nation on an imported good is called__ a. Tariff b. Foreign exchange c. Net profit d. GNP
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7) 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 d. None
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8) 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. None
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9) 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. Command economy
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10) Failure to use all available economic resources to produce goods and services is called__ a. Unemployment b. Underemployment c. Inflation d. Deflation
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11) The price paid for the use of services of labour per unit of time is called__ a. Salary b. Income c. Wage d. All
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12) 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. Producer market
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13) A measure of average output or real output per unit of input is called__ a. Efficiency b. Production c. Productivity d. None
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14) The households and the business firms of the economy are called___ a. Public sector b. Ptivate sector c. Govt secto d. None
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15) The process of deriving principles is called__ a. theoretical economics b. Economics analysi c. Both A. and B d. None of these
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16) An analytic approach in which we move from general to particular from theory to facts is__ a. Induction b. Deduction c. Specification d. None
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17) Wealth of nations†was written by___ a. Lewis b. Rostow c. Keynes d. Adam Smith
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18) All goods and services produced in a country in one year are called its___ a. GNP b. GDP c. NDP d. None of these
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19) Using part of income/saving for more income is called__ a. Investment b. Busyness c. Consumption d. Entrepreneurship
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20) Total consumption deducted from total income is called__ a. Net income b. Gross income c. Saving d. None of these
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