4551. An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?
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A. None

B. Closed economy

C. Command economy

D. Open economy

4552. A section in a nations international balance of payments which records its export and import of goods and services, its net investment income, and its net transfers ?
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A. Saving account

B. Capital account

C. Fixed account

D. Current account
4553. A minimum price which govt. allows seller to receive for a good or service____________________?
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A. Ceiling Price

B. Floor Price

C. Supprot Price

D. All

4554. Cooperation among unification of the economies of different nations is termed as_____________________?
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A. Economic integration

B. none

C. Economic Bloc

D. Economic union

4555. All points on the production possibility curve explain__________________?
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A. Less than full use of resources

B. Productive efficiency

C. Allocative efficiency

D. Unattainable levels of output

4556. The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses ?
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A. Circular flow model

B. None

C. Centralized planning

D. Cognitive planning

4557. Opportunity cost is illustrated by the___________________?
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A. Positive slope

B. Steep slope

C. None

D. Downward slope
4558. The households and the business firms of the economy are called__________________?
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A. Public sector

B. None

C. Ptivate sector

D. Govt sector

4559. A good used together with another good is___________________?
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A. None

B. Normal good

C. Complementary good

D. Superior good

4560. All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called ?
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A. GDP

B. NDP

C. NNp

D. GNP
4561. An asset set aside for future use is termed as_______________________?
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A. Future planning

B. None

C. Store of value

D. Speculation

4562. A type of unemployment caused by insufficient total spending___________________?
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A. Cyclical unemployment

B. Under employment

C. None

D. Underdevelopment

4563. A legal entry chartered by a state or the federal govt. which is district and separate from the individuals who own it ?
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A. Co-operative

B. Corporation

C. Partnership

D. None

4564. A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?
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A. Micro economic

B. Macroeconomic

C. Normative economic

D. Positive economic

4565. A curve showing the distribution of income in an economy___________________?
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A. Investment damage curve

B. Income budget line

C. Lorenz curve

D. Indifference curve

4566. A commercial bank authorized by state govt. to engage in business of banking ?
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A. State Bank

B. None

C. Business authorized bank

D. National Bank

4567. A technological innovation that increase the production while using the same capital input?
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A. Production intensive technique

B. Capital saving technological process

C. Capital intensive technique

D. None

4568. Productive efficiency means___________________?
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A. Producing the desired ones only

B. None

C. Producing all output combinations in the least costly way

D. Producing the specific output mix most desired by society

4569. Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________?
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A. Economics of scale

B. Economics of mass production

C. Both of these

D. None of these

4570. Hitler introduced ?
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A. Command economy

B. Traditional economy

C. Authoritarian economy

D. Mixed economy

4571. The extreme case of physical resource endowment is ________________?
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A. Gulf oil states

B. USSR

C. South Africa

D. United states America

4572. All goods and services produced in a country in one year are called its__________________?
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A. GNP

B. GDP

C. None of these

D. NDP

4573. A measure of average output or real output per unit of input is called____________________?
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A. Productivity

B. None

C. Efficiency

D. Production

4574. Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand ?
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A. None

B. Both

C. Stagflation

D. Demand pull inflation
4575. An increase either in real output (GDP) or in real output per capita is called___________________?
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A. Economic efficiency

B. Economic development

C. Economic growth

D. Growth rate

4576. The total amount buyers of goods and services sped or plan to spend____________________?
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A. Total spending

B. Aggregate spending

C. Both a and b

D. None

4577. The private ownership of resources and use of a system of market and prices to coordinate and direct economic activity________________?
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A. Pure capitalism

B. Both

C. None

D. Iaissez faire capital

4578. structural transformation of primary subsistence economy for economic development war proposed by ?
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A. Keynes

B. Rostow

C. Arthur Lewis

D. Carl Marx

4579. An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called_______________?
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A. Factory

B. None

C. Company

D. Firm
4580. A measure of the real purchasing power of the community ?
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A. All

B. Total expenditure

C. Total effective demand

D. Aggregate demand

4581. A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?
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A. None

B. IMF

C. Commercial bank

D. Islamic Bank

4582. Problems that occur to the individuals or society as a whole as a result of the unpopular consumption habits. Of another individual e.g drug addiction ?
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A. Ammunity

B. None of these

C. Consumption diseconomies

D. Commune
4583. Directing domestic resources to output which a nation is highly efficient at producing is called____________________?
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A. Speculation

B. International specialization

C. None

D. International Trade

4584. ______________assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making?
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A. Capitalistic economy

B. Traditional economy

C. Political economy

D. Open economy

4585. Any point inside the production possibility curve represents ?
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A. Unemployment

B. Failure to achieve productive efficiency

C. Both A. and B.

D. None of these

4586. The total number of people living below a specified minimum level of real income, an international poverty line, is called ?
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A. Absolute poor

B. Relative poor

C. Real poverty

D. None

4587. A benefit or cost from production or consumption accruing without compensation to non buyers and non/sellers of the product is called_________________?
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A. anti dumping

B. Specialization

C. Spill over

D. Speculation

4588. Total consumption deducted from total income is called__________________?
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A. Gross income

B. Net income

C. Saving

D. None of these

4589. Upward shift of the demand curve is due to_________________?
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A. Decrease in quantity demanded

B. Increase in demand

C. Changing in quantity demanded

D. None

4590. A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________?
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A. Transfer payment

B. Tariff

C. Tax

D. Subsidy

4591. The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?
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A. None

B. Both

C. Technology

D. Advanced knowledge

4592. The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called__________________?
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A. Trade offs

B. Trade union

C. All

D. Trade block

4593. All LDCs require to take off into a period of self-sustaining economic growth is a massive investment program designed to promote rapid industrialization and the building up of economic infrastructure. ?
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A. Harod Domes model

B. Economic development theory

C. Rostows development plan

D. Big Push theory of development
4594. When price for one and demand for other move in same direction we say them___________________?
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A. Supplementary

B. Substitutes

C. None

D. Complementary

4595. The demand schedule or the demand curve of all buyers of a good or service is called____________________?
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A. Market demand

B. None

C. Total demand

D. Both
4596. The price paid for the use of services of labour per unit of time is called__________________?
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A. Salary

B. Income

C. All

D. Wage
4597. Allocative efficiency is__________________?
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A. None

B. Producing the specific output mix most desired by society

C. Producing all output combinations in least costly way

D. Producing the desired things

4598. A legally determined price above the equilibrium price is__________________?
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A. None

B. Ceiling price

C. Equilibrium price

D. Floor price
4599. Stage of growth model development was porposed by____________________?
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A. Harrod Dommer

B. Keynes

C. Theodore

D. Rostow
4600. From of central bank that issues domestic currency for foreign exchange at fixed rates ?
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A. Commercial Bank

B. State Bank

C. Stock exchange

D. Currency board