4601. Agriculture contribution in GNP of developing nations ?
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A. 3 %

B. 13%

C. 21%

D. 15%

4602. Using part of income/saving for more income is called_________________?
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A. Consumption

B. Investment

C. Entrepreneurship

D. Busyness

4603. Selling public assets to individuals or private business interests ?
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A. Downsizing

B. Privatization

C. Publication

D. All

4604. Employment available resources so that the maximum amount of goods and services is produced?
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A. Fringe benefits

B. Large scale production

C. None

D. Full production
4605. The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________?
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A. Trade surplus

B. Trade Balance

C. Trade deficit

D. None

4606. An institution or mechanism which brings together buyers and sellers is called____________________?
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A. Product Market

B. Market

C. None

D. Resource Market

4607. A particular set of institutional arrangement and a coordinating mechanism is___________________?
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A. Economic system

B. Mixed system

C. Fascism

D. None

4608. An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ?
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A. Decreasing cost industry

B. None

C. Both

D. Declining industry

4609. A rise in the general level of prices in an economy___________________?
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A. Dearnen

B. Both

C. None

D. Inflation
4610. A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price?
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A. Indifference curve

B. Budget line

C. Says law

D. Lorenz curve

4611. To charge different prices for the goods of the same standard is called___________________?
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A. Prices elasticity

B. Oligopoly

C. Prices discrimination

D. Prices differentiation

4612. A condition when there is excessive produce in the market which lowers down the price is called__________________?
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A. Perfect market

B. All of these

C. Market glut

D. Imperfect market

4613. Labour force engage in Agriculture in economically developed nations ?
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A. 5%

B. 2%

C. 15%

D. 10%

4614. An organization of producers agreeing to limit the output of their product in an effort to raise prices and profit ?
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A. Cartel

B. Buffer stock

C. Capital account

D. Capital account

4615. In richer nations children are______________% of the dependents?
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A. 45%

B. 66 %

C. 60%

D. 70%

4616. Production possibility curve is always concave because ?
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A. The curve gets steeper as we move downward

B. Resources are scarce

C. In reflects the law of increasing opportunity cost

D. The marginal benefit decreases as more of a good is consumed

4617. The attainment of literacy, arithmetic competence and elementary vocational skills ?
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A. All

B. Basic education

C. Primary education

D. Basic qualifications

4618. A closed economy that attempts to be completely self-reliant ?
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A. Autarchy

B. Amortization

C. None

D. Command economy

4619. A decrease in the governmentally defined value of currency ____________________?
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A. Inflation

B. Devaluation

C. All

D. Cheapness

4620. A tax imposed by a nation on an imported good is called_________________?
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A. Net profit

B. GNP

C. Foreign exchange

D. Tariff
4621. The sale of products below sale of production in a foreign country or below the prices charged at home is called ?
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A. Monopoly

B. Dumping

C. Subsidy

D. Inflation

4622. The process of deriving principles is called___________________?
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A. theoretical economics

B. Economics analysis

C. Both A. and B.

D. None of these

4623. Urban population in LDCs_________________?
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A. 50%

B. 36 %

C. 464%

D. 20%

4624. Commodities whose demand varies directly with money income are called______________________?
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A. Superior or normal goods

B. Substitutes

C. Complementary goods

D. None

4625. A large govt. role and some degree of coordinated economic decision making directed towards transforming the economy are usually viewed as essential components of__________________?
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A. Political economics

B. Development economics

C. Tradititional economics

D. None

4626. Legally established maximum price of a good or service__________________?
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A. Ceiling price

B. None

C. Floor price

D. Max price

4627. determinants of demand are some times referred as__________________________?
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A. Demand determinants

B. Demand effectors

C. none

D. Demand shifters
4628. Wealth of nations was written by_________________?
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A. Adam Smith

B. Lewis

C. Keynes

D. Rostow

4629. The part of economy which contains all govt. entities is called__________________?
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A. Public utility

B. None

C. Public sector

D. Private sector

4630. The percentage of labour force unemployment at any time__________________?
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A. None

B. Deflation rate

C. Inflation rate

D. Unemployment rate
4631. A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ?
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A. Plant

B. Firm

C. Factory

D. None

4632. An economic system in which traditions and customs determine how the economy would use its scare resources ?
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A. Mixed economy

B. capitalistic economy

C. Traditional economy

D. Command economy

4633. Urban migration is causing the labour force to grow at annual rates of _____________in LDC?
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A. 30-35%

B. 10-20%

C. 35-40%

D. 5-7%
4634. An accounting item which increase the value of an asset___________________?
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A. Credit

B. Debit

C. None

D. Loan

4635. In less developed nations economic dependency burden is__________________?
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A. 45 % of the population

B. 55 % of the population

C. 35 % of the population

D. 65 % of the population

4636. In ___________________ we avoid value judgments and focus on facts?
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A. Normative economics

B. factual economics

C. Theoretical economics

D. Positive economics
4637. Tax levied on production of specific product on quantity of product purchased ?
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A. All

B. Excise tax

C. Income tax

D. Sales tax

4638. Stocks of commodities held by the countries or international organizations to moderate the commodities price fluctuations ?
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A. Capital stocks

B. Buffer stocks

C. Speculation

D. Black market

4639. An analytic approach in which we move from facts to theory, from a particular to general is called____________________?
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A. Generalization

B. Deduction

C. Induction

D. Randomization

4640. An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________?
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A. Pure capitalism

B. Closed economy

C. Open economy

D. Command Economy

4641. A process of production that uses a higher proportion of capital as compared to other factors of production ?
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A. Capital intensive technique

B. Labour intensive technique

C. Both a and b

D. None of these

4642. Economics is the study of causes of material welfare was defined by___________________?
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A. Marshall

B. Marks

C. Robins

D. Adam Smith

4643. The amount by which a nations export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?
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A. None

B. Trade surplus

C. Trade deficit

D. Trade off

4644. Rural based population in less developed countries (LDCs) ?
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A. 75%

B. 65 %

C. 45%

D. None

4645. A market in which products are sold by firms and bought by households is_________________?
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A. None

B. Product market

C. Resource market

D. Consumer market

4646. A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called________________?
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A. Saving schedule

B. Consumption schedule

C. None

D. Income schedule

4647. Excess of total revenue over total costs_______________?
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A. Both

B. Scarcity rent

C. None

D. Producer surplus

4648. People who are eager and able to work but for whom no suitable jobs are available?
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A. Disguised employment

B. Open unemployment

C. Unemployment

D. Under employment

4649. In least developed nations dependent children are__________________?
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A. 50%

B. 60%

C. 90 %

D. 70%

4650. Activities of central bank designed to influence financial variables such as money supply and interest rates?
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A. Fiscal policy

B. Economic policy

C. None

D. Monitory policy