1) If interest rates rise then costs are likely to _______ and demand is likely to _________? a. rise, fall b. rise; rise c. fall; fall d. fall; rise
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2) Government policies that focus on changing taxes and government spending are called ? a. fiscal policies b. incomes policies c. supply-side policies d. monetary policies
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3) As prices rise, there will be costs of constantly changing price-tags and reprinting price-lists This is called ? a. real balance effect b. menu costs of inflation c. money illusion. d. cost-push inflation.
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4) The natural rate of unemployment is generally thought of as the ? a. ratio of the frictional unemployment rate to the cyclical unemployment rate. b. Sum of structural unemployment and cyclical unemployment. c. Sum of frictional unemployment and cyclical unemployment d. sum of frictional unemployment and structural unemployment.
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5) Unemployment resulting from changes in the pattern of demand or supply in the economy is called _______ unemployment? a. regional b. technological c. structural d. demand-deficient
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6) Unemployment resulting from real wages being above their equilibrium level is called _________ unemployment? a. natural b. frictional c. disequilibrium d. structural
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7) Aggregate demand is the total demand for all goods and services in an economy from ? a. the household and government sectors b. the household sector. c. all sectors of except the rest of the world d. all sectors of the economy including the rest of the world.
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8) Classifying discouraged workers as unemployed would ? a. not change the unemployment rate b. decrease the unemployment rate c. increase the unemployment rate d. have an indeterminate impact on the unemployment rate
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9) Since 1998 many government have defined unemployment using ? a. a labour force survey. b. the number out of work and claiming benefit c. the percentage of the labour force not in work d. the ILO/OECD standardised unemployment measurement
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10) The percentage of the labour force that is unemployed is the ? a. Unemployment population ratio. b. Unemployment rate c. employment rate d. Labour force rate.
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11) Which of the following is not likely to be government objective ? a. Increasing employment b. Increasing economic growth c. Increasing government spending d. Increasing the level of exports
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12) Which of the following is a policy instrument as opposed to a government objective ? a. lower interest rates b. A better balance of trade position c. Faster economic growth d. Lower unemployment
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13) Which of the following is not a macroeconomic issue ? a. Unemployment b. Inflation c. The wages paid to footballers d. Economic growth
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14) Which of the following is not involved with fiscal policy ? a. Income tax b. National insurance c. VAT d. Interest insurance
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15) Which of the following is macroeconomic issue ? a. The price of houses in karachi b. The wage rate for plumbers in Islamabad c. Your decision to work or stay at home d. The level of unemployment is pakistan
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