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ECO401 Current Final Term Fall 2013 File 1


Current paper fall 2013 1st to 12 march
Ec0401
McQ’s
Real Gross Domestic Product (GDP) equals:
► Nominal GDP minus net exports.
► Nominal GDP divided by the GDP deflator. (p 121)
► Nominal GDP multiplied by the GDP deflator.
► GDP minus depreciation
Countries that are not among the high income nations of the world are categorized
as:
► Developed countries.
► Progressed countries.
► Developing countries.
► High income countries.
If average physical product (APP) is decreasing then which of the following must be
true?
► Marginal physical product is more than the average physical product.
► Marginal physical product is less than the average physical product. (p 55)
► Marginal physical product is decreasing.
► Marginal physical product is increasing.
The concept of a risk premium applies to a person that is:
► All of the given options.
► Risk averse.
► Risk neutral.
► Risk loving.
Law of diminishing marginal utility indicates that the slope of the marginal utility
curve is:
► Horizontal.
► Vertical.
► Negative.
► Positive.
The extra value that consumers receive above what they pay for that good is called:
► Producer surplus.
► Utility.
► Marginal utility.
► Consumer surplus.
If a decrease in price increases the total revenue then:
► Demand is elastic. (P 28)
► Demand is inelastic.
► Supply is elastic.
► Supply is inelastic.
Which of the following is NOT a reason of downward slope of aggregate demand
curve?
► The exchange-rate effect.
► The wealth effect.
► The classical dichotomy / monetary neutrality effects.
► The interest-rate effect.



52) MCQS mostly in past paper but I was read the handouts. Then i will paper is good. 
53) Differentiate between real exchange rate and nominal exchange rate ? (3)
54) Define money multiplier formula with the help of income and consumption ?(3)
Y=C+I+G+NX   C=a+by
55) What is the effect of expansionary fiscal policy on debt of any country ?(3)
56) Differentiate between the real business cycle(RBC) and the ralional expectations schools of thought? (5)
57) Define the investment demand curve with the help of diagram?(5)
58) Define the marginal utility in a maximum point with the help of diagram?(5)
Sol:question no 58)
59) Under developed countries ka batana tha k kaisy thek kar sakty hain 3 condition di thi ?(5)
60) Explain difference between current and capital account?(5)

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