A simplified picture of economic reality, an abstract generalization ?

Related Mcqs:

1. An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?

   A. Command economy
   B. Closed economy
   C. Open economy
   D. None

2. All seem fully employed but in reality much of their time is spent in unproductive activities?

   A. Disguised underemployment
   B. Underemployment
   C. Closed underemployment
   D. None

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

   A. Pure capitalism
   B. Command Economy
   C. Closed economy
   D. Open economy

4. ______________assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making?

   A. Traditional economy
   B. Political economy
   C. Capitalistic economy
   D. Open economy

5. “All LDC’s 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.” ?

   A. Economic development theory
   B. Big Push theory of development
   C. Rostow’s development plan
   D. Harod Domes model

6. 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

7. A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?

   A. IMF
   B. Islamic Bank
   C. Commercial bank
   D. None

8. In less developed nations economic dependency burden is__________________?

   A. 65 % of the population
   B. 55 % of the population
   C. 35 % of the population
   D. 45 % of the population

9. “structural transformation of primary subsistence economy for economic development” war proposed by ?

   A. Arthur Lewis
   B. Keyne’s
   C. Carl Marx
   D. Rostow

10. Economic model describing growth of the economy on one or at most a few sectors and variables?

    A. Formal growth model
    B. Functional growth model
    C. Aggregate growth model
    D. None