Introduction To Economics

A. a period of declining prices.
B. a period of declining unemployment
C. a period during which aggregate output declines.
D. a period of very rapidly declining prices.

A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand

A. descriptive economics
B. normative economics
C. macroeconomics.
D. microeconomics

A. the behavior of the electronics industry
B. the behavior of firms
C. economics aggregates
D. the activities of individual units

A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. The Pakistan’s economy is growing fast relative to other SAARC members
D. The government should concentrate on reducing unemployment

A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large

A. The free provision of products
B. The Subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter

A. What to produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth

A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time

A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost