A set of alternative commodity bundles that a person can command in a society using the totality of rights and opportunities that he possesses is known as ?

Related Mcqs:

1. The limit on the consumption bundles that a consumer can afford is known as ?

   A. an indifference curve
   B. the budget constraint
   C. the marginal rate of substitution
   D. the consumption limits

2. If in Pakistan real GDP/person in 2004 is Rs18,073 and real GDP/person is 2005 is Rs18,635 What is the growth rate of real output per person over this period ?

   A. 3.1 percent
   B. 3.0 percent
   C. 18.6 percent
   D. 18.0 percent

3. Minimum price of a commodity fixed by government to save the interest of producer of raw materials is called ?

   A. Floor price
   B. Fixed price
   C. Bid Price
   D. Basic Price

4. To stabilize the prices of primary products international commodity agreements have utilized all of the following except ?

   A. tariff-rate quotas applied to imported goods
   B. production and export controls
   C. buffer stocks
   D. multilateral contracts

5. Suppose that the world price of tin is above the target (ceiling) price that is defined by an international commodity agreement. To move the world price toward the target price, a buffer stock agreement would require its buffer stock manager to ____ tin and an export quota agreement would require that member countries _________ their export of tin?

   A. purchase; decrease
   B. purchase; increase
   C. sell; increase
   D. sell; decrease

6. To be considered a good candidate for export cartel, a commodity should ?

   A. be a manufactured good
   B. be a primary product
   C. have a low price elasticity of supply
   D. have a high price elasticity of demand

7. In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?

   A. Px/Pm
   B. Pm/Px
   C. (Pm/Px)Qm
   D. (Px/Pm)Qx

8. Commodity money ?

   A. has no intrinsic value
   B. has intrinsic value
   C. is used exclusively in the economies of western Europe and north America
   D. is used as reserves to back fiat money

9. Refer to Exhibit 4. Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer’s income is €100 If the price of a belt is €10 and the price of a pair of socks is €5, the consumer will choose to buy the commodity bundle represented b point ?

   A. Z
   B. X
   C. Y
   D. the optimal point cannot be determined from this graph

10. Export primary commodity concentration ratios are ?

    A. commodity exports as a percentage of GDP per capita of exporting country divided by importing country
    B. export earnings as a ratio of population
    C. total merchandise export divided by Gross National Income
    D. food, raw materials minerals and organic oils and fat as a percentage of total merchandise exports