If income where to double and prices were to to double the budget line would ?

Related Mcqs:

1. If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?

   A. increase
   B. not change
   C. decrease
   D. shift

2. Estimated income and plane for expenditure is called Budget. What is Budget deficit ?

   A. Less Public spending than amount of revenue corporation
   B. Balance between public spending and amount of revenue
   C. More public spending than amount of revenue
   D. None of them

3. Starting from a balanced budget, for a given tax rate, an increasing in income will cause the government budget to ?

   A. move into surplus
   B. move into deficit
   C. remain unchanged
   D. None of the above above

4. The World Bank’s GNP per capita classification for low income middle income and high income countries respectively is ?

   A. less than $900, $900-$9000 and more than $9000
   B. less than $5000, $5000-$15000 and more than $15000
   C. less than $100, $100-$1000 and more than $1000
   D. less than $5000, $5000-$150000 and more than $150000

5. A tax for which high income taxpayers pay a smaller fraction of their income than do low income taxpayers is known as ?

   A. a proportional tax
   B. a regressive tax
   C. an equitable tax
   D. a progressive tax

6. If the income tax rate changes from 30% to 40% on income over Rs30,000 and a person’s income is Rs 31,000 then her marginal tax rate is ?

   A. 30%
   B. 10%
   C. 70%
   D. 40%

7. When supply exceeds demand, sellers must lower prices to stimulate sales, when demand exceeds supply, prices increase as buyers compete to buy goods. What this theory is called in economics?

   A. Cost push theory
   B. Supply and Demand theory
   C. Fundamental theory
   D. Ricardo’s theory

8. In certain industries Japanese employers hesitate to lay off workers Therefore they sometimes have excess supplies of goods that they cannot sell on the home market without lowering prices. To hold down losses they sell goods in overseas markets at prices well beneath those in japan This practice is best referred to as ?

   A. Orderly marketing
   B. trigger pricing
   C. domestic content pricing
   D. dumping

9. Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices?

   A. foreign; domestic
   B. current year; base year
   C. domestic; foreign
   D. base year; current year
   E. intermediate; final

10. If input price prices adjusted very rapidly to output prices as classical economists argue the Philips curve would be ?

    A. Vertical or nearly vertical
    B. upward sloping
    C. downward sloping
    D. horizontal or nearly horizontal