,.
conc concep ep
f ro r o n t ie ie r
'sca 'scarc rcit ity' y'
cook cookie ie an milk milk
(A)
Milk
in shor shor supp supply ly not
(B)
tp
(C)
defines
'pro 'produ duct ctio io
poss possib ibil ilit it
fron fronti tier er '?
Cookies
3...
Curve succ succes essf sful ul anti anti-c -coo ooki ki
(B)
coun countr tr (C)
emi
re
that that ar desi desi ed by (D)
illustration
increase in tbepopulationofcows
(C) se ices ices
camp campai aign gn
A. production
-CD)
country economy
producing goods a·nd serv servic ices es fo its citize citizens ns
,item
-,
Ticket price
.
oL---------------------~ ar trip trip to allow
(A)
(0
-
. .. ...-
. -
..
._.
.....
is as umpt umpt on of ma gina gina ut li
'MAJ 'MAJOR OR
efer efer to th prod produc ucti tion on poss possib ibil ilit it front frontie ie belo below. w.
heor heor
(A
CoodY
(C)
ut ilrty
M.argina1
.consumption increases.
(D)
otal otal util utilit it increases.
decl decl ne
as cons consum umpt pt on
~Q
Item refers to the follow following ing diagra diagra shows of cellular
quan quanti tity ty dema demand nded ed
which the.
Price
hich hich of he following st
of
ce llllar phone
(B
(C)
ut
Ris technically technically.inef .inefficie ficient. nt. is allo alloca cati tive vely ly inef ineffi fici cien ent. t. productively inefficient.
O~----~--------------Q QIOO
uant uantit it
6.
At
pric pric
dema demand nded ed
of
the
quantity demanded is in th diag diagra ra represents (A)
econ econom om
(C)
ex es
'YVilich of th foll follow owin in nt
9.
(A) ~"(B) '-
(C)
en
~)
An Making full us of avai availa labl bl reSO reSOlI lITC TCeS eS of Rise in th pric pric production Adver Adversew sewea eathe the condit condition ion causing dama damage ge reso resour ur es
de an
to buil buil hospitals hospitals reduces the fo fact factor or construction. amou amount nt avai availa labl bl illustrat rates es the concept of TIll TIll BEST BEST illust eu eo
(B)
scarcity
shortage
_._--_._._-,
....
_._-_
..
._._---
_
will will acco accoun un
-.
--
'-4-
13.
10.
economic statement?
(A)
(B)
pric pric ceil ceilin ing? g?
(A)
An incr increa ease se in will will affe affect ct bu oper operat ator ors. s. will result redu reduct ctio io in
(B)
Rent Rent cont contro rols ls ar pr ce supp suppor or
(C)
market
(D) (C)
Hems redu reduct ctio io in affect affect invest investmen men
situation in outp output ut resu result lt in (A) (B) oJ'
in countr country, y,
'Prtce
n t
to al fixe fixe osts osts to al vari variab able le osts osts
o~--------------------~~
(C)
average variable costs
te m,
optanurnproduction?
nd ffer fferen ence ce curv curve' e'
(A) (B)
(A)
the same (B)
(q ,.,.(D)
III which
indifferent
the consumer
rnax rnaxim imum um sati satisf sfac acti tion on h7 bi give give th cons consum umer er the of satisf satisfact action ion
15.
Assumingfuat argi argina na
ost? ost?
(A
(B) (C)
;c.:.
(D)
III
firm is earning n o r m a l profits,
~622,
mark market et fail failur ure? e?
,rCA)
(A)
.Taxation
(B
(B)
(D
(C)
External Externalitie itie
"><""(A)
(B)
(C) ·(D)
(C)
.ImI!,e,ife~t.!~no.~ledge thefollowing
less lowe lowe pric pric
demanded
o w e rp rp n ce ' th
an
at
is
cons consta tant ntly ly fall fallin in
Dere Deregu gula lati tion on an fran franch chis isin ing' g' Fran Franch chis isin in an redi redist stri ribu buti tion on Cont Cont ac ng ut an egul egulat atio io Dere Deregu gula lati tion on an nati nation onal alis isat atio io
the ollo ollowi wi
stat stat ment ment utli utline ne hara haract cter eris isti ti of priv privat at go d?
po an sp
by th privat private; e; secto sector, r, by everyone in equal
Item (C)
production. YCD) ,S
Price
27
situ situat atio io
(A)
(A (B) (C) ->I'
in
decr decrea ease se
in
non-ri non -rival val proble proble
(C)
free-rider problem non-e non-exclu xcludab dable le problem problem
(0)
drop drop in thethe-bu buck cket et prob proble le
,(B)
w ill resu result lt DP•.will
quan quanti tity ty an qual qualit ity, y, .I cons consum umpt ptio io ha xter xterna na ffec ffects ts Onthe consum consumpti ption on or prod produc uctio tio of others. by It cons consum umpt ptio io diminishes th ua ti va ab to others,
benefits
from th
good
long-run
is
equilibrium. (A)
,:. (B) (C)
AC
non-excludable rival in consumption nonrival in consumption
'margi 'marginal nalist ist princi principle ple"? "? (A)
Aver~ge
(B)
revenue. Marginal
equals
cost
average Is average
revenue.
marginal
Average 8.
Usin Usin
rnar rnar inal inalis is
equi equili libr briu iu
area
an
to determine
it
(D)
is
revenue. gi al cost revenue.
equals
Item 32 refers
Excess capacity
(B)
Shut Shut-d -dow ow poin poin Equili Equilibri brium um point point in mu effi effici cien ency cy scal scal
ia
competitive market.
'What
H e r fi fi n d ah ah l - H i rs rs c h m a n (A
(B) (C) (D
marginal
called?
(A
(D
,29.
pric pric
roac roac
Index, o f
O OO OO ?
Pure Pure mono monopo poly ly Pur oligop oligopoly oly Perfe Perfect ct comp competi etitio tio
Monopo Mon opolis listic tic compet competiti ition on
32.
of the
ron (B ) ,
to to to
, ; '-
below which
36.
33.
.U de Grenada
CSlv1E ag emen emen
pl
om
Il;OW
cost (B)
1.
II.
regulations subs subsid idis isin in an.e an.ext xter erna na bene benefi fi nt na zi te na st
(C) (D)
Ill. IV
Vertical Horizontal Geograpbical Occupational only
.T
on ep of dv se
le io
pl
th
(B) (D
with th highest risk (B)
37.y
.A
buytbem
in
er ed
eman eman
prod produc ucti tion on of th comm commod odit it avoi avoi risk risk
curve for all facto factors rs utilized in the
(C) pi ti
la ou
ar et (D)
Wage
O~----------~------~9 uant uantit it labo labour ur
area represent?
(B)
Ec no
en
(D
Cons Consum umer er surp surplu lu
tr ng
prod produc ucti tion on of th comm commod odit it outw outwar ar shif shif in th de iv prod produc ucti tion on of th comm commod odit it if in fact factor or util utiliz ized ed prod produc ucti tion on of th comm commod odit it
-5 the foll follow owin in
38.
(A
apsrt
grou groups ps is
(~2_
Const Construct ruction ion worker worker
(B)
(C)
Nurses
(D
Disc Discou oura rage ge
produc ucti tion on factor of prod
(A
1500
(B)
2000
(C
5000
work worker er
$20000
43.
39. doct doct
afte afte an exam examin inat atio io
incu incura ra
lnes lnes
he
diag diag
an
inst instea ea
es
ll (A
pres prescr crib ibes es
costly medicine.
to quant quantify ify tech tech ical ical conc concep ep equated with individ individual ual preferen preferences ces
(B)
statement
elfa elfare re'. '. is difficult to
soci social al
isco iscove vers rs
ct
si
describe?
(C)
:'I
"Valueudgements s oc oc i equa equate te it soci societ ety' y'
(D) (B)
Mora Mora
(C)
Adverse selection
azar azar
indi indica cate te that that info inform rmat atio io inform rmat atio io ro th info
Jack's $2
re
entre entrepr pren eneu eurs rshi hip, p,
$2
ea iz
pref prefer eren ence ce
is
belo belo
in an inte intere rest st $1 ro it f$
(A
avai availab lable le freely freely
(B)
evenly evenly distrib distribute ute
(C) (D)
no avai availa labl bl
free freely ly
uneven unevenly ly distrib distribute ute
40. Jack's
nc pay? pay?
45
th
foll foll
gove govern rnme ment nt prov provis isio io (A)
:1
(B)
(C) (D)
results
from
of educ educati ation on
1500
more socially effic efficie ient nt alloc allocati ation on
(A)
5"000 $20000
of resourc resources es (B)
's
(A)
1500 '2000
(C
5000
resources decreas decreas in margi margina na socia socia bene benefit fit
(C)
factor of id
in
(D) ay
benefits
CHEC CALLED, CHEC
OU
vVOR vVOR .{ON .{ONTI TIDS DS TEST TEST
