Income Determination in Closed Economy Questions and Answers PDF Download 24
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Trivia Quiz on Income Determination in Closed Economy PDF Download 24
MCQ: The amount imports increase or decrease with each unit rise or decline in disposable income is known as
- marginal propensity to save
- marginal propensity to consume
- marginal propensity to import
- marginal propensity to export
C
MCQ: The slope of the offer curve is the point that tells the country's
- autarky price
- optimum price
- pareto efficiency
- equilibrium
A
MCQ: The concept that relates with the redirection of international trade due to the formation of a free trade area is called as
- trade creation
- trade diversion
- trade bloc
- trade deflection
D
MCQ: The quantity of a commodity, good or service that people are willing to buy for a particular span of time is known as
- law of demand
- budget line
- quantity demanded
- quantity supplied
C
MCQ: A country's exports or imports affect the national income of the other country which, in turn, affects the foreign trade and national income of the first country, this effect is known as
- local repercussions
- foreign repercussions
- liable repercussions
- social repercussions
B