B) John Keynes
C) Friedrich Hayek
D) Milton Friedman
Lecturer Economics Past Papers 2011
Which of the following is not an indicator of human resources development?
A) Marginal efficiency of capital
B) Provision of Health facilities
C) Organized education
D) On the job training
Prices tend to be inflated during wartime because?
A) There is competition for fully employed resources
B) Guns cost more than butter
C) The consumer price index was calculated differently in wartime
D) Fewer people are living on fixed incomes
International trade agreements by cartels?
A) Exert monopolistic of influence
B) Generally happen in industries, with limited supply
D) None of these
A linear homogeneous production function would reveal?
A) Decreasing return to scale
B) Increasing returns to scale
D) An increasing marginal product
Which of the following would cause demand-pull inflation?
A) An increase in aggregate demand, with shortages of supply
B) Increases in production costs
C) Disproportionately high payments to the factors of production
D) Monopolistic labor markets