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Economics is a social science which deals with human behaviour as a relationship between.Unlimited buyers and limited sellersUnlimited wants and scarce resourcesUnending wants and limited peopleConsumption and productionEfficiency and production If a price increase of 50% results in an increase in the quantity supplied of an economic good from 10 to 20 pieces, calculate the coefficient of price elasticity of supply.¼½12 Which of the following features defines human needs?are not concurrent;does not disappear momentarily if they are satisfied;. is unlimited in capacity;is unlimited in number. Which is an example of Microeconomic theory?Theory of ConsumptionTheory of Economic GrowthTheory of MoneyTheory of Income, Employment and Output Positive Economics is based onValue judgementEthicsFactsPublic opinion 1 out of 5 People can face trade-off betweenEfficiency and investmentEfficiency and marginalismEfficiency and equityEfficiency and effectiveness The total utility coincides with the marginal utility:for the first unit consumedonly for the irrational consumerat the level of the last unit consumedAt the saturation point. The indifference curve means:equal consumption of two goodsequal utility from the consumption of two combinations of goodsequal consumer incomeequal prices of the goods consumed. Which of the following identifies two economic objectives of monetary policy?Price stability and full employmentEconomic growth and external stabilityPrice stability and distribution of income to the youthEconomic growth and environmental sustainability An economic agent contracts a loan of 15.000 GH₵, which he will repay in three equal annual instalments. What will be the total interest paid, knowing that the annual interest rate is 12% per year?3.600 GH₵1.800 GH₵5.400 GH₵1.500 GH₵ 2 out of 5 In theory, which of the following best describes the characteristics of a public good?Excludable and rivalExcludable and non-rivalNon-excludable and rivalNon-excludable and non-rival The table shows employment data for a hypothetical economy. Year Population Working age Number Number population employed unemployed (millions) (millions) (millions) (millions) 1 10 5 2 1 2 20 8 3 2 3 30 16 7 3 4 40 20 9 6 In which year is the unemployment rate 40% and the participation rate 62.5%?1234 An economy is experiencing high unemployment and an inflation rate below the central bank’s target rate. Which macroeconomic policy mix is best for this economy?Expansionary fiscal and monetary policyContractionary fiscal and monetary policyExpansionary fiscal and Contractionary monetary policyContractionary fiscal and expansionary monetary policy The table shows the Gini coefficient for Country A and Country B over three years. Year Country A Country B 1 0.40 0.90 2 0.60 0.75 3 0.65 0.70 Which statement is correct given the data in the table?The Lorenz curve for Country A is moving closer to the line of equality.The Lorenz curve for Country B is moving away from the line of equality.The Lorenz curve for Country A is further away from the line of equality than the Lorenz curve for Country B.The Lorenz curve for Country B is further away from the line of equality than the Lorenz curve for Country A. Calculate the average fixed cost (AFC), for a level of production Q = 20, knowing that the total cost function is: TC = 200 + 3Q + 2Q210602002010 3 out of 5 The rate of discount (r) which equalizes the present value of the prospective yield of an asset with its supply price is known asProspective incomeSupply priceProspective yieldMarginal Efficiency of Capital (MEC). Which indicators are used to calculate the Human Development Index (HDI)?Population growth, per capita GDP, life expectancyPopulation growth, infant mortality rate, malnutritionLife expectancy, educational attainment, per capita GDPCurrent account balance, infant mortality rate, educational attainment Consider the following macroeconomic information for a hypothetical economy. Total population 100 million Employed persons 70 million Unemployed persons 10 million Underemployed persons 2 million Based on the data shown above, the unemployment rate of this hypothetical economy is10.0%12.0%12.1%15.0% The profit maximization condition for a firm in a market with monopolistic competition is the following (MR is marginal revenue, MC is marginal cost, P is price, ATC is average total cost, TR is total revenue):MR = MCMC = PMR = ATCTR to be maximum. Normally, the natural economy is characterized by:price formation through complex mechanisms;perfect competition;the preponderance of product exchange;the satisfaction of the individual and community needs of its own production. 4 out of 5 In the long run, the Phillips curve is .UpwardDownwardHorizontalVertical The study of groups and broad aggregates of the economy is known asMicroeconomicsMacroeconomicsInternational EconomicsNone of the above. What are the tools of macroeconomics?Monetary PolicyFiscal PolicyIncome PolicyNone of the answers is correct The money value of all final goods and services produced in the domestic territory of a country during a year plus Net factor income from abroad is calledGDP Market priceGDP Factor costGNP Market priceGNP Factor cost In trade/ business cycle, the cycles follow this sequenceProsperity or boom → recession → depression or slump and then → Recovery;Prosperity or boom → depression or slump → recession and then → Recovery.Recession → depression or slump → Recovery and then → Prosperity or boomRecovery → recession → depression or slump and then → Prosperity or boom 5 out of 5 Time is Up!