ECO401 Quiz 3 Solution and Discussion


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    Quiz 3 Total Questions : 10
    Please read the following instructions carefully!
    Quiz will be based upon Multiple Choice Questions (MCQs).

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    Unlike the Classical economists, Keynes believed that the economy could get stuck in the short run for a significant period of time because:
    c4b9e02a-1e29-4a88-a6f0-e43a9d9018b7-image.png


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    Unemployment due to changing job or due to movement around the country is known as:
    862367a5-980d-4b15-acd2-e5ff08e15175-image.png


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    Gross Domestic Product is:
    138ec800-6ddd-451b-af14-99511349e813-image.png


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    In Keynesian economics, an inflationary gap results if aggregate expenditures are:
    3ffd460c-730f-49ad-bdac-96504657228a-image.png


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    If leakages into the circular flow of income rise, then the value of multiplier will:
    36caec56-c566-45a9-b485-8beb99ad312e-image.png


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    The aggregate supply curve is the relationship between the:

    cce7574b-b890-429e-878c-4ca0dc4e93d1-image.png


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    Suppose if investment rises by Rs 100 billion at each price level. If the value of the multiplier is 4, what is the amount of change in real GDP demanded at each price level?
    765283bb-5039-441e-91a2-b1091311bed9-image.png


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    Overestimation of national product in national income calculations is known as:

    125e6f45-eec2-425f-a031-94e7d7aea412-image.png


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    Gross National Product (GNP) is:
    0a0f9f1f-72bc-4c9c-a6f9-ddf1a92980f1-image.png


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    The concept that “Demand creates its own supply" is given by:
    9295046a-7a14-4667-bd4d-ea881db5a8fb-image.png



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