EEC 5 Exam Answers | BDP EEC 5 Final Exam Answers 2022
1. What economic doctrine on international trade was in vogue before the classical doctrine ?
- c. Mercantilism
2. What is the full form of S.O.C. ?
- a. Social Overhead Capital
3. What do you mean by tariff ?
- c. A duty on import
4. What is the value of balanced budget multiplier ?
- B. 1
5. In the ability principle of taxation , how is equal sacrifice of the taxpayer measured ?
- B. Equal proportional sacrifice
6. In Heckscher-Ohlin theory what are the two definitions of factor abundance ?
- A. Price definition and Physical definition
7. Who considered the effect of devaluation on balance of payments in terms of elasticity ?
- C. Marshall and Lerner
8. Who established the factor price equalization theorem ?
- C. Samuelson
9. In Ricardian model on international trade, there is a single factor of production. Which factor is it ?
- D. Labour
10. What is the feature of a social good ?
- B. Non-rivalness
11. What is the main goal of public finance ?
- D. All of these
12. The factor-price equalisation theory has been established by
- C. Samuelson
13. The name of Adam Smith’s theory on international trade is
- B. Theory of Absolute Cost Advantage
14. What are the two sides of accounts of any budget ?
- B. Current Account and Capital Account
15. In Heckscher-Ohlin theory ,what is the physical definition of relative factor abundance ?
If K1 and L1 are the amounts of capital and labour respectively in country 1 and K2 and L2 are the amounts of capital and labour respectively in country 2 , then according to the physical definition of relative factor abundance , country 1 is capital-rich and country 2 is labour-rich if
- A. K1/L1 > K2/L2
16. Which method of accounting is followed to maintain balance of payments accounts ?
- B. Double entry book keeping
17. In which year was the Bretton Woods Conference held ?
- C. 1944
18. Who discussed the Comparative Advantage Theory on international trade?
- B. David Ricardo
19. Name the major economist who was sceptical about the effectiveness of fiscal policy.
- A. Keynes
20. By which name is the IBRD popularly known ?
- A. World Bank
21. Which of the following is not an effect of tariff ?
- D. Population effect
22. What is the name of Ricardo’s theory on international trade ?
- B. Theory of comparative advantage
23. The burden of public debt should be measured by the ratio of total debt and total national income . Who has given this opinion ?
- C. Domar
24. What is the price definition of relative factor abundance in Heckscher-Ohlin theory? If P1K and P1L are the prices of capital and labour respectively in country 1, and P2K and P2L are the prices of capital and labour respectively in country 2 , then according to the price definition of relative factor abundance , country 1 is capital-rich and country 2 is labour-rich if
- A. P1K / P1L > P2K/P2L
25. In which year was the SDR introduced by the IMF ?
- D. 1969
26. When an industry expands , another industry gets some benifits or face some difficulties . What is this phenomenon called in economics ?
- C. Externality
27. What are the two main problems in a federal fiscal system ?
- A. Vertical fiscal imbalance and Horizontal fiscal imbalance
28. What does Metzler Paradox consider?
- C. Effect of tariff on domestic price of import good
29. What is the meaning of quota ?
C. A quantitative restriction on import
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