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Test: Concepts of Macroeconomics - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Concepts of Macroeconomics - 1

Test: Concepts of Macroeconomics - 1 for B Com 2024 is part of B Com preparation. The Test: Concepts of Macroeconomics - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Concepts of Macroeconomics - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Concepts of Macroeconomics - 1 below.
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Test: Concepts of Macroeconomics - 1 - Question 1
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Which of the following best describes a model in economics?

Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 1
A model in economics is a simplified representation of economic relationships that helps to focus on important variables and their interactions. It aims to provide clarity by excluding irrelevant details.
Test: Concepts of Macroeconomics - 1 - Question 2
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In a demand and supply model for bread, which of the following represents an exogenous variable?

Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 2
Exogenous variables are inputs from outside the model. In the context of a bread market model, the price of flour (used to make bread) is an exogenous variable because it comes from outside the model and affects the bread market.
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Test: Concepts of Macroeconomics - 1 - Question 3
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What type of relationship does the production function Y = F(K, L) represent?

Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 3
The relationship Y = F(K, L), where Y represents total output, K represents total capital, and L represents total labor, represents a technical relationship. It is determined by technological considerations underlying the production process.
Test: Concepts of Macroeconomics - 1 - Question 4
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What type of relationship is represented by the equation Ym = Yr ? P?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 4
The equation Ym = Yr ? P represents a definitional relationship. It arises from the definitions of money income (Ym), real income (Yr), and price level (P).
Test: Concepts of Macroeconomics - 1 - Question 5
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What is the purpose of dynamic analysis in macroeconomics?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 5
Dynamic analysis is necessary to consider the stability of a system. It helps determine whether an equilibrium is stable, where any disturbance from equilibrium leads the system back to equilibrium.
Test: Concepts of Macroeconomics - 1 - Question 6
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Which of the following represents a stock variable?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 6
Stock variables are measured at a specific point in time. Government debt is a stock variable because it represents a specific amount of debt at a given time.
Test: Concepts of Macroeconomics - 1 - Question 7
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What is Okun's law related to in macroeconomics?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 7
Okun's law relates real growth and changes in the unemployment rate. It suggests that when real GDP growth is above a certain level, the unemployment rate decreases.
Test: Concepts of Macroeconomics - 1 - Question 8
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What is the purpose of comparative static analysis in economics?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 8
Comparative static analysis involves comparing one equilibrium position with another. It helps understand how changes in parameters affect equilibrium positions.
Test: Concepts of Macroeconomics - 1 - Question 9
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Which of the following is an example of a flow variable?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 9
Flow variables are measured over a period of time. Investment is a flow variable as it represents the amount of investment per unit of time.
Test: Concepts of Macroeconomics - 1 - Question 10
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What is the primary distinction between ex-ante and ex-post concepts?
Detailed Solution for Test: Concepts of Macroeconomics - 1 - Question 10
Ex-ante concepts refer to planned or intended magnitudes, while ex-post concepts refer to actual magnitudes. Ex-ante values are determined by decisions taken by economic units before the fact.
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