Practice MCQ Questions and answers on The Balance of Payments & The National Economy Mcqs

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1.

An index of prices of all domestically produced goods in the economy is the ?

A. wholesale price index (WPI)

B. Consumer price index (CPI)

C. GDP deflator

D. Producer price index (PPI)

A. economic theory to explain the simultaneous increases in inflation and unemployment during the 1970s

B. The classical model to explain the prolonged existence of high unemployment during the Great Depression

C. fine tuning during the 1960s

D. the economy to grow at a rapid rate during the 1950s

A. imperfectly competitive markets:

B. Only the long run adjustments to equilibrium in the economy

C. The functioning of individual industries and the behavior of individual decision-making units business firms and households

D. the economy as a whole