Economics Test out Questions Study Paper

Guide 1 BME1014 Trimester you 2013/2014

Q1

In brief discuss all the following monetary ideas:

People are logical. People reply to incentive. Optimum decisions are created at the margin.

Q2

Indicate whether each of the subsequent statements applies to microeconomics or macroeconomics issue.

a) Proton plans to spend RM800 , 000, 000 on a fresh automobile flower. b) The country's economy grew at an total annual rate of 3. 7 percent in the last quarter of the year. c) The control deficit in the Malaysia was RM20 billion dollars last month. d) The reasons that investment in East Asian countries grows faster than expense in Africa. Q3

Below are six statements. Identify if each is a positive or ordre statement. a) The minimum wage can be increased therefore low-income workers can make a living wage. b) The unemployment rate is actually high and should be lowered through federal government actions. c) The rate of inflation was about 2 percent last year, a great all-time low for the past decade. d) The government should take actions to break in the monopoly benefits of Microsoft. e) Interest rates needs to be lower in the Malaysia to ensure that people can afford to build a home. f) The Federal government experienced a budget debt for the first time in thirty years.

Q4

A development possibilities table for two products, airplanes and grain, is located below. Materials is scored in a lot of metric loads and planes are assessed in models of 1, 1000.

Combination| Grain(millions metric tons)| Airplanes(1, 000s)| A| 0| 6

B| 18| 5

C| 33| 4

D| 45| several

E| 54| 2

F| 60| 1

G| 63| 0

a) Draw a production possibilities frontier (PPF) with the two products. b) Describe how " law of increasing cost” exists in the PPF. c) Suppose a technological advancement happens (in the aviation sector only) so the production of airplanes increases its first figures each and every point. Demonstrate effect on the PPF....



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