1. WHO SAID?
A. Global warming pollution, indeed all pollution, is now described by economists as an “externality.” This absurd label means, in essence: we don’t to keep track of this stuff so let’s pretend it doesn’t exist.
B. My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody ... I think when you spread the wealth around, it's good for everybody.
C. Money, being a variable commodity, the rise of money-wages will be frequently occasioned by a fall in the value of money.
D. Economics has never been a science - and it is even less now than a few years ago.
E. It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense. They are themselves, always, and without any exception, the greatest spendthrifts in the society.
2. SELECT THE APPROPRIATE ALTERNATIVE
A. Who blocked the streets of Mexico in 1000s to prevent a vote on the proposal to take away control over hiring and firing away from the union?
i. Miners
ii. Teachers
iii. Telephone workers
B. The government of which country recently approved $28 billion worth of infrastructure schemes to try to fire up the cooling economy?
i. Chinese
ii.Indian
iii. Japanese
C. If a country is on the gold standard then:
i. Banks cannot lend money
ii. Gold is used as money
iii. It's currency is convertible into gold.
D. An economist will define the exchange rate between two currencies as the:
i. Amount of one currency that must be paid in order to obtain one unit of another currency
ii. Price at which the sales and purchases of foreign goods take place
iii. Ratio of import prices t export prices for a particular country
E. The term tariff used in international trade refers to:
i. A government imposed tax to discourage imports
ii. The price of goods when they leave the producing country
iii.A limit on the quantity of a good that can be imported into a country.
3. ANSWER THE FOLLOWING:
A. Microsoft has begun hunting for a new chief executive, after whose unexpected decision to step down within twelve months?
Ans: Steve Ballmer
B. The prospect of a Western military strike on Syria has pushed up the prices of what commodity to a 3 month high?
Ans: Gold
C. Which international stock exchange launched an inquiry into the elctronic glitch that caused it to cease trading for three hours on 22 August 2013?
Ans: NASDAQ
D. Which former Soviet Union country invited a Russian business man to visit and then arrested him, over the breakdown of a potash cartel? Russia retaliated with a cut in il deliveries.
Ans: Belarus
E. Name the two PSUs, which were granted the Maharatna status by the Union Government of India in February 2013.
Ans: BHEL and GAIL
