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MCQ 41: If policy makers do not take steps against structural unemployment, it can lead towards higher:

  1. unemployment rate
  2. job seekers rate
  3. job losers rate
  4. loss of the labor market

MCQ 42: A situation where lowest legal price is to be set for a good to be sold at is called as:

  1. price ceiling
  2. binding
  3. shortage
  4. price floor

MCQ 43: The rate associated with duties imposed on goods that do not reflect price changes of the goods due to inflation, taxes is known as:

  1. rate of effective protection
  2. revenue effect
  3. nominal tariff
  4. compound tariff

MCQ 44: One of the elasticity of demand is calculated as the ratio of the percentage change in quantity demanded to the percentage change in his income is known as:

  1. cross price elasticity of demand
  2. income elasticity demand
  3. perfect elastic demand
  4. perfect inelastic demand

MCQ 45: The activity because of which each trading partner can goods at cheaper rates than otherwise is called as:

  1. opportunity cost theory
  2. international trade
  3. local trade
  4. embargo trade

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