Economics Quiz 18

1 / 50

In monopoly in long run equilibrium ?

The firm produces where marginal cost is less than marginal revenue

The firm is allocatively inefficient

The firm produces at the socially optimal level

The firm is Productively efficient

2 / 50

Love of money peace and God are American ?

Norms

values

folkways

3 / 50

According to the law of demand. When ?

Price increase demand decreases

Price decreases demand decreases

None of these

Price increased demand increases

4 / 50

Who among the following is most benefited from inflation ?

Savings Bank Account holders

Debtors

Government pensioners

Creditors

5 / 50

Which is the largest cotton producing country in the world ?

USA

India

China

Egypt

6 / 50

An example of an indirect tax is ?

VAT

income tax

inheritance tax

a tax on profits.

7 / 50

A detailed investigation of a single social unit in order to study it in depth is______________?

participant observation

laboratory experiment

a case studies

sample survey

8 / 50

What is called interest payments plus repayments of principal to creditors ?

Debt retirement

Debt relief

Payback

Debt service

9 / 50

A general in an army chart of command positions would constitute a______________?

norm

status

institution

role

10 / 50

Which of the following is a form of international reserve assets, created by IMF in 1967 whose value is based on a portfolio of widely used currencies ?

IMF Drawing Rights (SDR)

Sure, Drawing Rights (SDR)

International Drawing Right (IDR)

Special Drawing Right (SDR)

11 / 50

The type of sales presentation approach that requires good listening and problem-solving skills is the ?

need-satisfaction approach

canned approach

formula appraoch

critical-thinking approach

12 / 50

If the price of good is equal to the equilibrium price ?

there is a shortage and the price will rise

there is a shortage and the price will fall

there is surplus and the price will rise

the quantity demanded is equal to the quantity supplied supplied and the price remains unchanged

13 / 50

The term ?Dumping? means ?

Sale in a foreign market of a commodity at a price below marginal cost

Sale in a foreign market of a commodity just at marginal cost without too much of profit

The sale of the sub-standard commodity

Smuggling of goods without paying any customs duty

14 / 50

Throughout the 1800?s Russia was interested in acquiring Turkey mainly because Russia wanted ?

access to the Mediterranean Sea

to main peace in the Middle East

The rich farmland of the Anatolian Plateau

to reestablish the Byzantine Empire

15 / 50

Which of the following will not shift a country?s production possibilities frontier outward ?

an increase in the capital stock

a reduction in unemployment

an increase in the labor force

an advance in technology

16 / 50

The total forest area of Pakistan is estimated at ?

6.20 million hectares

5.20 million hectares

4.20 million hectares

53.20 million hectares

17 / 50

Potential GDP is the level of aggregate output ?

that can be produced if structural unemployment is zero

that can be produced at a zero-unemployment rate

that can be sustained in the long run, if the inflation rate is zero

that can be sustained in the long run without inflation

18 / 50

Comparing a monopoly and competitive firm, the monopolist will ?

produce more at a lower price

produce less at a lower price

produce less at a higher price

19 / 50

A tax on petrol is likely to ?

cause a greater deadweight loss in the long run when compared to the short run

generate a deadweight loss that is unaffected by the time period over which it is measured

None of these answers

cause a greater deadweight loss in the short run when compared to the long run.

20 / 50

Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The economics profit at Naila?s pottery factory is ?

Rs75,000

Rs30,000

Rs70,000

Rs80,000

21 / 50

Suburban growth was based on___________________?

movement of factories out of the cities

the development of automobile travel

expensive suburban property

wartime industrial expansions

22 / 50

The density of population in Baluchistan is ?

59 per sq. Km

28 per sq. Km

39 per sq. Km

18 per sq. Km

23 / 50

Anger is_______________?

a definite sharply defined emotion

subject to manipulation

all of the above

an innate human response to deprivation and frustration

24 / 50

In the presences of purchasing power parity, if one-dollar exchanges for 2 British pounds and if a DVD player costs $400 in the United States then in Britain the DVD player should cost ?

600 pounds

800 pounds

400 pounds

200 pounds

25 / 50

As the wage rate per hour increases, the opportunity cost of leisure ?

may increase of decrease depending on the individual?s preferences.

increases since the cost of forgoing one hour of work increases

remains constant

decreases since the customer now has more income to spend

26 / 50

In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?

(Pm/Px)Qm

(Px/Pm)Qx

Pm/Px

Px/Pm

27 / 50

The jobs of the future will include______________?

personal services

steel workers

routine services

All but A

28 / 50

?Future shock?is____________?

what the elderly experience in every society when a new generation comes into power

a phrase used to describe an alien culture

the name of a famous movie dealing with a society of the future

a phrase used by Alvin Toffler to describe the rapidity of change

29 / 50

An example of a basic pivotal institution is_____________?

gossip

sports

the family

show business

30 / 50

The largest producer of Tobacco in the world is ?

India

USA

Russia

China

31 / 50

Which of the following should cause the price of a share of stock to rise ?

A reduction in aggregate risk

An increase in expected dividends

None of these answers

All of these answers

32 / 50

Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect?

the equilibrium quantity to rise and the equilibrium price to fall

the equilibrium quantity to rise and the equilibrium price to remain constant

the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

the equilibrium quantity to rise and the equilibrium price to rise

33 / 50

Hard currency is defined as ?

None of these

Currency traded in foreign exchange market for which demand is persistently relative to the supply

Currency which loses its value very fast

Currency Which is used in times of war

34 / 50

The natural rate of output is the amount of real GDP produced ?

When the economy is at the natural rate of unemployment

When the economy is at the natural rate of aggregate demand

When there is no no unemployment

When the economy is at the natural rate of investment

35 / 50

When people?s beliefs about the inferiority of a certain group undergo change the process is called________________?

radical change

political change

social change

cultural change

36 / 50

The extent to which a change in the exchange rate leads to changes in import and export prices is known as the ?

pass through effect

Marshall Lerner effect

absorption effect

J Curve effect

37 / 50

According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?

Not in the labour force

Unemployed

A discouraged worker

Employed

38 / 50

The Coase theorem states that ?

public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good

if there are external costs in production the government must intervene in the market to assure that the efficient level of output is produced

the private sector will fail to produce the efficient amount of a public good because of the free-rider problem.

under certain conditions, private parties can arrive at the efficient solution without government involvement

39 / 50

Rawls?s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?

the idea that everyone in society should have an equal income

the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that people will then be particularly concerned about the possibility that they might find themselves at the bottom of the income distribution

the idea that people a veil of ignorance as policy as if behind a veil of ignorance as to what their circumstances might be in society, and the ignorant people should be looked after

the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that as long as there is no theft then there is no need for governments to intervene and redistribute income.

40 / 50

The share of sugarcane crop in value added in agriculture is 6.3 percent What is the share in GDP ?

5.10%

1.50%

41 / 50

If the income tax rate changes from 30% to 40% on income over Rs30,000 and a person?s income is Rs 31,000 then her marginal tax rate is ?

40%

10%

30%

70%

42 / 50

A condition of normlessness and separation from legitimate modes of behavior is termed___________?

anomie

anomaly

alienation

trauma

43 / 50

Unions tend to increase the disparity in pay between insiders and outsiders by ?

decreasing the demand for workers in the Unionized sector

Increasing the demand for workers in the Unionized sector

Increasing the wage in the Unionized sector which may create an increase in the supply of workers in the non-unionized sector

increasing the wage in the Unionized sector, Which may create a decrease in the supply of workers in the non-unionized sector

44 / 50

For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ?

price inflation

improving terms of trade

balance of trade deficits

constrained economic growth

45 / 50

A seller of goods or services writes a bill that is submitted to a purchaser for payment. What this bill is called?

Invoice

Bill of Intent

Draft

Demand draft

46 / 50

During the 1980s and 1990s the economic policies of China, supported by Deng Xiaoping have led directly to______________??

an increase in trade with the West

an expansion of China?s colonial empire

a return to a strict command economy

the success of the commune system

47 / 50

In the short run the level of floating exchange rates is determined mainly by ?

competitiveness

interest rates

speculation

trade

48 / 50

In autarky, when a community maximizes its standard of living its production point is ?

above the production possibility frontier

can?t tell without more information

below the production possibility frontier

on the production possibility frontier

49 / 50

Black volcanic soil and tropical climate is most suitable without excess rainfall for which crop ?

None of them

jute

Cotton

Tobacco

50 / 50

Pakistan is the _____largest Producer country in the world?

Sixth

Fourth

Seventh

Fifth

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