Economics Quiz 22

1 / 50

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

McKinley Agreement on Trade policy

World Trade Organization

Smoot Hawley Organization

General Agreement on Tariffs and Trade

2 / 50

One common misuse of marketing research findings in contemporary business is the tendency for marketing research tp ?

become a means for raising prices

become a vehicle for pitching the sponsor?s products

become a means of unfair competition

3 / 50

Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are ?

perfect substitutes

substitutes.

unrelated goods.

complements

4 / 50

A development bank based in London, which loans funds to governments of Eastern Europe and the former Soviet Union is the ?

World Bank

OECD

European Bank for Reconstruction and Development

Transitional Monetary Fund

5 / 50

According to the signaling view of the education ?

reduces the wage gap between high-skill and low-skill workers.

increases human capital and the wages of workers

only helps firms sort workers into high ability and low-ability workers

can make any worker into a superstar

6 / 50

The national security argument for protection is more likely to be valid when ?

The economy operates during a recession

The industry is characterized by increasing returns to scale

The purpose is to maintain protection for an indefinite time period

The protected industry provides invaluable goods during periods of war

7 / 50

Debenture holders of a company are its_______________?

Creditors

Directors

Debtors

Shareholders

8 / 50

Suppose that the offshore assembly provisions (OAP) of the United States are granted to finished computers that are imported and produced domestically This policy will tend to ?

Increase the Price of computers to consumers in the United States

Increase the production of computer components in the United States

cause foreign assemblers of computers to use more computer components that are supplied by countries other than the United States

Increase the Production of computers in the United States

9 / 50

Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?

Kodak

IBM

Xerox

Universal Studios

10 / 50

Because of the decrease in the value of money, there comes exaggerated increase in incomes and prices. How is termed this system ?

Hyperinflation

A cute inflation

Super inflation

Ultra-inflation

11 / 50

The record of country?s imports and exports of goods is called its ?

balance of payments on current account

balance of payments

balance of trade:

visible trade balance

12 / 50

The kinked demand curve model of oligopoly assumes the elasticity of demand ?

in response to a price increase is less elastic than the elasticity of demand in response to a price decrease

in response to a price increases is more elastic than the elasticity of demand in response to a price decrease

is perfectly elastic if price increases and perfectly inelastic if price decreases

is constant regardless of whether price increase of decrease.

13 / 50

Most researchers today use only two approaches to determine social class They are the_______________?

occupational prestige and socioeconomic status(SES)

reputational approach

subjective approach

life style approach

14 / 50

A policy of developing local industries that can compete with imports is referred to as ?

export promotion

unbalanced growth

industrial promotion

import substitution

15 / 50

Assuming there is no government or foreign sector, if the MPC is 8 the multiplier is ?

1.25

16 / 50

All languages encompass and express notions of____________?

past and future

none of the above

shame and quilt

love and endearment

17 / 50

The concept of deviance refers to________________?

going in the wrong direction

reversing one,s opinion

departure from social norms

bad manners

18 / 50

The pivotal institution of government_________________?

is lacking in Third-World nations

is represented by the U.N on a global level

exists only theoretically or in a rudimentary form on the international level

exists in every nation

19 / 50

An example of an expansionary monetary policy is ?

an increase in the required reserve ratio

the Central bank buying government securities in the open market

a reduction in the taxes banks pay on their profits.

an increase in the discount rate

20 / 50

If the keep some money available in case I see a bargain this is an example of ?

token demand for money

transactions demand for money

asset demand for money

precautionary demand for money

21 / 50

Forest area of Baluchistan is ?

2.33 million hectares

0.33 million hectares

0.83 million hectares

1.33 million hectares

22 / 50

If two firms doing the same thing in the same industry join together, this is known as a ?

vertical merger

horizontal merger

conglomerate merger

hostile takeover

23 / 50

What is the contribution of forest sector in GDP ?

3.1

2.1

1.1

0.10%

24 / 50

Howard Becker,s term for the process whereby individuals are accused sermonized and punished is_______________?

secondary deviance

labeling

tertiary deviance

primary deviance

25 / 50

The difference between racial minorities and ethnic minorities is_______________?

in the size of each group

racial minorities differ biologically ethnic minorities differ culturally from the dominant group

ethnic minorities do not suffer from discrimination but only from prejudice

racial minorities have been here longer than ethnic minorities

26 / 50

Rolls Royce uses which of the following distribution formats ?

Open distribution

Intensive distribution

Exclusive distribution

Selective distribution

27 / 50

Critics maintain that the following issues are present in higher education______________?

all of the above

muzzling of academic freedom

a lowering of standards

high tuitions

28 / 50

Large payment to senior employee who is forced into retirement is called ?

Golden handshake

Golden bonus

Friendly handshake

Golden shake hand

29 / 50

Within the supply and demand model, a tax collected from the buyers of a good shifts the ?

demand curve downward by the size of the tax per unit

Supply curve upward by the size of the tax per unit

demand curve upward by the size of the tax per unit.

supply curve downward by the size of the tax per unit.

30 / 50

The implementation of the European Union has ?

made it easier for Americans to compete against the Japanese in the British

made it easier for Americans to compete against the Germans in the British market

made it harder for Americans to compete against the Japanese in the British market

made it harder for Americans of compete against the Germans in the British market

31 / 50

One of the benefits of putting resources into agricultural projects is that ?

Successful agricultural projects produce surplus food to support urban development

agricultural projects usually have low import requirements

export prices for agricultural products are more stable than those for industrial products

agricultural investment will prevent the flight of capital abroad

32 / 50

Which soil is best suited for deep rooted crops ?

Literate soil

None of these

Red soil

Black soil

33 / 50

In which of the following cases is the assumption most reasonable ?

To model the benefits of trade. an economist assumes that there are two people and two goods

To address the impact to taxes on income distribution an economist assumes that everyone earns the same income.

To address the impact of money growth on inflation, an economist assumes that money is strictly coins.

To estimate the speed at which a beach ball falls, a physicist assumes that if falls in a vacuum.

34 / 50

Governments around the world tend to auction quota licenses ?

seldom

often

never

always

35 / 50

international relations include________________?

all of the above

declared but not undeclared wars

legal but not illegal or ?black market? trade

public but not private diplomacy

36 / 50

Which statement appears to be most correct__________________?

gender roles have been reversed

in a marriage spousal role are egalitarian

housekeeping and childcare are still considered women?s work

sex roles are blurred

37 / 50

A company faces several major decisions in international marketing the first of these decisions is often ?

deciding which markets to enter

looking at the global marketing environment

deciding how to enter markets

deciding whether to go international

38 / 50

Competitive markets tend to ?

have no impact on labour market discrimination

Increase labor market discrimination because some workers can charge more for their services than other workers in a competitive market

increase labour market discrimination because bigoted employers can charge any price they want in a competitive market to cover the cost of their discrimination

reduce labour market discrimination because non-discrimination firms will employ cheaper labour earn more profits and drive discriminating firms out of the market

39 / 50

Population began to increase steadily________________?

in the 17th century when agriculture technology and medicine

by around the middle of the 18th century

in the Bronze Age

with improvements in agriculture technology and medicine

40 / 50

Culture is the basis of______________?

not only human but also ant society

none of the above

human social life

all animal groups

41 / 50

If a few firms dominate an industry the market is known as ?

Competitively monopolistic

Oligopoly

Duopoly

monopolistic competition

42 / 50

Collective behavior favors social change because it_______________?

destroys group identity

none of the above

prevents action

alters people?s perspective

43 / 50

Assume that commercial banks are holding excess reserves because business firms and consumers are not willing to borrow money A decrease in the discount rate is likely to ?

Decrease the money supply because it is now cheaper for banks to borrow from the central bank instead instead of buying government securities

Not change the money supply because banks already have excess reserves they cannot lend

decrease the money supply because it will now be more expensive for business firms and consumers to borrow money

increase the money supply because it is now cheaper for banks to borrow from the central bank

44 / 50

If a long run average cost curve is falling form left to right this is an example of ?

decreasing returns to scale

the minimum efficient scale

constant returns to scale

increasing returns to scale

45 / 50

The price of one country?s currency in terms of another country?s currency is the ?

terms of trade

currency valuation

balance of trade

exchange rate

46 / 50

?Term bond? are bonds whose principle is payable at maturity. What does mean by Term certificate?

A certificate of deposit whose principal is payable at maturity

A bond with a longer time to maturity

A certificate of deposit with a shorter time to maturity

certificate of deposit with a longer time to maturity

47 / 50

Exceptions to the circular flow are__________________?

injections

incidentals

B and C only

withdrawals

48 / 50

All of the following would be ways to segment within the category of psychographic segmentation EXCEPT ?

social class

lifestyle

occupation

personality

49 / 50

Economic growth can be measured by ?

MPC

The CBI

GDP

The CPI

50 / 50

Which is not a characteristic of urban life ?

informal relationship

Competition

Impersonal relationship

Loss of humanistic value

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