Economics Quiz 34

1 / 50

Bance Solida has, in the past, always operated with a reserve ratio of 25 percent. It has now been taken over by Gung-Ho Bank Which operates with a reserve ration of 12? percent, Assuming that Banca Solida adopts the business practices of its new owner, What will be the effect on money supply in the country in which Banca Solida operates ?

Money supply will increase because Banca Solida will increase its loans

Money supply will decrease because the loans will have to be repaid

Money supply will be unchanged because the central bank has made no policy changes

The effect on money supply cannot be determined from the information given

2 / 50

A way of helping depressed regions by having lower wages lower local taxes and lower unemployment benefit has been suggested as ?

Keynesian.

new-Keynesian

left-wing theorists

market-orientated economists

3 / 50

A good example of a public good is ?

national defence

the national health service

rail transport

public transport

4 / 50

Scientists agree that________________?

there are three races

there are no races

all of humankind is descended from the same common stock

there are fifty two races

5 / 50

A financial intermediary is a middleperson between ?

husbands and wives.

buyers and sellers

labor unions and firms

borrowers and lenders.

6 / 50

In monopolistic competition ?

There are few sellers

There are many sellers

There are few buyers

There is one seller

7 / 50

Which country is the chief exporter of coffee?

Brazil

Mexico

USA

Australia

8 / 50

A conglomerate merger is a merger of ?

firms producing unrelated products.

firms producing the same product

firm producing complementary products

firms at various stages in production process.

9 / 50

In order for a market to support superstars it must have which of the following characteristics ?

It must be involved in professional athletics

Every customer must want the good supplied by the best producer and the technology must exist for the best producer to supply every customer at low cost

Every customer must be indifferent to the price they pay, and the seller must be a competitor in the market for the product

Every customer must be willing to pay an enormous amount for the product and the product must be a necessity

10 / 50

Which one of the following four agricultural resources by way of crops cultivated by man does not belong to the group comprising the remaining three ?

Sugarcane

Coffee

Fruits

None of these

11 / 50

The Great Depression_________________?

was the worst case of massive unemployment

resulted from the greed of the robber barons

only B and C

resulted from insufficient demand

12 / 50

Name the political and economic system in which the government owns and controls the means of production to benefit all the people ?

Communism

Socialism

Capitalism

Authoritarianism

13 / 50

Technological advances, shifts in consumer tastes, and increased competition all of which reduce demand for a product are typical of which stage in the PLC ?

maturity stage

introduction stage

growth stage

decline stage

14 / 50

Human races reflect_______________?

mixtures of several populations

primarily differences in language

differences in intelligence

pure stock

15 / 50

According to the _____ argument for protection, tariffs can shield new industries from import competition until they have grown strong and efficient enough to withstand the competition by foreign producers ?

foreign dumping argument

beggar they neighbor argument

scientific tariff argument

infant industry argument

16 / 50

Developments in a national economy can affect the outcome of an international financial transaction. What this process is called ?

International economic risk

Ultra-country economic risk

Country economic risk

Outcome risk

17 / 50

When does a society need laws ?

when the court system declares that they are needed

when the folkways and mores are not sufficient to control behavior

when it is necessary to create folkways and mores

when people commit too many sins

18 / 50

What percentage of American business revenues do corporation represent ?

70%

60%

80%

70%

19 / 50

Mention an agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price ?

Redemption

Guarantee

Repurchase arrangements

Repo

20 / 50

The largest number of statistical areas in the United States are______________?

SMSAs

CMSAs

CBSAs

MSAs

21 / 50

Internal balance refers to ?

exports minus imports

exports equal to imports

monetary policy offsetting fiscal policy

full employment and price stability

22 / 50

Nimbokil-60EC is formulated for the control of ?

agricultural insect pest

household pests

pest

herbs

23 / 50

The __________ is a person within a reference group who because of special skills knowledge personality or other characteristics exerts influence on others ?

opinion leader

social role player

referent actor

facilitator

24 / 50

A decrease in the supply of farm tractors will cause all but which of the following ?

an increase in the rental rate for tractor

a decrease in the value of the marginal product of tractors

an increase in the wage of farm workers

a decrease in the rental rate of farmland

25 / 50

A main advantage of specialization results from ?

Economies of large-scale production

The specializing country behaving as a monopoly

High wages paid to foreign workers

Smaller production runs resulting in lower unit costs

26 / 50

The more consumers are willing to pay for a product_____________________?

the more they go into debt forcing them to stop buying

the more expensive the product becomes

the more of the product will be produced

the less producers will manufacture to raise the price still more

27 / 50

The deadweight cost of the tariff equals ?

$10,000

$75,000

$50,000

$25,000

28 / 50

Which of the following situations describes the greatest market power ?

Subaru?s impact on the price f cars

Microsoft?s impact on the price of desktop operating systems

a farmer?s impact on the price of corn

a student?s impact on college tuition

29 / 50

Which of the following is an example of material culture ?

The football itself

?competition is good for you?

A football games

The NFL rules

30 / 50

What forces prices down ?

Large consumer purchasing power

Inferior products

Inelastic demand

Elastic demand

31 / 50

Tax shifting ?

occurs when house hold can alter their behaviour and do something to avoid paying a tax.

is the ultimate distribution of a tax?s burden

occurs when taxes cause prices to increase but wages to fall

is the way in which a tax is structured

32 / 50

The shift toward tertiary sector jobs has_______________?

reduced the need for unskilled or semi-skilled workers

All of these

eliminated hardcore unemployment

established a general trend toward the professionalization of everyone

33 / 50

Supply of land in a given use ?

will be perfectly inelastic in the long run. but upward sloping in the short run

is perfectly elastic since there is fixed amount of land

will be upward sloping because as land becomes more valuable in once use, the amount of land made available for that use will increase

is perfectly inelastic since there is a fixed amount of land

34 / 50

A graph showing all the combinations capital and labor available for a given total cost is the ?

expenditure set

budget constraint

isocost line.

isoquant

35 / 50

A supply curve is directly affected by ?

technology

input costs

all of the above

government regulation

36 / 50

In the Mid of 2011 the share of agriculture in employment is ?

43%

40%

45%

41%

37 / 50

A firm charging different buyers? different prices for the same product is practicing ?

price discounting.

Price discrimination

price fixing.

Competitive pricing.

38 / 50

Which is an ascribed status ?

Black female

President of the U.S

Exotic dancer

Thief

39 / 50

A country?s export commodity concentration ratio is the ?

average annual investment made in production of exported commodities

total annual investment made in production of exported commodities

proportion of the primary export commodity in total exports

ratio of four leading commodities to total merchandise exports

40 / 50

An increase in the marginal propensity to consume will ?

Reduce injections into the economy

increase the size of the multiplier

Decrease national income

Increase the marginal propensity to save

41 / 50

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are ?

fixed prices

market prices

sticky prices

regulatory prices

42 / 50

The curve that illustrates the negative relationship between the equilibrium values of aggregate output and the interest rate in the goods market is the ?

LM curve

IS curve

aggregate demand curve

aggregate supply curve

43 / 50

Which is NOT Third World nation ?

Zimbabwe

Burkina Faso

Ethiopia

China

44 / 50

What is the ratio of Punjabi speaking population ?

48%

68%

58%

38%

45 / 50

International joint ventures can lead to welfare losses when the newly established firm ?

yields cost reductions unavailable to parent firms

gives rise to increased amounts of market power

adds to the pre-existing productive capacity

enters markets neither parent could have entered individually

46 / 50

Which of the following countries has highest percentage of land under cultivation ?

India

China

USA

Canada

47 / 50

Under floating exchange rates, expectations of higher interest rates are likely to cause an ____ of the exchange rate?

fall

depreciation

devaluation

appreciation

48 / 50

Fiscal deficit in the budget means ?

Capital deficit plus revenue deficit

Budgetary deficits plus the net borrowings of the government

Revenue deficit plus the net borrowings of the government

Primary deficit minus capital deficit

49 / 50

Norms are__________________?

guidelines for human behavior

reflections of values

all of the above

internalized in most cases

50 / 50

Conflict theorists see the states functions as________________?

protecting the interest of the ruling elite only

directing the economy

bringing peace to its citizens

helping the poor and homeless

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%