Economics Quiz 51

1 / 50

If, for any reason the wage is held above the competitive equilibrium wage?

The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage

The quality of workers in the applicant pool will tend to fall

Unions will likely Strike and the wage will fall to equilibrium

The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment

2 / 50

Catalog marketing is big business in the United States. The average house hold receives __________ catalogs per year?

100

3 / 50

Country A has an absolute advantage in ?

neither products

Both products

Beer

Wine

4 / 50

Which of the following statements is normative ?

Large government deficits cause an economy to grow more slowly

Printing too much money causes inflation

The unemployment rate should be lower

People work harder if the wage is higher

5 / 50

Even in a democracy the state can________________?

all of the above

size property

imprison persons

deprive people of their lives

6 / 50

A market is defined as perfectly contestable if ?

entry to it is costly, but exit from it is costless

entry to it and exit from it are both costly

entry to it costless, but exit from it is costless

entry to it and exit from it are both costless

7 / 50

Refer to Exhibit 4. Which of the following is true with regard to the burden of the tax in Exhibit 4 ?

The sellers pay a larger portion of the tax because supply is more inelastic than demand

The sellers pay a larger portion of the tax because supply is more elastic than demand

The buyers pay a larger portion of the tax because demand is more elastic then supply

The buyers pay a larger portion of the tax because demand is more inelastic than supply

8 / 50

Marxists are most interested in_______________?

guerrilla fighting

class revolutionary movements

coups d,etat

nationalistic revolutionary movements

9 / 50

The psychodynamic theories of personality are associated with________________?

George Herbert Mead

Jean Piaget

Sigmund Freud

Charles Horton Cooley

10 / 50

Which exchange rate system does not require monetary reserves for official exchange rate intervention ?

managed floating exchange rates

pegged exchanged rates

dual exchange rates

floating exchange rates

11 / 50

Which of the following would shift the long-run Phillips curve to the right ?

An increase in the expected inflation

An increase in the aggregate demand

An increase in the price of foreign oil

An increase in the minimum wage

12 / 50

_________ is below the income that secures the bare essentials of food clothing and shelter ?

sen?s poverty index

purchasing power poverty

Income inequality

Absolute poverty

13 / 50

What was the top timber producing country ?

United States

China

Brazil

India

14 / 50

Failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bound indenture is called ?

Bad debt

Rolling debt

Rescheduling

Default

15 / 50

The marginal productivity of labor_________________?

is a political as well as economic issue

concerns wage rates and labor supply

is complicated by overlapping labor markets

all of the above

16 / 50

Marx believed that the state would vanish when_____________?

social classes ceased to exist

all societies became capitalist

the elite would work toward the good of the masses

the lion would lie down with the lamb

17 / 50

In one sense of the term everyone is ethnocentric This is because______________?

it is impossible to understand another culture or subculture without having been raised in it

people are afraid and distrustful of strangers

it is virtually impossible not to view people and situations in terms of some of the norms and categories derived from one,s own cultural experiences

people are intolerant by nature

18 / 50

The Short run Phillips curve can shift in response to changes in ?

the inflation rates

unemployment

Inflationary expectations

wage rates

19 / 50

Poverty is related to_______________?

technological changes only

lack of work ethic

patterns of prejudice and technological change

discrimination only

20 / 50

The multiplier is calculated as___________?

1/MPS

a or b

1(1-MPC)

1/MPC

21 / 50

According to supply side economists as tax rates are reduced labour supply should increase. This implies that ?

The income effect of a wage change is greater than the substitution effect of a wage change.

The substitution effect of a wage change is greater than the income effect of a wage change

There is no income effect when tax rates are changed

There is no substitution effect when tax rates are changed

22 / 50

Columbia?s Jagdish Bhagwati criticizes United States administrations inability to distinguish between benefits of free trade ?

and the dangers of a trade deficit

and MNC domination and its effects on income distribution

and the dangers of free capital movements for LDCs with poorly developed financial institutions

and the external openness of income growth among the poorest 40 percent of LDCs

23 / 50

In C.Wright Mill,s view what group constitutes an elite ?

High ranking military officers only

The military-industrial-governmental complex

Church leaders and educators

The corporate rich only

24 / 50

When an individual buys a car in a congested urban area, it generates ?

an efficient market outcome.

a positive externality

a negative externality

a technology spillover

25 / 50

If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?

perfectly elastic

perfectly inelastic

downward sloping

upward sloping

26 / 50

In Porter?s five force model conditions are more favorable for firms within an industry if ?

Buyer power is high

Entry threat is low

Substitute threat is high

Supplier power is high

27 / 50

The marginal tax rate is ?

the tax rate you pay on any additional income that you earn.

your total income divided by the total amount of tax you pay.

the total amount of tax you pay divided by your total income

the additional tax you pay divided by your total income

28 / 50

Which of the following statements is true regarding the long-run aggregate supply curve? The long-run aggregate supply cruve ?

Is vertical because an equal change in all prices and wages leaves output unaffected

shifts left when the natural rate of unemployment falls

is positively sloped because price expectations and wages tend to be fixed is the long run

shifts right when the government raises the minimum wage

29 / 50

Which of the following is not a Cash Crop ?

Cotton

Wheat

Surgarcane

None of these

30 / 50

Which of the following must always balance ?

Balance of invisible trade

Balance of payments

Balance of visible trade

Balance on the current account

31 / 50

Which of the following does NOT appear to be a factor in divorce_______________?

marriage after an engagement of over three years

pregnancy shortly after marriage

dramatic differences in family backgrounds

differences in occupational goals and careers

32 / 50

Before the 1978 reforms China had a(n) ?

urban credit cooperatives

agricultural bank only

mono bank system

housing savings banks

33 / 50

Prejudice and discrimination______________?

are tenets of some religions

have never existed toward diverse religious groups

none of the above

have been a part of the relationships among diverse religious groups

34 / 50

When the stock market is down falling it is called ?

Crashing

Bearish

Falling

Bullish

35 / 50

Which of the following is not true regarding the outcome of a consumer?s optimization process ?

The consumer?s indifference curve is tangent to his budget constraint

The marginal utility per dollar spent on each good is the same

The marginal rate of substitution between goods is equal to the ratio of the prices between goods

The consumer is indifferent between any two points on his budget constraint

36 / 50

If an increase in the budget deficit reduces national saving and investment we have witnessed a demonstration of ?

the investment fund effect

equity finance

crowding out

intermediation

37 / 50

The family-and particularly marriage-binds its members through_______________?

interfaith competition

legal and economic bonds

educational functions

class conflict

38 / 50

A graph showing all the combinations of goods and services that can be produced if all of society?s resources are used efficiently is a ?

Production possibility curve.

Circular-flow diagram.

Lorenz curve.

capital consumption frontier.

39 / 50

The migration of employable workers from low-paying nations to high-paying nations tends to decrease ?

wage disparities

total wage income in the world

the productivity of labor

business or capitalist income in the world

40 / 50

Fascism_______________?

appeals to intellectuals

distrusts reason

stresses a belief in human equality

refuses violence

41 / 50

A good example of a primary group is_________________?

the U.S Army

all of the above

AT&T Corp

a family

42 / 50

Which of the following could not be considered a major economic system ?

socialism

capitalism

physical quality of life index

communism

43 / 50

In the short run, the supply of capital is ________ and in the long run will depend on _______?

variable, technology

variable, interest rates

fixed, rental rate of capital

fixed, expectations

44 / 50

Profit is measured by ?

Revenue ? fixed costs

Revenue ? total costs

Revenue ? sales

Fixed cost + revenue

45 / 50

Many economics argue that resale price maintenance ?

enhances the market power of the producer

has a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?

is price fixing and, therefore is prohibited by law

is price fixing and therefore, is prohibited by law and enhances the market power of the producer

46 / 50

To maximise sales revenue a firm should produce where ?

Marginal revenue is zero

Marginal revenue equals marginal cost

Marginal revenue is maximised

Marginal cost is zero

47 / 50

Canada France, Germany, Italy, Japan, The United Kingdom and United States are ?

countries with highest productivity growth in the world since 1960

countries with decreasing TFP growth since 1990s

countries with the lowest information technology equipment and software index prices

G-7 countries

48 / 50

The democratic state is based on the social contract theories of Locke and Rousseau These theories maintain that ?

the rulers govern at the direction of God

the people allow themselves to be governed for their own good

people must obey the rulers at all times

a society cannot exist without authoritarian rulers

49 / 50

A tax placed on a good that is a necessity for consumers will likely generate a tax burden that ?

falls more heavily on sellers

is evenly distributed between buyers and sellers.

falls more heavily on buyers.

falls entirely on sellers

50 / 50

Kharif crop includes ?

Cotton and maize

Bajra and Jawar

Rice & Sugarcane

All of them

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%