Economics Quiz 61

1 / 50

A person will continue to pursue an activity up to the point where ?

Marginal benefit equals marginal damage cost

marginal benefit equals marginal private cost

marginal social cost equals marginal external cost

marginal benefits equals marginal social cost

2 / 50

Conflict theorists view stratification systems as______________?

BOTH coercive and resulting from class struggles

mechanisms of coercion

effects of the law of nature

resulting from class struggles

3 / 50

Which of the following is a valid currency______________?

Bank cheque

Promissory note

Exchange rate

Currency note

4 / 50

Which city is famous for the textile mills that produce finest worsted suiting in the world ?

Faisalabad

Karachi

Lawrencepur

Haripur

5 / 50

Consumer sovereignty means that________________?

consumers create demand

production depends on supply and demand

all of the above

producers supply what is demanded

6 / 50

If marginal benefit is greater than marginal cost, a rational choice involves ?

more of the activity

no more of the activity.

more or less, depending on the benefits of other activities

less of the activity

7 / 50

Adequate growth of the economy refers to the goals of__________________?

approximately 4% growth rate per year

increasing GNP per capita

maintaining current standards of living in spite of increasing population

all of the above

8 / 50

Supply is likely to be more price elastic ?

If there are very few producers

If factors of production are relatively immobile between industries

In the short run rather than the long run

If it is easy to expand output

9 / 50

The total demand for goods and services in an economy is known as_____________?

aggregate demand

economy-wide demand

gross national product.

national demand.

10 / 50

Discrimination is_______________?

belief in the superiority of one,s own group

an action taken as a result of prejudicial feelings

racial hatred

an attitude or feeling of dislike for a certain group

11 / 50

A capital account surplus might be expected to cause a current account deficit because the associated ?

capital inflow would cause the nation?s currency to appreciate contributing to a trade deficit

capital inflow would cause the nation?s currency to depreciate contributing to a trade deficit

capital outflow would cause the nation?s currency to depreciate contributing to a trade deficit

capital outflow would cause the nation?s currency to appreciate contributing to a trade deficit

12 / 50

Term the rules and particles that govern the management of an organization ?

Internal laws

By laws

Memorandum of articles

Character

13 / 50

National Saving (or just saving) is equal to ?

none of these answers

private saving + public saving

investment + consumption expenditures

GDP government purchases

14 / 50

Which situation has contributed most recent Japanese economic growth ?

The Japanese government has place limits on Japanese exports

Japanese citizens save less of their incomes than the citizens of other industrialized nation do

Japanese industries spend very little on the research and development of new products

The Japanese government and Japanese businesses have cooperated with each other

15 / 50

Martin Luther king,s status was based on his_____________?

wealth

color

property

social influence

16 / 50

Government levy tax on imports and exports What this tax is called ?

Tariff

Freight

Exercise Duty

Custom

17 / 50

The population density in Islamabad per Sq. Km is ?

630

780

882

990

18 / 50

The chief reason that Congress is so ineffective is________________?

a result of the gradual emergence of the Supreme Court as a legislative body

that the Constitution delegates it so little power

the development of the power of state governments

the traditional organization of the legislative branch

19 / 50

The crude birthrate is________________?

the rate at which the elderly die in any given year

an important demographic concept

the rate at which infants survive past their first year

the number of male births per 1000 people per country per year

20 / 50

Under free trade suppose that Japan can supply radios t mexico at the price of $45 Therefore, Mexico?s imports equal ?

5 radios

15 radios

10 radios

zero radios

21 / 50

A shift in supply will have more effect on price than quantity if ?

The price elasticity of supply is ? 3

The price elasticity of supply is infinity

The price elasticity of supply is ? 2

The price elasticity of supply is ? 0.2

22 / 50

The equilibrium price clears the market it is the price at which _________________?

C and D

Everything is sold

Quantity demanded equal quality supplied

Buyers spend all their money

23 / 50

The inordinate growth of government is a side effect of________________?

the willingness of individuals to give up traditional freedoms

the increasing poverty of individual states

government intervention in the economy

the political apathy of public

24 / 50

Which of the following describes an increase in technological knowledge ?

A farmer hires another day laborer

A farmer buys another tractor

A farmer discovers that it is better to plant in the spring rather than in the fall

A farmer sends his child to agricultural college and the child returns to work on the farm

25 / 50

Change may be experienced on three levels__________________?

invention discovery exploration

micro middle and macro

planning reform revolution

personal impersonal social

26 / 50

Starting from a position where the nation?s money demand equals the money supply and its balance of payments is in equilibrium economic theory suggests that the nation?s balance of payments would move into a surplus position if there occurred in the nation a (an) ?

increase in the money demand

None of the above

increase in the money demand

decrease in the money demand

27 / 50

The abolitionist movement sought the abolition of_______________?

slavery

states rights

alcohol consumption

compulsory education

28 / 50

G. MecDougall showed in his tests that ?

Labor productivity ratios and export ratios were not associated with each other

relatively high U.K labor productivity was associated with relatively higher U.K export ratios

relatively higher U.S labor productivity was associated with relatively higher U.K export ratios

None of the above

29 / 50

Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?

price distortions

exchange rates

consumer surplus

shadow prices

30 / 50

when the level of income _________ there will be a tendency for the trade balance to improve as imports?

increase, increase

increase, fall

falls, fall

falls, increase

31 / 50

Of all the animal pests that attack plants. the most common and which cause the maximum damage are ?

None of these

Mice

Insects

Birds

32 / 50

Which of the following country did Not suffer from increased poverty from debt and financial crises in the 1990s ?

Russia (1998)

Brazil (1998)

Mexico (1994)

Singapore (1994)

33 / 50

A crisis of legitimacy indicates that_______________?

the social order requires piecemeal reform

better government propaganda is in order

the public perceives that legitimate government has failed

general apathy has overtaken the public

34 / 50

Real business cycles are cycles in ?

potential output

actual output

international trade

real output

35 / 50

Fiscal Policy refers to ?

The spending and taxing policies used by the government to influence the economy

The government?s attitude to taxation

The actions of the central bank in controlling the money supply

The government regulation of financial intermediaries

36 / 50

When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as ?

price rationing

price fixing

quantity adjustment.

Quantity setting

37 / 50

If a production function exhibits constant returns to scale ?

doubling all of the inputs less than doubles output due to diminishing returns

doubling all of the inputs more than doubles output due to the catch-up effect

doubling all of the inputs has absolutely no impact on output because output is constant

doubling all of the input?s doubles output

38 / 50

The price mechanism cannot ?

Act as a incentive

shift the demand curve

Act as a rationing device

Act as a signal

39 / 50

If somebody is prepared to work at the going wage rate but cannot find work then they are victims of ?

classical unemployment

voluntary unemployment

Frictional unemployment

voluntary unemployment

40 / 50

You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?

Rs 500

Rs 1000

Rs 800

Rs 300

41 / 50

The practice of requiring degrees as a minimum hiring requirement is called_______________?

elitism

syndication

academicism

credentialism

42 / 50

The mechanisms of upward mobility of minorities did NOT include?

a social caste system

internal economic development and specialization

development of a middle class

geographic concentration

43 / 50

The slope at any point on an indifference curve is known as ?

the marginal rate of trade-off.

the trade-off rates

the marginal rate of substitution

the marginal rate of indifference

44 / 50

Mention the name for that urban and rural region which is closely associated economically with an adjoining town or city. Term is also used to describe the area that is serviced by a port or coastal settlement ?

Hinterland

Dependent land

Parasite land

Country land

45 / 50

Amartya K. Sen emphasizes that having enough to eat depends on ?

an egalitarian income distribution

society?s high Gini concentration

society?s system of entitlement

low poverty rates

46 / 50

Demand pull inflation result from ?

demand for government spending on public goods goes due to lack of financial backup through tax collection

consumer business and government demand for goods and services in excess of an economy?s capacity to produce

demand for public goods is greater than demand for consumer goods

a shortage of demand for goods and services in excess of supply during depression

47 / 50

Female-headed families have_______________?

generally a lower income than two-parent families

increased in number since 1970

all of the above

greater emotional stress in dealing with children

48 / 50

The interest rate ?

is determined in the goods market and influences the level of planned investment and thus the money market

is determined in the money market and has no influence on the goods market

is determined in the goods market and has no influences on the money market

is determined in the money market and influences the level of planned investment and thus the goods market

49 / 50

Economic profits are ?

a rate of profit that is just sufficient to keep owners and investors satisfied

the difference between total revenue and total costs.

anything greater than the normal opportunity cost of investing

the opportunity costs of all inputs

50 / 50

The annual growth rate of edible oil is ?

15%

10%

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