Economics Quiz 76

1 / 50

Durkheim viewed religion as a form of social_________________?

recreation

innovation

integration

ingratiation

2 / 50

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

free trade area

economic union

common market

customs union

3 / 50

China is the chief exporter of_______________?

Manganese?s

Rice

Rubber

Gold

4 / 50

The master status of George W.Bush was______________?

dog owner

husband

jogger

president

5 / 50

The advantages of audience selectivity no ad competition and personalization apply to which type of media ?

Direct Mail

Radio

Television

Newspapers

6 / 50

Censorship______________?

is the opposite of propaganda?

is the same as propaganda

gives a one-sided interpretation of an issue

deletes all or parts of information

7 / 50

The efficient scale of production is the quantity of output that minimizes ?

average fixed cost

average variable cost

average total cost

marginal cost

8 / 50

Which one of the following is not an argument in support of the UK joining the EMU ?

The UK needs to be a member of the EMU in order to continue to attract such large share of foreign direct investment in EU countries

The characteristics of the UK housing market make UK consumers expenditure very sensitive to changes in interest rates

The UK risks exclusion from the Euroland capital market with damaging consequences with damaging

None of these arguments they are all arguments in support of the UK joining the UMU

9 / 50

The amount of unemployment that the economy normally experiences is known as ?

efficiency wage unemployment

The natural rate of unemployment

frictional unemployment

cyclical unemployment

10 / 50

Cucumbers are almost how old ?

15,000 years

4000 years

300 years

1000 years

11 / 50

If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?

Efficient scale

Minimum efficient scale

Average efficient scale

Maximum efficient scale

12 / 50

The scientific method requires that ?

only theories are tested.

the scientist be objective

only correct theories are tested

The scientific use precision equipment.

13 / 50

Durkheim believed that religion__________________?

was a radical force in society

was a reflection of human society

exploited the masses

had nothing to do with social life

14 / 50

If the price in a market is fixed by the government above equilibrium ?

There is excess supply

There is excess demand

There is excess equilibrium

There is equilibrium

15 / 50

A reservation wage is the ?

tip necessary to get a waiter to reserve a table

Maximum wage the firm is willing to pay

minimum wage the worker is willing to accept

competitive equilibrium wage.

16 / 50

An extreme type of coercive organizations is called a(n) _______________-?

public institution

oligarchy

total institution

economic institution

17 / 50

________ consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics or behavior who might require separate products or marketing mixes?

Market targeting

Market segmentation

Product differentiation

Market positioning

18 / 50

Name the country which has the largest tin production in the world is ?

Nigeria

Malaysia

China

Bolivia

19 / 50

Power is_________________?

the most important feature of stratification

restricted to a small elite in traditional societies

all of the above

widely distributed and diffused in industrial societies

20 / 50

If the marginal propensity to consume on domestic products is 0.9 the size of the multiplier is ?

0.1

21 / 50

In a monopoly, marginal revenue is ?

always greater than price

lower than price for all units other than the first

always equal to price

less than price at low levels of output and greater than price at high levels of output

22 / 50

The World Bank?s GNP per capita classification for low income middle income and high income countries respectively is ?

less than $5000, $5000-$150000 and more than $150000

less than $900, $900-$9000 and more than $9000

less than $100, $100-$1000 and more than $1000

less than $5000, $5000-$15000 and more than $15000

23 / 50

If the sacrifice ratio is five, a reduction in inflation from 7 percent to 3 percent would require ?

a reduction in output of 5percent

a reduction in output of 15 percent

a reduction in output of 20 percent

a reduction in output of 35 percent

24 / 50

Under a pegged exchange rate system which does not explain why a country would have a balance of payments deficit ?

the domestic currency is undervalued relative to other currencies

technological advance is superior abroad

very high rates of inflation occur domestically

foreigners discriminate against domestic products

25 / 50

A researcher will settle for pinpointing a correlation when ?

a causal relationship is difficult to prove

research monies are not forthcoming

a causal relationship is of no consequence

variables are vaguely defined

26 / 50

Suppose the central bank purchases a government bond from a person who deposits the entire amount received from the sale in her bank the money supply will ?

fall by exactly the amount of the deposit as long as the bank does not change its reserve ratio

rise by less than the amount of the deposit

rise by an amount that depends on the bank?s reserve ratio

27 / 50

Under Soviet-type economy-wide central planning ?

resources owned by private entities moves to efficient use but not those owned publicly

resources are free to move to their lowest cost uses

resources are privately owned by capitalists

most resource lack freedom to move to their highest value uses

28 / 50

The scientific method in the social sciences ?

is hampered by difficulties in attaining objectivity

has led to great discoveries in the human knowledge of the physical universe

is as effective as in the natural sciences

has been found to be totally useless

29 / 50

A payment is made in return for some transference of privilege. What this payment is called ?

Royalty

Intellectual royalty

Rent

30 / 50

Which of the following crops needs maximum water per hectare ?

Sugarcane

Barley

None of these

Maize

31 / 50

The short run, as economists use the phrase, in characterized by ?

a period where the law of diminishing returns does not hold

no variable inputs ? that is, all of the factors of production are fixed

all inputs being variable

at least one fixed factor of production and firms neither leaving nor entering the industry.

32 / 50

Standard English and the music of music This belief is an example of_______________?

attitudinal discrimination

elitist discrimination

structural discrimination

individual discrimination

33 / 50

When confronted with evidence contrary to their beliefs prejudiced persons will______________?

refuse to change the original judgment in spite of evidence to the contrary

suspend judgment until more evidence is found

apologize to the victim of their prejudice

change their judgment to conform to new evidence

34 / 50

The demand for ice-cream is lower outside of summer causing lower demand for ice-cream salesman if they cannot find other work, this is called _______ unemployment?

Regional

demand-deficient

seasonal

structural

35 / 50

Sapir and Whorf believe that______________?

language has no part in mental attitudes

preverbal communication is more important than verbal

languages are limited to the number of words for any given object

the structure of a language shapes a people view of the world

36 / 50

Capitalism is an economies system ?

that originated in the United States in the 19th Century

based on government intervention in the means of production

that dominated developing economies in the 19 Century

Where private owners of capital make decisions based on profit

37 / 50

Starting from a position of internal and external balance a reduction in aggregate demand will cause a current account ?

revaluation

surplus

devaluation

deficit

38 / 50

Reserve requirements that may be imposed on an economy?s banks by its central bank specify that banks by its central bank specify that banks reserve must be a minimum percentage of them ?

loans

assets

government bonds

deposits

39 / 50

Suppose that Pakistan imposes a tariff on ballpoint pens of 25 rupees per pen plus 12 percent of the pen?s value, this is an example of a (an) ?

ad valorem tariff

specific tariff

compound tariff

effective tariff

40 / 50

If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?

income inelastic

price elastic

price inelastic

unit price elastic

41 / 50

The argument that U.S current account deficits cause net job losses for Americans ?

fails to recognize that a current account deficit is matched by an equal inflow of foreign funds which finances employment increasing investment spending

focuses only on the overall economy and is thus always true

is supported by recent U.S history

is true by definition in all possible circumstances

42 / 50

A way helping depressed regions by having wage subsidies lower business taxes and capital subsidies has been suggested as ?

monetarists.

interventionist policies.

Left wing theorists

New classical economists.

43 / 50

Which of the following are bonds that are not registered on the books of the issuer ?

Bearer bond

Open bond

Term bond

Blank bond

44 / 50

The United States government includes the following traits____________?

federalism

unlimited power

appointed representatives

a subordinate judiciary

45 / 50

If there is a general shortage of liquidity in the money market then ?

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will fall and the central bank may be expected to reduce the supply of liquidity to the banks

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will rise and the long-term interest rate may be expected to rise as a result

The banks will increase their lending

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will rise and the central bank may be expected to increase the supply of liquidity to the banks.

46 / 50

When a few powerful corporation dominate as industry the condition is called_____________?

a free market for all

government control

oligopoly

none of the above

47 / 50

Besides tobacco, tea and cotton, which is the other agricultural produce of China ?

Rice

Soybean

Maize

Millets

48 / 50

Which is the most important crop of the Nile delta ?

Sugarcane

Maize

None of these

Cotton

49 / 50

Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? the monopolist has?

set price equal to its average cost

equated marginal revenue and marginal cost

maximized the difference between marginal revenue and marginal cost.

maximized its total revenue

50 / 50

Mianwali is important for ?

Embroidery work

agriculture

wood work

irrigation work

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