Economics Quiz 78

1 / 50

Unemployment means that ?

there are some people who will not work at the going wage rate.

there is excess demand in the labour market

people are not willing to work at the going wage rate.

at the going wage rate, there are people who want to work but cannot find work.

2 / 50

The teenage birthrate_______________?

has soared in the past two years

none of the above

is highest among white teenagers

has declined in the past several years

3 / 50

If a maximum price is set below equilibrium there will be ?

Excess demand

Excess supply

A price fall

A price increase

4 / 50

According to Karl Marx_______________?

classes are composed of the have-nots who eventually revolt against the haves

status is also a phenomenon of stratification

classes are determined by the relationship of a group in society to the means of production

classes are the result of different life styles

5 / 50

An example of unconscious socialization would be____________________?

child taught to read

correcting child?s use of worlds

child absorbing parents? attitudes toward race

child taught to use knife and fork

6 / 50

In a cartel member firms may be given a fixed amount to produce. This is called a ?

Factor

Limit

Quota

Quotient

7 / 50

David Ricardo?s theory in favor of free trade uses the ideal of ?

mutual advantage

absolute advantage

comparative advantage

multilateral advantage

8 / 50

The length of a business cycle would be measured from ?

trough to peak

peak to trough

peak to peak

the slump to the expansion

9 / 50

Within the circular flow of income, an increase in domestic income will tend to increase ?

exports

imports

taxes

inventories

10 / 50

Economic growth can be shown by ?

An inward shift of the production possibility frontier

A decision by the government to produce inside the production possibility frontier

An outward shift of the production possibility frontier

A movement along the production possibility frontier

11 / 50

Investment in agriculture sector is Rs ?

45.1 billion

50.9 billion

49.9 billion

45.9 billion

12 / 50

A reduction in interest rates, causes an increases in the monetary base that results in an _________ in the availability of consumer credit and a ________ in the cost of consumer credit?

reduction, increase

increase, reduction

reduction, reduction

increase , increase

13 / 50

Today?s Catholic Church is classified as a________________?

national state

intergovernmental organization

nationless state

nongovernmental organization

14 / 50

The last stage in the selling process in the __________ stage?

Approach

handling objections

closing

follow-up

15 / 50

CEO stands for_______________?

chief executive officer

Caribbean Entrepreneurs Office

capital employment outlay

clear everybody out

16 / 50

The traditional profit-maximizing theory of the firm has been criticized by some economists because ?

firms do not know how to maximize profits.

it does not explain monopolistic competition

Both the first and second option

firms have other aims

17 / 50

Purchases of government securities in the United States by foreigners is ?

a debit item in the capital account

a debit item in the current account

a credit item in the current account

a credit item in the capital account

18 / 50

The most wave of globalization which began in the 1980s has emphasized the outsourcing of ?

manufacturing and blue-collar jobs

natural resource extraction and mining jobs

services and white-collar jobs

agriculture and farming jobs

19 / 50

In the short term a firm will produce provided the revenue ?

covers total costs

covers variable costs

covers revenue

covers fixed costs

20 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

an innovation in agriculture

the invention of pasta machines

diffusion

21 / 50

Industrial Revolution__________________?

none of the above

eliminated social classes

created a class of industrial workers

made all social classes equal

22 / 50

Country A has the comparative advantage in ?

Beer

Wine

Neither wine nor beer

Both wine and beer

23 / 50

Rice account for 6.6 percent in value added in agriculture. What is its contribution in GDP ?

1.60%

19%

22%

6.10%

24 / 50

Roberto and Thomas live in a university hall of residence Roberto values playing loud music at a value of ?100. Thomas values Pease and quiet at a value of ?150. Which of the following statements is true ?

It is efficient for Roberto to stop playing loud music regardless of who has the property right to the level of sound

it is efficient for Roberto to continue to play loud music

It is efficient for Roberto to stop playing loud music only if Roberto has the property right to play loud music

It is efficient for Roberto to stop playing loud music only if Thomas has the property right to peace and quiet

25 / 50

Suppose that the demand curve for tin is highly inelastic. If the supply curve of tin decrease and increase cyclically along the demand curve for tin then in this market the size of the price fluctuation will be __________ the size of the quantity fluctuations?

the same as

relatively greater then

any of the above

relatively less than

26 / 50

Which of the following statement about rural and agricultural development is true ?

Household nonfarm income is uncorrelated to farm productivity and uncorrelated to farm productivity and household incomes in Kenya

The agrarian community requires a full range of services such as schools merchants banks and so on

China?s rural population receives little income from nonfarm income

Rural development is the same as agricultural development

27 / 50

According to Lewis?s model the dual economy grows only when ?

agricultural sector hires labor economically

the modern sector increases its output share relative to the traditional sector

agricultural sector uses modern equipment

modern manufacturing sector is labor intensive

28 / 50

Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the sellers is the area ?

C + F

29 / 50

The total forest area of Punjab is ?

0.989 million hectares

0.96 million hectares

0.89 million hectares

1.69 million hectares

30 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

approximated investment minus actual investment

inflow of investment from abroad

difference between GDP and capital consumption

31 / 50

If A forms a customs union with C, the value of trade diversion will be ?

$40,000

$10,000

$20,000

32 / 50

In Nash equilibrium each player chooses the best strategy ?

given the strategies of other players

Assuming other players move first

that is a credible threat

dominated by the other players

33 / 50

The ecosystem is__________________?

the way living things interact and interrelate with each other and their environments

what Hobbes called the ?state of nature?

the way inanimate objects are placed into the natural system

a systematic application of the economy

34 / 50

What is called the result of a state?s borrowing from its population, from foreign governments or from international institutions ?

Both of them

None of them

Public debt

National debt

35 / 50

Human wants are_______________?

Always fixed

Likely to decrease over time

Limited

Unlimited

36 / 50

Which of the following statements about trade policy is true ?

A restrictive imports quota increases a country?s net exports

A restrictive import quota decreases a country?s net exports

None of these answers

A country?s trade policy has no impact on the size of its trade balance

37 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

myocardial shock

static shock

future shock

38 / 50

Suppose the price level falls but because of fixed nominal wage contracts the real wage rises and firms cut back on production This is a demonstration of the ?

classical dichotomy theory of the short-run aggregate supply curve

sticky-wage theory of the short-run aggregate supply curve

misperceptions theory of the short-run aggregate supply curve

sticky-price theory of the short run aggregate supply curve

39 / 50

Lean production________________?

combines the best features of craft and mass production

pushes responsibility down the organizational ladder

has as its goal perfection

All of the above

40 / 50

The balance of payment is ?

Total liabilities of a nation

Shortfall in budget

Balance between a nation?s expenditure on imports and its receipts from exports

Total sum a state owned

41 / 50

Throughout most of humankind?s existence, population grew at a rate of ________ per year?

0.50%

10%

0.00%

42 / 50

Total increases from Rs500 to Rs600 when output increases from 20 to 30 units. Fixed costs are Rs200 Which of the following is true ?

Average fixed cost is Rs10

Variable cost rises by Rs100

Marginal cost is Rs20

Average cost falls

43 / 50

An individual learns to be a human being by______________?

instincts

socialization

in our society watching television

cosmic influences

44 / 50

Structural economists from the United Nations Economic Commission for Latin America (ECLA) emphasized ?

long-run institutional and structural economic change

contractionary monetary and fiscal policies

currency devaluation

short term-adjustment with a human face

45 / 50

The term ?rent? as it is used by economists. refers to ?

the profit earned by the owner of any housing unit.

the amount paid each year by a tenant for an apartment

the return to any factor of production that is in fixed supply

any profit earned by stockholders when they sell their stock

46 / 50

The federal government has increased its responsibilities at the local level because_____________?

the tenth amendment

the states inefficiency

excess state revenues

urban influence on the states

47 / 50

The main problem facing societies with a surplus is_____________________?

there is no problem it is divided equally

how to keep it away from enemies

what to produce how produce it and for whom to produce it

how to get rid of it

48 / 50

Governments may contribute to inflationary pressure because of building up large ?

budget deficits

numbers of employees

welfare plans

expenditures

49 / 50

The United States Canada Northern and Western Europe among other areas are________________?

still trying to curb population growth

threatened by under population

in the third stage of the demographic transition

in the first stage of the demographic transition

50 / 50

Constitutions are________________?

blueprints for monarchies

meant to establish the rule of men

always written

intended to limit governmental power

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