Economics Quiz 78

1 / 50

Lean production________________?

All of the above

has as its goal perfection

combines the best features of craft and mass production

pushes responsibility down the organizational ladder

2 / 50

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

the states inefficiency

the tenth amendment

excess state revenues

urban influence on the states

3 / 50

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

inventories

exports

imports

taxes

4 / 50

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

covers variable costs

covers total costs

covers revenue

covers fixed costs

5 / 50

In Nash equilibrium each player chooses the best strategy ?

given the strategies of other players

dominated by the other players

that is a credible threat

Assuming other players move first

6 / 50

The length of a business cycle would be measured from ?

the slump to the expansion

peak to peak

trough to peak

peak to trough

7 / 50

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

22%

19%

1.60%

6.10%

8 / 50

The main problem facing societies with a surplus is_____________________?

there is no problem it is divided equally

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

how to keep it away from enemies

how to get rid of it

9 / 50

Today?s Catholic Church is classified as a________________?

national state

nationless state

intergovernmental organization

nongovernmental organization

10 / 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 cost falls

Marginal cost is Rs20

Variable cost rises by Rs100

Average fixed cost is Rs10

11 / 50

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

numbers of employees

welfare plans

budget deficits

expenditures

12 / 50

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

agricultural sector uses modern equipment

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

agricultural sector hires labor economically

modern manufacturing sector is labor intensive

13 / 50

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

firms have other aims

it does not explain monopolistic competition

firms do not know how to maximize profits.

Both the first and second option

14 / 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

15 / 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, reduction

increase , increase

reduction, increase

increase, reduction

16 / 50

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

in the first stage of the demographic transition

threatened by under population

still trying to curb population growth

in the third stage of the demographic transition

17 / 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

any of the above

relatively less than

relatively greater then

18 / 50

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

handling objections

Approach

closing

follow-up

19 / 50

The teenage birthrate_______________?

none of the above

has soared in the past two years

is highest among white teenagers

has declined in the past several years

20 / 50

According to Karl Marx_______________?

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

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

classes are the result of different life styles

status is also a phenomenon of stratification

21 / 50

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

manufacturing and blue-collar jobs

services and white-collar jobs

agriculture and farming jobs

natural resource extraction and mining jobs

22 / 50

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

10%

0.00%

0.50%

23 / 50

Unemployment means that ?

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

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

there is excess demand in the labour market

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

24 / 50

The ecosystem is__________________?

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

the way inanimate objects are placed into the natural system

what Hobbes called the ?state of nature?

a systematic application of the economy

25 / 50

The balance of payment is ?

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

Total liabilities of a nation

Shortfall in budget

Total sum a state owned

26 / 50

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

contractionary monetary and fiscal policies

long-run institutional and structural economic change

currency devaluation

short term-adjustment with a human face

27 / 50

An individual learns to be a human being by______________?

instincts

in our society watching television

socialization

cosmic influences

28 / 50

Industrial Revolution__________________?

none of the above

made all social classes equal

eliminated social classes

created a class of industrial workers

29 / 50

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

National debt

Both of them

None of them

Public debt

30 / 50

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

Quotient

Quota

Limit

Factor

31 / 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

Rural development is the same as agricultural development

China?s rural population receives little income from nonfarm income

32 / 50

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

A price fall

A price increase

Excess supply

Excess demand

33 / 50

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

a debit item in the current account

a credit item in the capital account

a credit item in the current account

a debit item in the capital account

34 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

An inward shift of the production possibility frontier

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

A movement along the production possibility frontier

35 / 50

The total forest area of Punjab is ?

0.989 million hectares

1.69 million hectares

0.96 million hectares

0.89 million hectares

36 / 50

Which of the following statements about trade policy is true ?

A restrictive import quota decreases a country?s net exports

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

None of these answers

A restrictive imports quota increases a country?s net exports

37 / 50

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

any profit earned by stockholders when they sell their stock

the profit earned by the owner of any housing unit.

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

the amount paid each year by a tenant for an apartment

38 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Beer

Both wine and beer

Wine

39 / 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

misperceptions theory of the short-run aggregate supply curve

sticky-price theory of the short run aggregate supply curve

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

40 / 50

Investment in agriculture sector is Rs ?

50.9 billion

49.9 billion

45.9 billion

45.1 billion

41 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

inflow of investment from abroad

approximated investment minus actual investment

difference between GDP and capital consumption

42 / 50

An example of unconscious socialization would be____________________?

child taught to read

child absorbing parents? attitudes toward race

correcting child?s use of worlds

child taught to use knife and fork

43 / 50

The popularity of spaghetti in the United States resulted from_______________?

an innovation in agriculture

the discovery of noodles

diffusion

the invention of pasta machines

44 / 50

Constitutions are________________?

always written

meant to establish the rule of men

intended to limit governmental power

blueprints for monarchies

45 / 50

CEO stands for_______________?

clear everybody out

chief executive officer

capital employment outlay

Caribbean Entrepreneurs Office

46 / 50

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

absolute advantage

mutual advantage

comparative advantage

multilateral advantage

47 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

myocardial shock

culture shock

static shock

48 / 50

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

$10,000

$40,000

$20,000

49 / 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 continue 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

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 regardless of who has the property right to the level of sound

50 / 50

Human wants are_______________?

Unlimited

Always fixed

Likely to decrease over time

Limited

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