Economics Quiz 78

1 / 50

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

services and white-collar jobs

natural resource extraction and mining jobs

manufacturing and blue-collar jobs

agriculture and farming jobs

2 / 50

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

National debt

Public debt

Both of them

None of them

3 / 50

A country?s capital stock is the ?

difference between GDP and capital consumption

inflow of investment from abroad

sum of previous gross investment minus depreciation

approximated investment minus actual investment

4 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

that is a credible threat

Assuming other players move first

given the strategies of other players

5 / 50

The length of a business cycle would be measured from ?

peak to trough

peak to peak

trough to peak

the slump to the expansion

6 / 50

An individual learns to be a human being by______________?

cosmic influences

in our society watching television

socialization

instincts

7 / 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 first stage of the demographic transition

in the third stage of the demographic transition

8 / 50

Which of the following statements about trade policy is true ?

None of these answers

A restrictive imports quota increases a country?s net exports

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

9 / 50

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

the amount paid each year by a tenant for an apartment

the profit earned by the owner of any housing unit.

any profit earned by stockholders when they sell their stock

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

10 / 50

Unemployment means that ?

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

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.

there is excess demand in the labour market

11 / 50

Constitutions are________________?

blueprints for monarchies

meant to establish the rule of men

always written

intended to limit governmental power

12 / 50

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

covers fixed costs

covers revenue

covers variable costs

covers total costs

13 / 50

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

A price fall

A price increase

Excess supply

Excess demand

14 / 50

Human wants are_______________?

Always fixed

Limited

Unlimited

Likely to decrease over time

15 / 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

16 / 50

The teenage birthrate_______________?

is highest among white teenagers

none of the above

has soared in the past two years

has declined in the past several years

17 / 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

18 / 50

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

excess state revenues

the tenth amendment

the states inefficiency

urban influence on the states

19 / 50

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

10%

0.50%

0.00%

20 / 50

According to Karl Marx_______________?

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

classes are the result of different life styles

21 / 50

Lean production________________?

pushes responsibility down the organizational ladder

All of the above

has as its goal perfection

combines the best features of craft and mass production

22 / 50

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

currency devaluation

long-run institutional and structural economic change

contractionary monetary and fiscal policies

short term-adjustment with a human face

23 / 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

24 / 50

Today?s Catholic Church is classified as a________________?

intergovernmental organization

nationless state

nongovernmental organization

national state

25 / 50

Country A has the comparative advantage in ?

Wine

Both wine and beer

Neither wine nor beer

Beer

26 / 50

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

handling objections

closing

follow-up

Approach

27 / 50

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

6.10%

19%

1.60%

22%

28 / 50

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

welfare plans

expenditures

budget deficits

numbers of employees

29 / 50

The main problem facing societies with a surplus is_____________________?

how to keep it away from enemies

how to get rid of it

there is no problem it is divided equally

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

30 / 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

31 / 50

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

Rural development is the same as agricultural development

China?s rural population receives little income from nonfarm income

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

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

32 / 50

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

imports

taxes

inventories

exports

33 / 50

The ecosystem is__________________?

what Hobbes called the ?state of nature?

the way inanimate objects are placed into the natural system

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

a systematic application of the economy

34 / 50

Industrial Revolution__________________?

created a class of industrial workers

made all social classes equal

none of the above

eliminated social classes

35 / 50

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

a credit item in the current account

a credit item in the capital account

a debit item in the current account

a debit item in the capital account

36 / 50

The total forest area of Punjab is ?

0.96 million hectares

1.69 million hectares

0.89 million hectares

0.989 million hectares

37 / 50

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

Factor

Quota

Quotient

Limit

38 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to read

child absorbing parents? attitudes toward race

child taught to use knife and fork

39 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

clear everybody out

capital employment outlay

chief executive officer

40 / 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 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

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

41 / 50

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

mutual advantage

comparative advantage

absolute advantage

multilateral advantage

42 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

myocardial shock

static shock

future shock

43 / 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, reduction

increase , increase

reduction, increase

44 / 50

The popularity of spaghetti in the United States resulted from_______________?

an innovation in agriculture

diffusion

the discovery of noodles

the invention of pasta machines

45 / 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

Average fixed cost is Rs10

Variable cost rises by Rs100

Marginal cost is Rs20

46 / 50

Investment in agriculture sector is Rs ?

45.9 billion

45.1 billion

49.9 billion

50.9 billion

47 / 50

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

Both the first and second option

it does not explain monopolistic competition

firms do not know how to maximize profits.

firms have other aims

48 / 50

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

$20,000

$10,000

$40,000

49 / 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 ?

sticky-price theory of the short run aggregate supply curve

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

50 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

A movement along the production possibility frontier

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

An inward shift of the production possibility frontier

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