Economics Quiz 78

1 / 50

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

the tenth amendment

the states inefficiency

urban influence on the states

excess state revenues

2 / 50

Industrial Revolution__________________?

none of the above

made all social classes equal

created a class of industrial workers

eliminated social classes

3 / 50

The ecosystem is__________________?

what Hobbes called the ?state of nature?

a systematic application of the economy

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

the way inanimate objects are placed into the natural system

4 / 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

5 / 50

According to Karl Marx_______________?

status is also a phenomenon of stratification

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

classes are the result of different life styles

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

6 / 50

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

budget deficits

welfare plans

expenditures

numbers of employees

7 / 50

Constitutions are________________?

meant to establish the rule of men

blueprints for monarchies

always written

intended to limit governmental power

8 / 50

Unemployment means that ?

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.

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

9 / 50

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

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

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

Rural development is the same as agricultural development

10 / 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?

any of the above

relatively less than

the same as

relatively greater then

11 / 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

12 / 50

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

handling objections

Approach

follow-up

closing

13 / 50

Which of the following statements about trade policy is true ?

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

A restrictive import quota decreases a country?s net exports

A restrictive imports quota increases a country?s net exports

None of these answers

14 / 50

Lean production________________?

All of the above

pushes responsibility down the organizational ladder

combines the best features of craft and mass production

has as its goal perfection

15 / 50

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

a credit item in the capital account

a debit item in the capital account

a debit item in the current account

a credit item in the current account

16 / 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

agriculture and farming jobs

services and white-collar jobs

17 / 50

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

22%

6.10%

1.60%

19%

18 / 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

19 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

inflow of investment from abroad

difference between GDP and capital consumption

approximated investment minus actual investment

20 / 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

misperceptions theory of the short-run aggregate supply curve

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

21 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

the discovery of noodles

an innovation in agriculture

the invention of pasta machines

22 / 50

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

covers fixed costs

covers variable costs

covers revenue

covers total costs

23 / 50

Investment in agriculture sector is Rs ?

50.9 billion

49.9 billion

45.1 billion

45.9 billion

24 / 50

The balance of payment is ?

Shortfall in budget

Total sum a state owned

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

Total liabilities of a nation

25 / 50

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

Excess supply

Excess demand

A price fall

A price increase

26 / 50

The total forest area of Punjab is ?

1.69 million hectares

0.96 million hectares

0.989 million hectares

0.89 million hectares

27 / 50

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

$20,000

$10,000

$40,000

28 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

static shock

future shock

myocardial shock

29 / 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 ?

Variable cost rises by Rs100

Average cost falls

Average fixed cost is Rs10

Marginal cost is Rs20

30 / 50

Today?s Catholic Church is classified as a________________?

national state

intergovernmental organization

nongovernmental organization

nationless state

31 / 50

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

it does not explain monopolistic competition

firms do not know how to maximize profits.

Both the first and second option

firms have other aims

32 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to use knife and fork

child taught to read

child absorbing parents? attitudes toward race

33 / 50

An individual learns to be a human being by______________?

in our society watching television

socialization

cosmic influences

instincts

34 / 50

CEO stands for_______________?

capital employment outlay

chief executive officer

clear everybody out

Caribbean Entrepreneurs Office

35 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Both wine and beer

Wine

Beer

36 / 50

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

absolute advantage

comparative advantage

multilateral advantage

mutual advantage

37 / 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 only if Thomas has the property right to peace and quiet

it is efficient for Roberto to continue 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 Roberto has the property right to play loud music

38 / 50

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

still trying to curb population growth

in the third stage of the demographic transition

in the first stage of the demographic transition

threatened by under population

39 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

A movement along the production possibility frontier

An inward shift of the production possibility frontier

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

40 / 50

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

currency devaluation

contractionary monetary and fiscal policies

short term-adjustment with a human face

long-run institutional and structural economic change

41 / 50

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

0.00%

0.50%

10%

42 / 50

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

modern manufacturing sector is labor intensive

agricultural sector hires labor economically

agricultural sector uses modern equipment

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

43 / 50

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

Limit

Factor

Quota

Quotient

44 / 50

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

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

any profit earned by stockholders when they sell their stock

the profit earned by the owner of any housing unit.

the amount paid each year by a tenant for an apartment

45 / 50

Human wants are_______________?

Always fixed

Unlimited

Likely to decrease over time

Limited

46 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

given the strategies of other players

that is a credible threat

Assuming other players move first

47 / 50

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

None of them

National debt

Public debt

Both of them

48 / 50

The teenage birthrate_______________?

has soared in the past two years

none of the above

has declined in the past several years

is highest among white teenagers

49 / 50

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

taxes

inventories

exports

imports

50 / 50

The main problem facing societies with a surplus is_____________________?

how to keep it away from enemies

there is no problem it is divided equally

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

how to get rid of it

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%