Economics Quiz 78

1 / 50

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

firms do not know how to maximize profits.

firms have other aims

Both the first and second option

it does not explain monopolistic competition

2 / 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

3 / 50

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

short term-adjustment with a human face

long-run institutional and structural economic change

contractionary monetary and fiscal policies

currency devaluation

4 / 50

The main problem facing societies with a surplus is_____________________?

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

how to keep it away from enemies

there is no problem it is divided equally

how to get rid of it

5 / 50

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

A price fall

Excess supply

A price increase

Excess demand

6 / 50

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

handling objections

follow-up

Approach

closing

7 / 50

According to Karl Marx_______________?

classes are the result of different life styles

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

8 / 50

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

covers fixed costs

covers total costs

covers variable costs

covers revenue

9 / 50

In Nash equilibrium each player chooses the best strategy ?

Assuming other players move first

dominated by the other players

given the strategies of other players

that is a credible threat

10 / 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

11 / 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 ?

misperceptions 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

sticky-price theory of the short run aggregate supply curve

12 / 50

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

a debit item in the capital account

a credit item in the capital account

a debit item in the current account

a credit item in the current account

13 / 50

Investment in agriculture sector is Rs ?

49.9 billion

50.9 billion

45.1 billion

45.9 billion

14 / 50

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

in the third stage of the demographic transition

still trying to curb population growth

threatened by under population

in the first stage of the demographic transition

15 / 50

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

taxes

exports

inventories

imports

16 / 50

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

$40,000

$20,000

$10,000

17 / 50

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

comparative advantage

absolute advantage

mutual advantage

multilateral advantage

18 / 50

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

Quotient

Quota

Limit

Factor

19 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

static shock

future shock

myocardial shock

20 / 50

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

0.50%

10%

0.00%

21 / 50

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

natural resource extraction and mining jobs

manufacturing and blue-collar jobs

services and white-collar jobs

agriculture and farming jobs

22 / 50

The length of a business cycle would be measured from ?

peak to peak

peak to trough

the slump to the expansion

trough to peak

23 / 50

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

None of them

Both of them

Public debt

National debt

24 / 50

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

urban influence on the states

excess state revenues

the states inefficiency

the tenth amendment

25 / 50

Country A has the comparative advantage in ?

Beer

Both wine and beer

Wine

Neither wine nor beer

26 / 50

Lean production________________?

pushes responsibility down the organizational ladder

All of the above

combines the best features of craft and mass production

has as its goal perfection

27 / 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 imports quota increases a country?s net exports

A restrictive import quota decreases a country?s net exports

None of these answers

28 / 50

Human wants are_______________?

Always fixed

Likely to decrease over time

Unlimited

Limited

29 / 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 less than

relatively greater then

any of the above

30 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

clear everybody out

chief executive officer

capital employment outlay

31 / 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

Marginal cost is Rs20

Average fixed cost is Rs10

32 / 50

Today?s Catholic Church is classified as a________________?

nationless state

national state

intergovernmental organization

nongovernmental organization

33 / 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

34 / 50

Unemployment means that ?

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

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.

35 / 50

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

agricultural sector hires labor economically

agricultural sector uses modern equipment

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

modern manufacturing sector is labor intensive

36 / 50

An individual learns to be a human being by______________?

socialization

in our society watching television

cosmic influences

instincts

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 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

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 continue to play loud music

38 / 50

The total forest area of Punjab is ?

0.96 million hectares

0.989 million hectares

0.89 million hectares

1.69 million hectares

39 / 50

Constitutions are________________?

always written

blueprints for monarchies

meant to establish the rule of men

intended to limit governmental power

40 / 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

41 / 50

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

welfare plans

expenditures

budget deficits

numbers of employees

42 / 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

Rural development is the same as agricultural development

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

43 / 50

Industrial Revolution__________________?

none of the above

made all social classes equal

eliminated social classes

created a class of industrial workers

44 / 50

A country?s capital stock is the ?

difference between GDP and capital consumption

approximated investment minus actual investment

sum of previous gross investment minus depreciation

inflow of investment from abroad

45 / 50

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

1.60%

22%

19%

6.10%

46 / 50

Economic growth can be shown by ?

A movement along the production possibility frontier

An inward shift of the production possibility frontier

An outward shift of the production possibility frontier

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

47 / 50

The popularity of spaghetti in the United States resulted from_______________?

an innovation in agriculture

the invention of pasta machines

the discovery of noodles

diffusion

48 / 50

The balance of payment is ?

Total sum a state owned

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

Shortfall in budget

Total liabilities of a nation

49 / 50

The teenage birthrate_______________?

has soared in the past two years

is highest among white teenagers

none of the above

has declined in the past several years

50 / 50

The ecosystem is__________________?

what Hobbes called the ?state of nature?

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

a systematic application of the economy

the way inanimate objects are placed into the natural system

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%