0% 2 Agricultural Economics Quiz 4 1 / 50 A legally determined price above the equilibrium price is__________________? Equilibrium price None Floor price Ceiling price 2 / 50 A simplified picture of economic reality, an abstract generalization ? Economic principle Economic theory Economic model None 3 / 50 The ability of Market forces to synchronize selling and buying decision to eliminate potential surpluses and shortages is known as_________________? None Rationing function of the price Generalization Specification 4 / 50 Power of a good/ service to satisfy human desire/want is called____________________? Utility All of these Worth The point of satiety 5 / 50 A type of unemployment caused by insufficient total spending___________________? None Underdevelopment Under employment Cyclical unemployment 6 / 50 The intersection of the supply curve and demand curve indicates ? Market demand Market condition Market equilibrium None 7 / 50 __________________provides an overview of the operation of the capitalist system ? Circular flow model Says law Income budget line Indifference curve 8 / 50 Transfer of funds to a foreign country by a local citizen by business ? Brain Dumping Anti dumping Capital flight 9 / 50 An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ? None Decreasing cost industry Both Declining industry 10 / 50 Selling public assets to individuals or private business interests ? All Privatization Publication Downsizing 11 / 50 An agreement among sellers of a commodity to set a common price or share their commodity market? Monopoly All collusion Oligopoly 12 / 50 An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called_______________? None Firm Factory Company 13 / 50 Advantage that occurs to individual or society as a whole as a result of increase in the consumption of certain types of goods or services by other individuals ? Consumption function Consumption surplus Consumer demand Consumption economics 14 / 50 The use of the resources of an individual or firm, a region, or a nation to produce one or a few goods and services ? Capital flight speculation Specialization Fly over 15 / 50 The investment of private foreign funds in the economy of a developing nation? None of these Private foreign investment Both a and b Public investment 16 / 50 determinants of demand are some times referred as__________________________? Demand determinants none Demand effectors Demand shifters 17 / 50 People both rural and urban who are working less than they could___________________? Partial employment Open employment Under employment None 18 / 50 The emigration of highly skilled and educated professionals and technical man power from developing to developed countries? All Brain Drain Capital flight Immigration 19 / 50 Noble prize of Economics in 1979 was awarded to________________? Both a and b W. Arthur Lewis None Theodore Schultz 20 / 50 The study process by which a productive capacity of the economy is increased over time to bring about raising levels of national output and income? Economic integration Development All Economic growth 21 / 50 An analytic approach in which we move from general to particular from theory to facts is_________________? Deduction None Specification Induction 22 / 50 Total number of monetary units received by a firm from the sale of a product is called___________________? None Total revenue Both Nominal profit 23 / 50 ?Wealth of nations? was written by_________________? Adam Smith Keynes Lewis Rostow 24 / 50 An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ? Tax Tacit collusion Subsidy Tariff 25 / 50 Urban migration is causing the labour force to grow at annual rates of _____________in LDC? 30-35% 10-20% 35-40% 5-7% 26 / 50 Opportunity cost is illustrated by the___________________? Positive slope Downward slope Steep slope None 27 / 50 A curve showing the distribution of income in an economy___________________? Lorenz curve Indifference curve Income budget line Investment damage curve 28 / 50 A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________? Micro economic Normative economic Positive economic Macroeconomic 29 / 50 The process of deriving principles is called___________________? None of these theoretical economics Economics analysis All 30 / 50 Upward shift of the demand curve is due to_________________? Changing in quantity demanded None Increase in demand Decrease in quantity demanded 31 / 50 ?The tricks of economic growth and development are simply a matter of increasing national savings and investment.? Is a simplest form of? Rostow growth stages Harod-Domar growth model None Keynesian development theory 32 / 50 A decrease in the governmentally defined value of currency ____________________? All Cheapness Inflation Devaluation 33 / 50 The amount by which a nation?s import of goods (or goods and services) exceeds its export of goods or goods and services is________________? Trade surplus None Trade deficit Trade bloc 34 / 50 The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________? Advanced knowledge Both None Technology 35 / 50 A market in which products are sold by firms and bought by households is_________________? Product market Consumer market None Resource market 36 / 50 The increasing integration of national economies into expanding international market ? None Randomization Economic integration Globalization 37 / 50 Hitler introduced ? Command economy Mixed economy Authoritarian economy Traditional economy 38 / 50 Cooperation among unification of the economies of different nations is termed as_____________________? Economic Bloc Economic integration Economic union none 39 / 50 Using part of income/saving for more income is called_________________? Entrepreneurship Consumption Investment Busyness 40 / 50 A tax levied on the cost of a board group of products______________________? Consumer charge Sales tax Income tax None 41 / 50 A payment of funds by a govt. firm or house hold for which it receives no goods or services in return? lump-sum-tax Tax Subsidy None 42 / 50 A market in which products households sell and firms buy resources or the services of resources is__________________? Product market Consumer market Resource market Producer market 43 / 50 Increase in the price level at a rate greater than expected ? Stagflation Dearness Deflation Unanticipated 44 / 50 Cetris peribus stands for__________________? Same as given before All else being equal None Let it be 45 / 50 The sum of interest payments and repayment of principal on external public and public ally guarantee debt? Debt service Debt repudiation Debt renegotiation Debt rescheduling 46 / 50 The attainment of literacy, arithmetic competence and elementary vocational skills ? Basic qualifications Primary education All Basic education 47 / 50 A firm which engages in in the busyness of banking_________________? Commercial bank None World bank State bank 48 / 50 Legally established maximum price of a good or service__________________? Max price Ceiling price None Floor price 49 / 50 Any system that features one price for sellers and another for buyers ? Dual price system Ceiling pricing Floor pricing None 50 / 50 An asset set aside for future use is termed as_______________________? Future planning Speculation Store of value None Provide Your Information Your score is The average score is 62% LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on facebook Facebook Share on twitter Twitter Share on whatsapp WhatsApp PrevAgricultural Economics Quiz 3 Agricultural Economics Quiz 5Next
