Economics Quiz 16

1 / 50

The most common form of marriage today is_______________?

polygamy

polygyny

polyandry

none of these

2 / 50

Which of the following is not true about how people make decisions ?

All of these answers are actually true statements about how people make decisions.

People are always rational maximizers

people give too much weight to a small number of vivid observations

People are sometimes too sure of their own abilities

3 / 50

Privatisation is the transfer out ?

Privately owned business to the government sector

government businesses to the private sector

corporately owned businesses to individuals

Publicly held stock to private individuals

4 / 50

The Phillips curve shows the relationship between inflation and what ?

The rate of price increase

The rate of growth in an economy

Unemployment

The balance of trade

5 / 50

Relatively high real interest rates in the United States tend to ?

increase the foreign demand for dollars causing the dollar to depreciate

decrease the foreign demand for dollars causing the dollar to depreciate

decrease the foreign demand for dollars causing the dollar to appreciate

increase the foreign demand for dollars causing the dollar to appreciate

6 / 50

Form society?s point of view, society would be better off if a monopolist ?

produced more and charged a higher price

produced less and charged a higher price

produced less and charged a lower price.

produced more and charged a lower price

7 / 50

When firms enter a monopolistically competitive market and the business-stealing externality is larger than the product-variety externality then ?

there are too many firms in the market and market efficiency could be increased if firms exited the market

the number of firms in the market is optimal and the market is efficient

There are too few firms in the market and market efficiency could be be increased with additional entry

The only way to improve efficiency in this market is for the government to regulate it like a natural monopoly.

8 / 50

Deadweight loss is greatest when ?

demand is elastic, and demand is perfectly inelastic

both supply and demand are relatively inelastic

both supply and demand are relatively elastic

supply is elastic, and demand is perfectly inelastic

9 / 50

Which of the following would fit Charles Horton Cooley?s classification of a primary group ?

Redheads

A sales clerk and a customer

Tourists visiting a resort

A married couple

10 / 50

All of the following are types of imperfect competition except ?

monopolistic competition

unfair competition

oligopoly

monopoly

11 / 50

Group of Singapore, Hong, Kong, Taiwan, and south Korea is called?

All of these

Four Tigers

Four Dragons

Little Tigers

12 / 50

If nominal GDP in 2005 exceeds nominal GDP in 2004, then the production of output ?

must have fallen

may have risen fallen, or stayed the same because there is not enough information to determine what happened to real output

must have stayed the same

must have risen

13 / 50

In the present national power is based on________________?

political ideology and wealth

location and population

size and resources

specific combinations of attributes

14 / 50

Name the scale for measuring the average share price and percentage change of 30 major US industrial companies ?

Dow Jones Index

NASDAQ

Major Index

Nikki Index

15 / 50

In countries such as Iran and Iraq the Moslem religion is a(n)_______________?

ecclesia or universal church

cult

sect

denomination

16 / 50

The annual requirement of edible oil is nearly ?

1.7 million tones

1.5 million tones

1.6 million tones

1.9 million tones

17 / 50

What is called the price that a potential buyer is willing to pay for a security ?

Quote price

Offer price

None of these

Bid

18 / 50

A common resource is ?

rival but not excludable

both rival and excludable

not rival but excludable

neither rival nor excludable

19 / 50

Because supply and demand conditions for primary products are very price inelastic their prices ?

have been more stable than the prices of manufactured goods

tend to be very unstable from year to year

have been steadily rising in recent decades

fluctuate about as much as the prices of manufactured goods

20 / 50

Nominal GNP measures income ?

At current prices

corrected for tax changes

corrected for changes in interest rates

At the present time

21 / 50

The purpose of the Bill of Rights is to_________________?

weaken the government

make revolution impossible

restrict the power of the government

give more power to the government

22 / 50

When an international seller sells a plant equipment or technology to another country and agrees to take payment in the resulting products, it is called?

like-value-exchange

buy-back

counterpurchase

barter

23 / 50

Which one of the following types of Unemployment results from the wage being held above the competitive equilibrium wage ?

Structural unemployment

None of these answers

Cyclical Unemployment

Frictional Unemployment

24 / 50

When gathering data, the scientist is required to exhibit all BUT which one of the following traits ?

Patience

Courage

Ethical neutrality

Social involvement

25 / 50

A(n) _____ is a retail store that carries a narrow product line with a deep assortment within that line ?

shopping goods store

department store

specialty store

convenience store

26 / 50

Which of the following is a normative statement in economics ?

The government should concentrate on reducing unemployment

The Pakistan?s economy is growing fast relative to other SAARC members

More spending by the government reduces poverty

Higher taxes lead to less desire to work

27 / 50

Arguments for free trade are sometimes disregarded by politicians because ?

There exist sound economic reasons for keeping one?s economy isolated from other economies

Maximizing consumer welfare may not be a chief priority

Maximizing domestic efficiency is not considered imports

Economists tend to favor high protected domestic markets

28 / 50

An increase in costs will ?

Increase the productivity of employees

Shift aggregate supply

Shift aggregate demand

Reduce the natural rate of unemployment

29 / 50

Using government regulations to force a natural monopoly to charge a price equal to his marginal cost will ?

improve efficieny

raise the price of good

Cause the monopolist to exit the market

attract additional firms to enter the market

30 / 50

Social life is organized and structured through____________?

all of the above

group situations and the positions of individuals

patterns of actions

rules and regulations

31 / 50

Economics say that there has to be some from of rationing whenever ?

there are externalities

inflation occurs

there is excess demand

merit goods are produced

32 / 50

The most recent social movements________________?

are community and locality based?

focus more on economic issues

attract the underclass rather than the working class

none of the above

33 / 50

If a buyer?s willingness to pay for a new Honda is Rs20,000 and she is able to actually buy it for Rs18,000 her consumer surplus is ?

Rs0.

Rs18,000

Rs2,000

Rs20,000

34 / 50

Concerning dumping, which of the following is true ?

U.S firms rarely if ever, engage in distress dumping or persistent dumping

dumping can never be a profit-maximizing strategy for U.S firms to pursue

predatory dumping represents the most common form of dumping by U.S firms

U.S firms can obtain protection from foreign dumping, even though this protection tends to harm overall U.S welfare

35 / 50

Secularization will_______________?

be punished by God

finally destroy religion in the United States

promote secular humanism

stimulate new sects and cults to overcome the secularization process

36 / 50

A form of treatment for severe mental disorders that has been largely abandoned is_____________?

electroconvulsive shock therapy

psychotherapy

psychosurgery

hypnotherapy

37 / 50

When one country provides most favored nation status (normal trade relations) for another, it agrees to ?

exports to that nation any products that it wants to purchase

charge that nation?s products a tariff rate no higher than that on any other nation

charge that nation?s products a higher tariff than any other nation?s

charge the nation?s products a lower tariff than any other nation?s

38 / 50

The golden-rule saving rate is the rate of saving that ?

gets the highest rate of interest

maximizes the level of long-run consumption

maximizes human capital

maximizes the level of long-run investment

39 / 50

When supply and demand are essentially equal the economy is said to be in________________?

equivalence

a recession

abeyance

equilibrium

40 / 50

Social scientists explain the incest taboo as_______________?

a religious universal

way of reducing family conflict

biologically programmed

all of the above

41 / 50

When did the United States government begin to function as a cohesive unit ?

After the Constitutional Convention of 1788

Both B and C

At the signing of the Declaration of Independence

At the Inauguration of George Washington in 1789

42 / 50

Which province of Pakistan is the largest tobacco producing province ?

K.P.K

Punjab

Baluchistan

Sindh

43 / 50

Cotton accounts for 11.5 percent of value added in agriculture. How much it accounts in GDP ?

3.50%

2.70%

20%

44 / 50

Macroeconomics is the branch of economics that deals with ?

The functioning of individual industries and the behavior of individual decision-making units business firms and households

imperfectly competitive markets:

Only the long run adjustments to equilibrium in the economy

the economy as a whole

45 / 50

According to the quantity theory of money an increase in the money supply is most likely to lead to inflation if ?

There is deflation

The velocity of circulation and the number of transactions is constant

The number of transaction decrease

The velocity of circulation decrease

46 / 50

A state planning ideology arose in LDCs as a reaction to nationalist perceptions of ?

slow economic growth under colonial capitalism

minimizing public spending in the rural areas

Keeping balanced budget, a price target

western countries, nation-state ideology

47 / 50

Suppose that 40 percent of the voting population wish to spent Rs1,000 for artwork in City Hall, 25 percent wish to spent Rs20,000 and 35 percent wish to spend Rs 22,000 What is the median preferred outcome, the average preferred outcome and the modal preferred outcome ?

Rs1,000; Rs20,000; Rs22,000

Rs20,000; Rs20,000; Rs22,000

Rs20,000; Rs13,100; Rs1,000

Rs1,000; Rs14,333; Rs1,000

48 / 50

Abraham Maslow and Carl Rogers are associated with the following theories of personality.

psychoanalytic

development

environmental determinism

stressing self-concept and self-actualization

49 / 50

For the Central bank to keep the interest rat unchanged as the government increase spending, the Central Bank must continue to ?

increase the demand for money

decrease the money supply

decrease the demand for money

increase the money supply

50 / 50

High and persistent inflation is caused by ?

governments increasing the quantity of money too much

OPEC raising the price of oil too much

regulations raising the cost of production too much

unions increasing wages too much

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