Economics Quiz 16

1 / 50

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

decrease the demand for money

increase the demand for money

increase the money supply

decrease the money supply

2 / 50

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

maximizes the level of long-run investment

gets the highest rate of interest

maximizes human capital

maximizes the level of long-run consumption

3 / 50

The most recent social movements________________?

focus more on economic issues

none of the above

are community and locality based?

attract the underclass rather than the working class

4 / 50

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

Structural unemployment

Cyclical Unemployment

None of these answers

Frictional Unemployment

5 / 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

barter

counterpurchase

6 / 50

The purpose of the Bill of Rights is to_________________?

restrict the power of the government

weaken the government

give more power to the government

make revolution impossible

7 / 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

have been steadily rising in recent decades

fluctuate about as much as the prices of manufactured goods

tend to be very unstable from year to year

8 / 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 ?

Rs2,000

Rs18,000

Rs0.

Rs20,000

9 / 50

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

stressing self-concept and self-actualization

environmental determinism

development

psychoanalytic

10 / 50

A common resource is ?

rival but not excludable

both rival and excludable

not rival but excludable

neither rival nor excludable

11 / 50

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

must have risen

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

must have fallen

must have stayed the same

12 / 50

The most common form of marriage today is_______________?

polyandry

none of these

polygyny

polygamy

13 / 50

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

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

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

People are always rational maximizers

People are sometimes too sure of their own abilities

14 / 50

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

Redheads

A sales clerk and a customer

A married couple

Tourists visiting a resort

15 / 50

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

inflation occurs

merit goods are produced

there are externalities

there is excess demand

16 / 50

High and persistent inflation is caused by ?

OPEC raising the price of oil too much

unions increasing wages too much

governments increasing the quantity of money too much

regulations raising the cost of production too much

17 / 50

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

equivalence

equilibrium

a recession

abeyance

18 / 50

Which province of Pakistan is the largest tobacco producing province ?

K.P.K

Sindh

Punjab

Baluchistan

19 / 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

Rs1,000; Rs14,333; Rs1,000

Rs20,000; Rs13,100; Rs1,000

20 / 50

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

At the Inauguration of George Washington in 1789

At the signing of the Declaration of Independence

After the Constitutional Convention of 1788

Both B and C

21 / 50

Which of the following is a normative statement in economics ?

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

Higher taxes lead to less desire to work

More spending by the government reduces poverty

The government should concentrate on reducing unemployment

22 / 50

The Phillips curve shows the relationship between inflation and what ?

The rate of growth in an economy

The balance of trade

Unemployment

The rate of price increase

23 / 50

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

2.70%

3.50%

20%

24 / 50

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

Bid

Quote price

None of these

Offer price

25 / 50

The annual requirement of edible oil is nearly ?

1.5 million tones

1.7 million tones

1.6 million tones

1.9 million tones

26 / 50

Deadweight loss is greatest when ?

demand is elastic, and demand is perfectly inelastic

both supply and demand are relatively inelastic

supply is elastic, and demand is perfectly inelastic

both supply and demand are relatively elastic

27 / 50

Concerning dumping, which of the following is true ?

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

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

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

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

28 / 50

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

slow economic growth under colonial capitalism

Keeping balanced budget, a price target

minimizing public spending in the rural areas

western countries, nation-state ideology

29 / 50

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

Ethical neutrality

Courage

Social involvement

Patience

30 / 50

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

sect

denomination

ecclesia or universal church

cult

31 / 50

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

produced more and charged a lower price

produced more and charged a higher price

produced less and charged a higher price

produced less and charged a lower price.

32 / 50

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

increase the foreign demand for dollars causing the dollar to depreciate

increase the foreign demand for dollars causing the dollar to appreciate

decrease the foreign demand for dollars causing the dollar to depreciate

decrease the foreign demand for dollars causing the dollar to appreciate

33 / 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 the nation?s products a lower tariff than any other nation?s

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

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

34 / 50

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

NASDAQ

Dow Jones Index

Major Index

Nikki Index

35 / 50

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

Four Tigers

Four Dragons

Little Tigers

All of these

36 / 50

Macroeconomics is the branch of economics that deals with ?

Only the long run adjustments to equilibrium in the economy

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

the economy as a whole

imperfectly competitive markets:

37 / 50

Social scientists explain the incest taboo as_______________?

all of the above

a religious universal

way of reducing family conflict

biologically programmed

38 / 50

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

attract additional firms to enter the market

Cause the monopolist to exit the market

improve efficieny

raise the price of good

39 / 50

Social life is organized and structured through____________?

patterns of actions

group situations and the positions of individuals

all of the above

rules and regulations

40 / 50

Arguments for free trade are sometimes disregarded by politicians because ?

Maximizing domestic efficiency is not considered imports

Maximizing consumer welfare may not be a chief priority

Economists tend to favor high protected domestic markets

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

41 / 50

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

electroconvulsive shock therapy

hypnotherapy

psychosurgery

psychotherapy

42 / 50

Privatisation is the transfer out ?

Publicly held stock to private individuals

corporately owned businesses to individuals

Privately owned business to the government sector

government businesses to the private sector

43 / 50

In the present national power is based on________________?

location and population

specific combinations of attributes

political ideology and wealth

size and resources

44 / 50

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

The velocity of circulation and the number of transactions is constant

The velocity of circulation decrease

There is deflation

The number of transaction decrease

45 / 50

All of the following are types of imperfect competition except ?

oligopoly

monopolistic competition

monopoly

unfair competition

46 / 50

Nominal GNP measures income ?

corrected for tax changes

At current prices

corrected for changes in interest rates

At the present time

47 / 50

An increase in costs will ?

Shift aggregate demand

Reduce the natural rate of unemployment

Shift aggregate supply

Increase the productivity of employees

48 / 50

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

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

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

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

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

49 / 50

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

specialty store

shopping goods store

convenience store

department store

50 / 50

Secularization will_______________?

promote secular humanism

be punished by God

stimulate new sects and cults to overcome the secularization process

finally destroy religion in the United States

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