Economics Quiz 16

1 / 50

The most common form of marriage today is_______________?

polygamy

none of these

polyandry

polygyny

2 / 50

Social life is organized and structured through____________?

all of the above

patterns of actions

group situations and the positions of individuals

rules and regulations

3 / 50

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

a recession

equilibrium

abeyance

equivalence

4 / 50

Concerning dumping, which of the following is true ?

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

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

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

5 / 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

convenience store

specialty store

6 / 50

Secularization will_______________?

finally destroy religion in the United States

be punished by God

promote secular humanism

stimulate new sects and cults to overcome the secularization process

7 / 50

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

At the signing of the Declaration of Independence

At the Inauguration of George Washington in 1789

Both B and C

After the Constitutional Convention of 1788

8 / 50

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

produced less and charged a lower price.

produced more and charged a lower price

produced more and charged a higher price

produced less and charged a higher price

9 / 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

decrease the money supply

increase the money supply

increase the demand for money

10 / 50

High and persistent inflation is caused by ?

unions increasing wages too much

regulations raising the cost of production too much

governments increasing the quantity of money too much

OPEC raising the price of oil too much

11 / 50

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

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

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

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

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

12 / 50

Which of the following is a normative statement in economics ?

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

More spending by the government reduces poverty

The government should concentrate on reducing unemployment

Higher taxes lead to less desire to work

13 / 50

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

development

stressing self-concept and self-actualization

psychoanalytic

environmental determinism

14 / 50

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

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 depreciate

increase the foreign demand for dollars causing the dollar to appreciate

15 / 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

16 / 50

The annual requirement of edible oil is nearly ?

1.9 million tones

1.7 million tones

1.6 million tones

1.5 million tones

17 / 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

Frictional Unemployment

Cyclical Unemployment

18 / 50

All of the following are types of imperfect competition except ?

oligopoly

monopoly

unfair competition

monopolistic competition

19 / 50

A common resource is ?

not rival but excludable

rival but not excludable

both rival and excludable

neither rival nor excludable

20 / 50

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

there is excess demand

there are externalities

merit goods are produced

inflation occurs

21 / 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

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?

counterpurchase

buy-back

like-value-exchange

barter

23 / 50

Arguments for free trade are sometimes disregarded by politicians because ?

Maximizing domestic efficiency is not considered imports

Economists tend to favor high protected domestic markets

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

Maximizing consumer welfare may not be a chief priority

24 / 50

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

Four Dragons

All of these

Four Tigers

Little Tigers

25 / 50

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

electroconvulsive shock therapy

psychotherapy

hypnotherapy

psychosurgery

26 / 50

The most recent social movements________________?

focus more on economic issues

attract the underclass rather than the working class

none of the above

are community and locality based?

27 / 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

28 / 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 ?

Rs20,000

Rs18,000

Rs2,000

Rs0.

29 / 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 sometimes too sure of their own abilities

People are always rational maximizers

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

30 / 50

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

Offer price

None of these

Quote price

Bid

31 / 50

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

3.50%

20%

2.70%

32 / 50

In the present national power is based on________________?

location and population

specific combinations of attributes

size and resources

political ideology and wealth

33 / 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

34 / 50

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

denomination

cult

sect

ecclesia or universal church

35 / 50

Which province of Pakistan is the largest tobacco producing province ?

Punjab

Sindh

K.P.K

Baluchistan

36 / 50

The Phillips curve shows the relationship between inflation and what ?

The balance of trade

The rate of growth in an economy

The rate of price increase

Unemployment

37 / 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

38 / 50

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

Keeping balanced budget, a price target

western countries, nation-state ideology

minimizing public spending in the rural areas

slow economic growth under colonial capitalism

39 / 50

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

raise the price of good

Cause the monopolist to exit the market

improve efficieny

attract additional firms to enter the market

40 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

all of the above

a religious universal

way of reducing family conflict

41 / 50

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

Nikki Index

NASDAQ

Major Index

Dow Jones Index

42 / 50

Macroeconomics is the branch of economics that deals with ?

imperfectly competitive markets:

the economy as a whole

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

43 / 50

An increase in costs will ?

Reduce the natural rate of unemployment

Increase the productivity of employees

Shift aggregate demand

Shift aggregate supply

44 / 50

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

maximizes the level of long-run investment

maximizes the level of long-run consumption

gets the highest rate of interest

maximizes human capital

45 / 50

The purpose of the Bill of Rights is to_________________?

restrict the power of the government

give more power to the government

make revolution impossible

weaken the government

46 / 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

47 / 50

Privatisation is the transfer out ?

Privately owned business to the government sector

government businesses to the private sector

Publicly held stock to private individuals

corporately owned businesses to individuals

48 / 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

49 / 50

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

Patience

Courage

Ethical neutrality

Social involvement

50 / 50

Nominal GNP measures income ?

corrected for changes in interest rates

corrected for tax changes

At current prices

At the present time

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