Economics Quiz 16

1 / 50

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

improve efficieny

Cause the monopolist to exit the market

attract additional firms to enter the market

raise the price of good

2 / 50

The most common form of marriage today is_______________?

polygamy

polyandry

polygyny

none of these

3 / 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

People are sometimes too sure of their own abilities

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

People are always rational maximizers

4 / 50

Which province of Pakistan is the largest tobacco producing province ?

Punjab

K.P.K

Baluchistan

Sindh

5 / 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 demand for money

increase the money supply

decrease the money supply

6 / 50

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

fluctuate about as much as the prices of manufactured goods

have been steadily rising in recent decades

tend to be very unstable from year to year

have been more stable than the prices of manufactured goods

7 / 50

In the present national power is based on________________?

specific combinations of attributes

location and population

size and resources

political ideology and wealth

8 / 50

Nominal GNP measures income ?

corrected for tax changes

At current prices

corrected for changes in interest rates

At the present time

9 / 50

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

Keeping balanced budget, a price target

minimizing public spending in the rural areas

slow economic growth under colonial capitalism

western countries, nation-state ideology

10 / 50

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

psychotherapy

psychosurgery

electroconvulsive shock therapy

hypnotherapy

11 / 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

Rs1,000; Rs14,333; Rs1,000

Rs20,000; Rs13,100; Rs1,000

Rs20,000; Rs20,000; Rs22,000

12 / 50

Secularization will_______________?

promote secular humanism

stimulate new sects and cults to overcome the secularization process

finally destroy religion in the United States

be punished by God

13 / 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

14 / 50

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

equilibrium

equivalence

a recession

abeyance

15 / 50

The annual requirement of edible oil is nearly ?

1.5 million tones

1.7 million tones

1.9 million tones

1.6 million tones

16 / 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

17 / 50

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

The number of transaction decrease

There is deflation

The velocity of circulation and the number of transactions is constant

The velocity of circulation decrease

18 / 50

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

increase the foreign demand for dollars causing the dollar to appreciate

decrease the foreign demand for dollars causing the dollar to depreciate

increase the foreign demand for dollars causing the dollar to depreciate

decrease the foreign demand for dollars causing the dollar to appreciate

19 / 50

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

None of these

Quote price

Offer price

Bid

20 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

way of reducing family conflict

all of the above

a religious universal

21 / 50

The most recent social movements________________?

attract the underclass rather than the working class

none of the above

are community and locality based?

focus more on economic issues

22 / 50

Concerning dumping, which of the following is true ?

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

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

23 / 50

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

Nikki Index

Major Index

NASDAQ

Dow Jones Index

24 / 50

High and persistent inflation is caused by ?

governments increasing the quantity of money too much

unions increasing wages too much

regulations raising the cost of production too much

OPEC raising the price of oil too much

25 / 50

The Phillips curve shows the relationship between inflation and what ?

The balance of trade

The rate of price increase

The rate of growth in an economy

Unemployment

26 / 50

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

At the Inauguration of George Washington in 1789

After the Constitutional Convention of 1788

Both B and C

At the signing of the Declaration of Independence

27 / 50

A common resource is ?

neither rival nor excludable

not rival but excludable

rival but not excludable

both rival and excludable

28 / 50

Deadweight loss is greatest when ?

demand is elastic, and demand is perfectly inelastic

supply is elastic, and demand is perfectly inelastic

both supply and demand are relatively elastic

both supply and demand are relatively inelastic

29 / 50

An increase in costs will ?

Reduce the natural rate of unemployment

Increase the productivity of employees

Shift aggregate demand

Shift aggregate supply

30 / 50

Privatisation is the transfer out ?

Privately owned business to the government sector

Publicly held stock to private individuals

corporately owned businesses to individuals

government businesses to the private sector

31 / 50

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

maximizes human capital

maximizes the level of long-run consumption

gets the highest rate of interest

maximizes the level of long-run investment

32 / 50

Social life is organized and structured through____________?

rules and regulations

all of the above

patterns of actions

group situations and the positions of individuals

33 / 50

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

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

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

exports to that nation any products that it wants to purchase

34 / 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

Rs20,000

Rs2,000

35 / 50

Macroeconomics is the branch of economics that deals with ?

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

imperfectly competitive markets:

36 / 50

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

merit goods are produced

there are externalities

there is excess demand

inflation occurs

37 / 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 higher price

produced less and charged a higher price

produced more and charged a lower price

38 / 50

All of the following are types of imperfect competition except ?

monopoly

monopolistic competition

oligopoly

unfair competition

39 / 50

Which of the following is a normative statement in economics ?

Higher taxes lead to less desire to work

More spending by the government reduces poverty

The government should concentrate on reducing unemployment

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

40 / 50

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

Social involvement

Ethical neutrality

Courage

Patience

41 / 50

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

sect

ecclesia or universal church

denomination

cult

42 / 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

43 / 50

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

Tourists visiting a resort

A sales clerk and a customer

A married couple

Redheads

44 / 50

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

Little Tigers

All of these

Four Tigers

Four Dragons

45 / 50

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

2.70%

20%

3.50%

46 / 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?

buy-back

barter

counterpurchase

like-value-exchange

47 / 50

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

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

must have risen

must have stayed the same

must have fallen

48 / 50

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

psychoanalytic

stressing self-concept and self-actualization

environmental determinism

development

49 / 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

50 / 50

The purpose of the Bill of Rights is to_________________?

weaken the government

give more power to the government

make revolution impossible

restrict the power of the government

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