Economics Quiz 16

1 / 50

Social life is organized and structured through____________?

group situations and the positions of individuals

patterns of actions

rules and regulations

all of the above

2 / 50

The purpose of the Bill of Rights is to_________________?

give more power to the government

weaken the government

make revolution impossible

restrict the power of the government

3 / 50

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

psychotherapy

hypnotherapy

psychosurgery

electroconvulsive shock therapy

4 / 50

Which province of Pakistan is the largest tobacco producing province ?

Punjab

Sindh

K.P.K

Baluchistan

5 / 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

tend to be very unstable from year to year

fluctuate about as much as the prices of manufactured goods

6 / 50

In the present national power is based on________________?

specific combinations of attributes

location and population

political ideology and wealth

size and resources

7 / 50

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

minimizing public spending in the rural areas

Keeping balanced budget, a price target

slow economic growth under colonial capitalism

western countries, nation-state ideology

8 / 50

Privatisation is the transfer out ?

government businesses to the private sector

Publicly held stock to private individuals

Privately owned business to the government sector

corporately owned businesses to individuals

9 / 50

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

3.50%

20%

2.70%

10 / 50

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

Cause the monopolist to exit the market

improve efficieny

attract additional firms to enter the market

raise the price of good

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; Rs14,333; Rs1,000

Rs20,000; Rs13,100; Rs1,000

Rs1,000; Rs20,000; Rs22,000

Rs20,000; Rs20,000; Rs22,000

12 / 50

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

decrease the money supply

decrease the demand for money

increase the demand for money

increase the money supply

13 / 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?

barter

like-value-exchange

buy-back

counterpurchase

14 / 50

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

merit goods are produced

inflation occurs

there is excess demand

there are externalities

15 / 50

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

equivalence

a recession

equilibrium

abeyance

16 / 50

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

Patience

Courage

Social involvement

Ethical neutrality

17 / 50

High and persistent inflation is caused by ?

regulations raising the cost of production too much

OPEC raising the price of oil too much

unions increasing wages too much

governments increasing the quantity of money too much

18 / 50

Deadweight loss is greatest when ?

supply is elastic, and demand is perfectly inelastic

demand is elastic, and demand is perfectly inelastic

both supply and demand are relatively elastic

both supply and demand are relatively inelastic

19 / 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

increase the foreign demand for dollars causing the dollar to appreciate

decrease the foreign demand for dollars causing the dollar to appreciate

20 / 50

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

sect

ecclesia or universal church

cult

denomination

21 / 50

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

must have fallen

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 stayed the same

22 / 50

All of the following are types of imperfect competition except ?

monopoly

monopolistic competition

oligopoly

unfair competition

23 / 50

The most common form of marriage today is_______________?

none of these

polygyny

polygamy

polyandry

24 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

a religious universal

way of reducing family conflict

all of the above

25 / 50

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

environmental determinism

psychoanalytic

development

stressing self-concept and self-actualization

26 / 50

Macroeconomics is the branch of economics that deals with ?

Only the long run adjustments to equilibrium in the economy

the economy as a whole

imperfectly competitive markets:

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

27 / 50

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

maximizes the level of long-run consumption

maximizes the level of long-run investment

gets the highest rate of interest

maximizes human capital

28 / 50

The most recent social movements________________?

attract the underclass rather than the working class

are community and locality based?

none of the above

focus more on economic issues

29 / 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

At the signing of the Declaration of Independence

Both B and C

30 / 50

The annual requirement of edible oil is nearly ?

1.9 million tones

1.6 million tones

1.5 million tones

1.7 million tones

31 / 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

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

32 / 50

Which of the following is a normative statement in economics ?

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

The government should concentrate on reducing unemployment

Higher taxes lead to less desire to work

More spending by the government reduces poverty

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

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

34 / 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

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.

35 / 50

Nominal GNP measures income ?

corrected for tax changes

corrected for changes in interest rates

At current prices

At the present time

36 / 50

An increase in costs will ?

Increase the productivity of employees

Shift aggregate supply

Shift aggregate demand

Reduce the natural rate of unemployment

37 / 50

The Phillips curve shows the relationship between inflation and what ?

Unemployment

The balance of trade

The rate of growth in an economy

The rate of price increase

38 / 50

A common resource is ?

not rival but excludable

rival but not excludable

neither rival nor excludable

both rival and excludable

39 / 50

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

None of these

Bid

Quote price

Offer price

40 / 50

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

department store

specialty store

shopping goods store

convenience store

41 / 50

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

Tourists visiting a resort

Redheads

A sales clerk and a customer

A married couple

42 / 50

Secularization will_______________?

promote secular humanism

finally destroy religion in the United States

be punished by God

stimulate new sects and cults to overcome the secularization process

43 / 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

Rs20,000

Rs18,000

Rs0.

44 / 50

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

produced less and charged a higher price

produced less and charged a lower price.

produced more and charged a higher price

produced more and charged a lower price

45 / 50

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

Little Tigers

Four Tigers

Four Dragons

All of these

46 / 50

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

People are always rational maximizers

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 sometimes too sure of their own abilities

47 / 50

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

NASDAQ

Nikki Index

Dow Jones Index

Major Index

48 / 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 number of transaction decrease

The velocity of circulation and the number of transactions is constant

The velocity of circulation decrease

49 / 50

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

Cyclical Unemployment

None of these answers

Frictional Unemployment

Structural unemployment

50 / 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

Maximizing consumer welfare may not be a chief priority

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

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