Economics Quiz 16

1 / 50

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

Cyclical Unemployment

Frictional Unemployment

Structural unemployment

None of these answers

2 / 50

Which of the following is a normative statement in economics ?

Higher taxes lead to less desire to work

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

3 / 50

An increase in costs will ?

Increase the productivity of employees

Reduce the natural rate of unemployment

Shift aggregate demand

Shift aggregate supply

4 / 50

All of the following are types of imperfect competition except ?

oligopoly

monopoly

unfair competition

monopolistic competition

5 / 50

High and persistent inflation is caused by ?

unions increasing wages too much

OPEC raising the price of oil too much

governments increasing the quantity of money too much

regulations raising the cost of production too much

6 / 50

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

psychotherapy

electroconvulsive shock therapy

hypnotherapy

psychosurgery

7 / 50

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

western countries, nation-state ideology

Keeping balanced budget, a price target

minimizing public spending in the rural areas

slow economic growth under colonial capitalism

8 / 50

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

must have fallen

must have stayed the same

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

must have risen

9 / 50

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

All of these

Little Tigers

Four Dragons

Four Tigers

10 / 50

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

People are always rational maximizers

People are sometimes too sure of their own abilities

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

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

11 / 50

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

produced less and charged a lower price.

produced less and charged a higher price

produced more and charged a higher price

produced more and charged a lower price

12 / 50

In the present national power is based on________________?

political ideology and wealth

location and population

size and resources

specific combinations of attributes

13 / 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

14 / 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

15 / 50

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

After the Constitutional Convention of 1788

At the Inauguration of George Washington in 1789

Both B and C

At the signing of the Declaration of Independence

16 / 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

17 / 50

The most common form of marriage today is_______________?

none of these

polyandry

polygamy

polygyny

18 / 50

The purpose of the Bill of Rights is to_________________?

make revolution impossible

give more power to the government

restrict the power of the government

weaken the government

19 / 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

20 / 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

Economists tend to favor high protected domestic markets

Maximizing domestic efficiency is not considered imports

Maximizing consumer welfare may not be a chief priority

21 / 50

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

Major Index

Nikki Index

NASDAQ

Dow Jones Index

22 / 50

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

cult

ecclesia or universal church

denomination

sect

23 / 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

24 / 50

Social scientists explain the incest taboo as_______________?

way of reducing family conflict

a religious universal

all of the above

biologically programmed

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

Privatisation is the transfer out ?

government businesses to the private sector

corporately owned businesses to individuals

Privately owned business to the government sector

Publicly held stock to private individuals

27 / 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

increase the money supply

decrease the demand for money

28 / 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

29 / 50

The annual requirement of edible oil is nearly ?

1.9 million tones

1.5 million tones

1.6 million tones

1.7 million tones

30 / 50

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

2.70%

3.50%

20%

31 / 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

Only the long run adjustments to equilibrium in the economy

imperfectly competitive markets:

the economy as a whole

32 / 50

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

have been steadily rising in recent decades

fluctuate about as much as the prices of manufactured goods

have been more stable than the prices of manufactured goods

tend to be very unstable from year to year

33 / 50

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

raise the price of good

attract additional firms to enter the market

Cause the monopolist to exit the market

improve efficieny

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 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.

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

35 / 50

Nominal GNP measures income ?

At the present time

corrected for changes in interest rates

corrected for tax changes

At current prices

36 / 50

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

psychoanalytic

environmental determinism

stressing self-concept and self-actualization

development

37 / 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

Rs0.

Rs2,000

38 / 50

Which province of Pakistan is the largest tobacco producing province ?

Sindh

K.P.K

Baluchistan

Punjab

39 / 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

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

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

40 / 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

41 / 50

A common resource is ?

both rival and excludable

not rival but excludable

neither rival nor excludable

rival but not excludable

42 / 50

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

Ethical neutrality

Social involvement

Patience

Courage

43 / 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

44 / 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

45 / 50

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

maximizes the level of long-run consumption

gets the highest rate of interest

maximizes the level of long-run investment

maximizes human capital

46 / 50

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

there is excess demand

there are externalities

inflation occurs

merit goods are produced

47 / 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 higher 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

48 / 50

The Phillips curve shows the relationship between inflation and what ?

The balance of trade

The rate of growth in an economy

Unemployment

The rate of price increase

49 / 50

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

abeyance

equivalence

equilibrium

a recession

50 / 50

Secularization will_______________?

be punished by God

promote secular humanism

stimulate new sects and cults to overcome the secularization process

finally destroy religion in the United States

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