Economics Quiz 16

1 / 50

Privatisation is the transfer out ?

Publicly held stock to private individuals

Privately owned business to the government sector

government businesses to the private sector

corporately owned businesses to individuals

2 / 50

The annual requirement of edible oil is nearly ?

1.9 million tones

1.7 million tones

1.5 million tones

1.6 million tones

3 / 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

4 / 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

5 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

a religious universal

way of reducing family conflict

all of the above

6 / 50

An increase in costs will ?

Shift aggregate supply

Increase the productivity of employees

Reduce the natural rate of unemployment

Shift aggregate demand

7 / 50

All of the following are types of imperfect competition except ?

oligopoly

monopolistic competition

monopoly

unfair competition

8 / 50

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

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 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

9 / 50

Secularization will_______________?

promote secular humanism

stimulate new sects and cults to overcome the secularization process

be punished by God

finally destroy religion in the United States

10 / 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 velocity of circulation decrease

The number of transaction decrease

11 / 50

Which province of Pakistan is the largest tobacco producing province ?

Baluchistan

K.P.K

Sindh

Punjab

12 / 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

13 / 50

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

Frictional Unemployment

None of these answers

Structural unemployment

Cyclical Unemployment

14 / 50

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

psychoanalytic

development

environmental determinism

stressing self-concept and self-actualization

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

The government should concentrate on reducing unemployment

16 / 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

17 / 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

18 / 50

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

Courage

Social involvement

Patience

Ethical neutrality

19 / 50

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

improve efficieny

attract additional firms to enter the market

raise the price of good

Cause the monopolist to exit the market

20 / 50

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

must have fallen

must have stayed the same

must have risen

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

21 / 50

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

hypnotherapy

psychosurgery

psychotherapy

electroconvulsive shock therapy

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?

like-value-exchange

counterpurchase

barter

buy-back

23 / 50

Nominal GNP measures income ?

At current prices

corrected for changes in interest rates

corrected for tax changes

At the present time

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

In the present national power is based on________________?

specific combinations of attributes

location and population

political ideology and wealth

size and resources

26 / 50

Social life is organized and structured through____________?

rules and regulations

group situations and the positions of individuals

all of the above

patterns of actions

27 / 50

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

A married couple

A sales clerk and a customer

Tourists visiting a resort

Redheads

28 / 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

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

29 / 50

The most recent social movements________________?

attract the underclass rather than the working class

are community and locality based?

focus more on economic issues

none of the above

30 / 50

The most common form of marriage today is_______________?

polyandry

none of these

polygamy

polygyny

31 / 50

A common resource is ?

both rival and excludable

neither rival nor excludable

not rival but excludable

rival but not excludable

32 / 50

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

increase the money supply

decrease the money supply

decrease the demand for money

increase the demand for money

33 / 50

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

20%

3.50%

2.70%

34 / 50

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

cult

denomination

ecclesia or universal church

sect

35 / 50

Deadweight loss is greatest when ?

demand is elastic, and demand is perfectly inelastic

both supply and demand are relatively elastic

supply is elastic, and demand is perfectly inelastic

both supply and demand are relatively inelastic

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

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

Keeping balanced budget, a price target

slow economic growth under colonial capitalism

western countries, nation-state ideology

minimizing public spending in the rural areas

38 / 50

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

department store

convenience store

shopping goods store

specialty store

39 / 50

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

abeyance

a recession

equivalence

equilibrium

40 / 50

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

None of these

Offer price

Quote price

Bid

41 / 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

People are always rational maximizers

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

42 / 50

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

Little Tigers

Four Tigers

All of these

Four Dragons

43 / 50

Concerning dumping, which of the following is true ?

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

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

44 / 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

Rs1,000; Rs20,000; Rs22,000

Rs20,000; Rs20,000; Rs22,000

Rs20,000; Rs13,100; Rs1,000

45 / 50

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

Nikki Index

Dow Jones Index

NASDAQ

Major Index

46 / 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 appreciate

increase the foreign demand for dollars causing the dollar to appreciate

decrease the foreign demand for dollars causing the dollar to depreciate

47 / 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.

48 / 50

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

After the Constitutional Convention of 1788

Both B and C

At the Inauguration of George Washington in 1789

At the signing of the Declaration of Independence

49 / 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

the economy as a whole

Only the long run adjustments to equilibrium in the economy

imperfectly competitive markets:

50 / 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

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