Economics Quiz 16

1 / 50

An increase in costs will ?

Increase the productivity of employees

Shift aggregate supply

Shift aggregate demand

Reduce the natural rate of unemployment

2 / 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 stayed the same

must have fallen

must have risen

3 / 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

4 / 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

decrease the foreign demand for dollars causing the dollar to appreciate

increase the foreign demand for dollars causing the dollar to depreciate

5 / 50

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

Little Tigers

Four Tigers

Four Dragons

All of these

6 / 50

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

Frictional Unemployment

Cyclical Unemployment

None of these answers

Structural unemployment

7 / 50

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

a recession

equivalence

equilibrium

abeyance

8 / 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

9 / 50

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

Redheads

A married couple

A sales clerk and a customer

Tourists visiting a resort

10 / 50

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

NASDAQ

Major Index

Nikki Index

Dow Jones Index

11 / 50

Which province of Pakistan is the largest tobacco producing province ?

Punjab

Baluchistan

Sindh

K.P.K

12 / 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 ?

Rs20,000; Rs13,100; Rs1,000

Rs1,000; Rs20,000; Rs22,000

Rs1,000; Rs14,333; Rs1,000

Rs20,000; Rs20,000; Rs22,000

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

counterpurchase

buy-back

14 / 50

A common resource is ?

not rival but excludable

both rival and excludable

neither rival nor excludable

rival but not excludable

15 / 50

The most common form of marriage today is_______________?

polyandry

none of these

polygyny

polygamy

16 / 50

In the present national power is based on________________?

location and population

specific combinations of attributes

political ideology and wealth

size and resources

17 / 50

Nominal GNP measures income ?

corrected for changes in interest rates

At the present time

At current prices

corrected for tax changes

18 / 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

Maximizing consumer welfare may not be a chief priority

Economists tend to favor high protected domestic markets

Maximizing domestic efficiency is not considered imports

19 / 50

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

Social involvement

Patience

Ethical neutrality

Courage

20 / 50

The annual requirement of edible oil is nearly ?

1.7 million tones

1.9 million tones

1.5 million tones

1.6 million tones

21 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

way of reducing family conflict

all of the above

a religious universal

22 / 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

23 / 50

The Phillips curve shows the relationship between inflation and what ?

Unemployment

The rate of growth in an economy

The balance of trade

The rate of price increase

24 / 50

The most recent social movements________________?

focus more on economic issues

are community and locality based?

none of the above

attract the underclass rather than the working class

25 / 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

26 / 50

Concerning dumping, which of the following is true ?

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

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

27 / 50

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

convenience store

department store

specialty store

shopping goods store

28 / 50

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

20%

3.50%

2.70%

29 / 50

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

cult

ecclesia or universal church

denomination

sect

30 / 50

Privatisation is the transfer out ?

corporately owned businesses to individuals

government businesses to the private sector

Privately owned business to the government sector

Publicly held stock to private individuals

31 / 50

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

inflation occurs

there is excess demand

merit goods are produced

there are externalities

32 / 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

Rs0.

Rs2,000

Rs18,000

33 / 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

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

exports to that nation any products that it wants to purchase

34 / 50

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

The velocity of circulation decrease

The velocity of circulation and the number of transactions is constant

There is deflation

The number of transaction decrease

35 / 50

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

electroconvulsive shock therapy

hypnotherapy

psychotherapy

psychosurgery

36 / 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 lower price

produced more and charged a higher price

37 / 50

All of the following are types of imperfect competition except ?

monopoly

oligopoly

unfair competition

monopolistic competition

38 / 50

The purpose of the Bill of Rights is to_________________?

make revolution impossible

weaken the government

give more power to the government

restrict the power of the government

39 / 50

Secularization will_______________?

finally destroy religion in the United States

promote secular humanism

be punished by God

stimulate new sects and cults to overcome the secularization process

40 / 50

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

At the signing of the Declaration of Independence

Both B and C

At the Inauguration of George Washington in 1789

After the Constitutional Convention of 1788

41 / 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

42 / 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.

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

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

43 / 50

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

Bid

Quote price

None of these

Offer price

44 / 50

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

gets the highest rate of interest

maximizes human capital

maximizes the level of long-run investment

maximizes the level of long-run consumption

45 / 50

Social life is organized and structured through____________?

all of the above

rules and regulations

group situations and the positions of individuals

patterns of actions

46 / 50

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

western countries, nation-state ideology

slow economic growth under colonial capitalism

Keeping balanced budget, a price target

minimizing public spending in the rural areas

47 / 50

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

development

environmental determinism

stressing self-concept and self-actualization

psychoanalytic

48 / 50

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

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

fluctuate about as much as the prices of manufactured goods

49 / 50

Macroeconomics is the branch of economics that deals with ?

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:

the economy as a whole

50 / 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 always rational maximizers

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

People are sometimes too sure of their own abilities

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