Economics Quiz 16

1 / 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

2 / 50

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

hypnotherapy

psychotherapy

psychosurgery

electroconvulsive shock therapy

3 / 50

Arguments for free trade are sometimes disregarded by politicians because ?

Maximizing consumer welfare may not be a chief priority

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

4 / 50

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

Patience

Courage

Social involvement

Ethical neutrality

5 / 50

In the present national power is based on________________?

location and population

size and resources

specific combinations of attributes

political ideology and wealth

6 / 50

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

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

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

7 / 50

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

gets the highest rate of interest

maximizes the level of long-run investment

maximizes the level of long-run consumption

maximizes human capital

8 / 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 ?

Rs18,000

Rs20,000

Rs0.

Rs2,000

9 / 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

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

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

10 / 50

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

environmental determinism

stressing self-concept and self-actualization

development

psychoanalytic

11 / 50

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

Little Tigers

Four Dragons

Four Tigers

All of these

12 / 50

Which province of Pakistan is the largest tobacco producing province ?

K.P.K

Sindh

Punjab

Baluchistan

13 / 50

The most recent social movements________________?

are community and locality based?

focus more on economic issues

attract the underclass rather than the working class

none of the above

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

At the signing of the Declaration of Independence

At the Inauguration of George Washington in 1789

Both B and C

After the Constitutional Convention of 1788

16 / 50

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

specialty store

shopping goods store

department store

convenience store

17 / 50

The annual requirement of edible oil is nearly ?

1.6 million tones

1.7 million tones

1.5 million tones

1.9 million tones

18 / 50

Privatisation is the transfer out ?

Publicly held stock to private individuals

government businesses to the private sector

Privately owned business to the government sector

corporately owned businesses to individuals

19 / 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

increase the money supply

increase the demand for money

decrease the demand for money

20 / 50

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

western countries, nation-state ideology

minimizing public spending in the rural areas

Keeping balanced budget, a price target

slow economic growth under colonial capitalism

21 / 50

A common resource is ?

neither rival nor excludable

not rival but excludable

rival but not excludable

both rival and excludable

22 / 50

The most common form of marriage today is_______________?

none of these

polygamy

polyandry

polygyny

23 / 50

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

equivalence

equilibrium

abeyance

a recession

24 / 50

An increase in costs will ?

Increase the productivity of employees

Reduce the natural rate of unemployment

Shift aggregate supply

Shift aggregate demand

25 / 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

tend to be very unstable from year to year

have been more stable than the prices of manufactured goods

26 / 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

27 / 50

The Phillips curve shows the relationship between inflation and what ?

Unemployment

The balance of trade

The rate of price increase

The rate of growth in an economy

28 / 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

imperfectly competitive markets:

Only the long run adjustments to equilibrium in the economy

29 / 50

All of the following are types of imperfect competition except ?

monopolistic competition

unfair competition

monopoly

oligopoly

30 / 50

Social life is organized and structured through____________?

all of the above

patterns of actions

group situations and the positions of individuals

rules and regulations

31 / 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

Rs20,000; Rs20,000; Rs22,000

Rs1,000; Rs14,333; Rs1,000

Rs1,000; Rs20,000; Rs22,000

32 / 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

33 / 50

Which of the following is a normative statement in economics ?

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

Higher taxes lead to less desire to work

More spending by the government reduces poverty

The government should concentrate on reducing unemployment

34 / 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

raise the price of good

attract additional firms to enter the market

improve efficieny

35 / 50

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

3.50%

20%

2.70%

36 / 50

Nominal GNP measures income ?

At the present time

At current prices

corrected for tax changes

corrected for changes in interest rates

37 / 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

like-value-exchange

counterpurchase

barter

38 / 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 appreciate

decrease the foreign demand for dollars causing the dollar to depreciate

39 / 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

40 / 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

41 / 50

Social scientists explain the incest taboo as_______________?

a religious universal

way of reducing family conflict

biologically programmed

all of the above

42 / 50

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

Bid

Offer price

Quote price

None of these

43 / 50

The purpose of the Bill of Rights is to_________________?

make revolution impossible

weaken the government

restrict the power of the government

give more power to the government

44 / 50

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

Nikki Index

NASDAQ

Dow Jones Index

Major Index

45 / 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 and the number of transactions is constant

The velocity of circulation decrease

The number of transaction decrease

There is deflation

46 / 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

47 / 50

When firms enter a monopolistically competitive market and the business-stealing externality is larger than the product-variety externality then ?

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

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

48 / 50

High and persistent inflation is caused by ?

regulations raising the cost of production too much

unions increasing wages too much

OPEC raising the price of oil too much

governments increasing the quantity of money too much

49 / 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 inelastic

both supply and demand are relatively elastic

50 / 50

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

denomination

ecclesia or universal church

sect

cult

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