Economics Quiz 16

1 / 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 lower price

produced less and charged a higher price

produced more and charged a higher price

2 / 50

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

3.50%

2.70%

20%

3 / 50

Nominal GNP measures income ?

corrected for tax changes

corrected for changes in interest rates

At the present time

At current prices

4 / 50

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

department store

shopping goods store

convenience store

specialty store

5 / 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

Rs0.

Rs18,000

6 / 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

7 / 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 demand for money

increase the money supply

decrease the demand for money

8 / 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

9 / 50

The annual requirement of edible oil is nearly ?

1.7 million tones

1.9 million tones

1.6 million tones

1.5 million tones

10 / 50

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

Bid

Offer price

None of these

Quote price

11 / 50

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

Both B and C

At the signing of the Declaration of Independence

At the Inauguration of George Washington in 1789

After the Constitutional Convention of 1788

12 / 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

There is deflation

The number of transaction decrease

13 / 50

Deadweight loss is greatest when ?

both supply and demand are relatively inelastic

supply is elastic, and demand is perfectly inelastic

both supply and demand are relatively elastic

demand is elastic, and demand is perfectly inelastic

14 / 50

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

None of these answers

Cyclical Unemployment

Frictional Unemployment

Structural unemployment

15 / 50

Social life is organized and structured through____________?

group situations and the positions of individuals

rules and regulations

patterns of actions

all of the above

16 / 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; Rs20,000; Rs22,000

Rs20,000; Rs13,100; Rs1,000

Rs1,000; Rs20,000; Rs22,000

17 / 50

In the present national power is based on________________?

location and population

size and resources

specific combinations of attributes

political ideology and wealth

18 / 50

Macroeconomics is the branch of economics that deals with ?

imperfectly competitive markets:

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

the economy as a whole

19 / 50

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

electroconvulsive shock therapy

psychotherapy

hypnotherapy

psychosurgery

20 / 50

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

People are sometimes too sure of their own abilities

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

People are always rational maximizers

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

21 / 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?

counterpurchase

barter

buy-back

like-value-exchange

22 / 50

The purpose of the Bill of Rights is to_________________?

restrict the power of the government

make revolution impossible

give more power to the government

weaken the government

23 / 50

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

must have fallen

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 risen

24 / 50

Which province of Pakistan is the largest tobacco producing province ?

Punjab

K.P.K

Sindh

Baluchistan

25 / 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

Redheads

Tourists visiting a resort

26 / 50

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

denomination

cult

ecclesia or universal church

sect

27 / 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

28 / 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

29 / 50

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

Little Tigers

Four Dragons

Four Tigers

All of these

30 / 50

An increase in costs will ?

Shift aggregate demand

Increase the productivity of employees

Shift aggregate supply

Reduce the natural rate of unemployment

31 / 50

Relatively high real interest rates in the United States tend to ?

decrease the foreign demand for dollars causing the dollar to appreciate

increase the foreign demand for dollars causing the dollar to appreciate

increase the foreign demand for dollars causing the dollar to depreciate

decrease the foreign demand for dollars causing the dollar to depreciate

32 / 50

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

Major Index

Dow Jones Index

Nikki Index

NASDAQ

33 / 50

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

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

charge that nation?s products a higher tariff than any other nation?s

34 / 50

Arguments for free trade are sometimes disregarded by politicians because ?

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

Maximizing domestic efficiency is not considered imports

35 / 50

Which of the following is a normative statement in economics ?

The government should concentrate on reducing unemployment

More spending by the government reduces poverty

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

Higher taxes lead to less desire to work

36 / 50

Privatisation is the transfer out ?

corporately owned businesses to individuals

Privately owned business to the government sector

government businesses to the private sector

Publicly held stock to private individuals

37 / 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.

38 / 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

39 / 50

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

attract additional firms to enter the market

Cause the monopolist to exit the market

raise the price of good

improve efficieny

40 / 50

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

Patience

Courage

Ethical neutrality

Social involvement

41 / 50

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

maximizes the level of long-run investment

maximizes the level of long-run consumption

gets the highest rate of interest

maximizes human capital

42 / 50

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

there are externalities

inflation occurs

there is excess demand

merit goods are produced

43 / 50

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

equilibrium

equivalence

a recession

abeyance

44 / 50

The most common form of marriage today is_______________?

none of these

polygyny

polyandry

polygamy

45 / 50

All of the following are types of imperfect competition except ?

monopoly

oligopoly

unfair competition

monopolistic competition

46 / 50

Social scientists explain the incest taboo as_______________?

all of the above

a religious universal

way of reducing family conflict

biologically programmed

47 / 50

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

psychoanalytic

environmental determinism

development

stressing self-concept and self-actualization

48 / 50

High and persistent inflation is caused by ?

governments increasing the quantity of money too much

regulations raising the cost of production too much

unions increasing wages too much

OPEC raising the price of oil too much

49 / 50

A common resource is ?

not rival but excludable

rival but not excludable

both rival and excludable

neither rival nor excludable

50 / 50

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

tend to be very unstable from year to year

fluctuate about as much as the prices of manufactured goods

have been steadily rising in recent decades

have been more stable than the prices of manufactured goods

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