Economics Quiz 16

1 / 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 rarely if ever, engage in distress dumping or persistent dumping

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

U.S firms can obtain protection from foreign dumping, even though this protection tends to harm overall U.S welfare

2 / 50

Which province of Pakistan is the largest tobacco producing province ?

Sindh

Punjab

Baluchistan

K.P.K

3 / 50

Secularization will_______________?

promote secular humanism

stimulate new sects and cults to overcome the secularization process

finally destroy religion in the United States

be punished by God

4 / 50

Nominal GNP measures income ?

corrected for tax changes

At the present time

At current prices

corrected for changes in interest rates

5 / 50

Deadweight loss is greatest when ?

both supply and demand are relatively elastic

demand is elastic, and demand is perfectly inelastic

both supply and demand are relatively inelastic

supply is elastic, and demand is perfectly inelastic

6 / 50

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

2.70%

3.50%

20%

7 / 50

The most common form of marriage today is_______________?

polygyny

none of these

polyandry

polygamy

8 / 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

9 / 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

10 / 50

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

have been more stable than the prices of manufactured goods

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

11 / 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

maximizes human capital

gets the highest rate of interest

12 / 50

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

convenience store

shopping goods store

specialty store

department store

13 / 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

Rs2,000

Rs18,000

Rs0.

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; Rs14,333; Rs1,000

Rs1,000; Rs20,000; Rs22,000

Rs20,000; Rs13,100; Rs1,000

Rs20,000; Rs20,000; Rs22,000

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

The annual requirement of edible oil is nearly ?

1.6 million tones

1.9 million tones

1.7 million tones

1.5 million tones

17 / 50

In the present national power is based on________________?

size and resources

political ideology and wealth

specific combinations of attributes

location and population

18 / 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 risen

must have stayed the same

must have fallen

19 / 50

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

abeyance

a recession

equivalence

equilibrium

20 / 50

The Phillips curve shows the relationship between inflation and what ?

Unemployment

The balance of trade

The rate of growth in an economy

The rate of price increase

21 / 50

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

minimizing public spending in the rural areas

slow economic growth under colonial capitalism

western countries, nation-state ideology

Keeping balanced budget, a price target

22 / 50

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

stressing self-concept and self-actualization

psychoanalytic

environmental determinism

development

23 / 50

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

sect

cult

ecclesia or universal church

denomination

24 / 50

The most recent social movements________________?

none of the above

focus more on economic issues

attract the underclass rather than the working class

are community and locality based?

25 / 50

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

Four Tigers

Little Tigers

Four Dragons

All of these

26 / 50

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

Offer price

Bid

None of these

Quote price

27 / 50

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

produced less and charged a higher price

produced less and charged a lower price.

produced more and charged a higher price

produced more and charged a lower price

28 / 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

29 / 50

The purpose of the Bill of Rights is to_________________?

weaken the government

restrict the power of the government

give more power to the government

make revolution impossible

30 / 50

An increase in costs will ?

Shift aggregate supply

Reduce the natural rate of unemployment

Increase the productivity of employees

Shift aggregate demand

31 / 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 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

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

32 / 50

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

decrease the foreign demand for dollars causing the dollar to depreciate

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

33 / 50

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

Redheads

A married couple

Tourists visiting a resort

A sales clerk and a customer

34 / 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 sometimes too sure of their own abilities

People are always rational maximizers

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

35 / 50

A common resource is ?

not rival but excludable

rival but not excludable

neither rival nor excludable

both rival and excludable

36 / 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

increase the demand for money

decrease the demand for money

decrease the money supply

37 / 50

Social scientists explain the incest taboo as_______________?

biologically programmed

all of the above

a religious universal

way of reducing family conflict

38 / 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

counterpurchase

like-value-exchange

buy-back

39 / 50

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

inflation occurs

there is excess demand

there are externalities

merit goods are produced

40 / 50

Privatisation is the transfer out ?

government businesses to the private sector

Publicly held stock to private individuals

corporately owned businesses to individuals

Privately owned business to the government sector

41 / 50

All of the following are types of imperfect competition except ?

unfair competition

monopolistic competition

monopoly

oligopoly

42 / 50

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

Courage

Ethical neutrality

Patience

Social involvement

43 / 50

Which of the following is a normative statement in economics ?

More spending by the government reduces poverty

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

44 / 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

45 / 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

attract additional firms to enter the market

improve efficieny

raise the price of good

46 / 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

After the Constitutional Convention of 1788

At the Inauguration of George Washington in 1789

47 / 50

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

The number of transaction decrease

There is deflation

The velocity of circulation decrease

The velocity of circulation and the number of transactions is constant

48 / 50

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

psychosurgery

hypnotherapy

psychotherapy

electroconvulsive shock therapy

49 / 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

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 consumer welfare may not be a chief priority

Maximizing domestic efficiency is not considered imports

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