0% 0 Economics Quiz 18 1 / 50 An example of a basic pivotal institution is_____________? the family show business gossip sports 2 / 50 Which of the following is a form of international reserve assets, created by IMF in 1967 whose value is based on a portfolio of widely used currencies ? IMF Drawing Rights (SDR) Special Drawing Right (SDR) International Drawing Right (IDR) Sure, Drawing Rights (SDR) 3 / 50 Pakistan is the _____largest Producer country in the world? Fourth Fifth Sixth Seventh 4 / 50 According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ? Unemployed Employed Not in the labour force A discouraged worker 5 / 50 Which of the following should cause the price of a share of stock to rise ? A reduction in aggregate risk All of these answers None of these answers An increase in expected dividends 6 / 50 In the presences of purchasing power parity, if one-dollar exchanges for 2 British pounds and if a DVD player costs $400 in the United States then in Britain the DVD player should cost ? 200 pounds 400 pounds 600 pounds 800 pounds 7 / 50 A general in an army chart of command positions would constitute a______________? status role institution norm 8 / 50 Which is the largest cotton producing country in the world ? China USA India Egypt 9 / 50 A condition of normlessness and separation from legitimate modes of behavior is termed___________? anomie trauma anomaly alienation 10 / 50 The term ?Dumping? means ? Sale in a foreign market of a commodity at a price below marginal cost Smuggling of goods without paying any customs duty Sale in a foreign market of a commodity just at marginal cost without too much of profit The sale of the sub-standard commodity 11 / 50 Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The economics profit at Naila?s pottery factory is ? Rs70,000 Rs75,000 Rs80,000 Rs30,000 12 / 50 Rawls?s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ? the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that as long as there is no theft then there is no need for governments to intervene and redistribute income. the idea that people a veil of ignorance as policy as if behind a veil of ignorance as to what their circumstances might be in society, and the ignorant people should be looked after the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that people will then be particularly concerned about the possibility that they might find themselves at the bottom of the income distribution the idea that everyone in society should have an equal income 13 / 50 The density of population in Baluchistan is ? 39 per sq. Km 28 per sq. Km 59 per sq. Km 18 per sq. Km 14 / 50 In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined? Pm/Px (Px/Pm)Qx (Pm/Px)Qm Px/Pm 15 / 50 If the income tax rate changes from 30% to 40% on income over Rs30,000 and a person?s income is Rs 31,000 then her marginal tax rate is ? 70% 30% 10% 40% 16 / 50 Hard currency is defined as ? Currency which loses its value very fast Currency traded in foreign exchange market for which demand is persistently relative to the supply Currency Which is used in times of war None of these 17 / 50 ?Future shock?is____________? the name of a famous movie dealing with a society of the future what the elderly experience in every society when a new generation comes into power a phrase used by Alvin Toffler to describe the rapidity of change a phrase used to describe an alien culture 18 / 50 Anger is_______________? a definite sharply defined emotion an innate human response to deprivation and frustration all of the above subject to manipulation 19 / 50 If the price of good is equal to the equilibrium price ? there is a shortage and the price will rise there is a shortage and the price will fall the quantity demanded is equal to the quantity supplied supplied and the price remains unchanged there is surplus and the price will rise 20 / 50 The largest producer of Tobacco in the world is ? Russia India China USA 21 / 50 Throughout the 1800?s Russia was interested in acquiring Turkey mainly because Russia wanted ? to reestablish the Byzantine Empire to main peace in the Middle East access to the Mediterranean Sea The rich farmland of the Anatolian Plateau 22 / 50 Unions tend to increase the disparity in pay between insiders and outsiders by ? increasing the wage in the Unionized sector, Which may create a decrease in the supply of workers in the non-unionized sector Increasing the wage in the Unionized sector which may create an increase in the supply of workers in the non-unionized sector decreasing the demand for workers in the Unionized sector Increasing the demand for workers in the Unionized sector 23 / 50 A seller of goods or services writes a bill that is submitted to a purchaser for payment. What this bill is called? Bill of Intent Invoice Demand draft Draft 24 / 50 For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ? constrained economic growth price inflation balance of trade deficits improving terms of trade 25 / 50 The jobs of the future will include______________? steel workers personal services All but A routine services 26 / 50 During the 1980s and 1990s the economic policies of China, supported by Deng Xiaoping have led directly to______________?? an expansion of China?s colonial empire an increase in trade with the West a return to a strict command economy the success of the commune system 27 / 50 The share of sugarcane crop in value added in agriculture is 6.3 percent What is the share in GDP ? 4% 5.10% 1.50% 6% 28 / 50 Love of money peace and God are American ? values Norms mores folkways 29 / 50 The type of sales presentation approach that requires good listening and problem-solving skills is the ? critical-thinking approach canned approach formula appraoch need-satisfaction approach 30 / 50 Suburban growth was based on___________________? the development of automobile travel expensive suburban property movement of factories out of the cities wartime industrial expansions 31 / 50 The total forest area of Pakistan is estimated at ? 53.20 million hectares 6.20 million hectares 4.20 million hectares 5.20 million hectares 32 / 50 Comparing a monopoly and competitive firm, the monopolist will ? produce less at a lower price produce less at a higher price produce more at a lower price produce less at a lower price 33 / 50 The extent to which a change in the exchange rate leads to changes in import and export prices is known as the ? Marshall Lerner effect pass through effect absorption effect J Curve effect 34 / 50 Which of the following will not shift a country?s production possibilities frontier outward ? an increase in the labor force an increase in the capital stock an advance in technology a reduction in unemployment 35 / 50 The natural rate of output is the amount of real GDP produced ? When there is no no unemployment When the economy is at the natural rate of unemployment When the economy is at the natural rate of aggregate demand When the economy is at the natural rate of investment 36 / 50 In autarky, when a community maximizes its standard of living its production point is ? above the production possibility frontier on the production possibility frontier can?t tell without more information below the production possibility frontier 37 / 50 An example of an indirect tax is ? VAT inheritance tax a tax on profits. income tax 38 / 50 As the wage rate per hour increases, the opportunity cost of leisure ? remains constant decreases since the customer now has more income to spend may increase of decrease depending on the individual?s preferences. increases since the cost of forgoing one hour of work increases 39 / 50 Who among the following is most benefited from inflation ? Debtors Government pensioners Savings Bank Account holders Creditors 40 / 50 In the short run the level of floating exchange rates is determined mainly by ? trade interest rates speculation competitiveness 41 / 50 Black volcanic soil and tropical climate is most suitable without excess rainfall for which crop ? jute Cotton Tobacco None of them 42 / 50 What is called interest payments plus repayments of principal to creditors ? Debt relief Debt service Payback Debt retirement 43 / 50 The Coase theorem states that ? the private sector will fail to produce the efficient amount of a public good because of the free-rider problem. if there are external costs in production the government must intervene in the market to assure that the efficient level of output is produced public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good under certain conditions, private parties can arrive at the efficient solution without government involvement 44 / 50 In monopoly in long run equilibrium ? The firm produces where marginal cost is less than marginal revenue The firm is Productively efficient The firm is allocatively inefficient The firm produces at the socially optimal level 45 / 50 A tax on petrol is likely to ? generate a deadweight loss that is unaffected by the time period over which it is measured None of these answers cause a greater deadweight loss in the long run when compared to the short run cause a greater deadweight loss in the short run when compared to the long run. 46 / 50 A detailed investigation of a single social unit in order to study it in depth is______________? participant observation sample survey a case studies laboratory experiment 47 / 50 According to the law of demand. When ? Price decreases demand decreases Price increased demand increases None of these Price increase demand decreases 48 / 50 Potential GDP is the level of aggregate output ? that can be produced if structural unemployment is zero that can be sustained in the long run without inflation that can be sustained in the long run, if the inflation rate is zero that can be produced at a zero-unemployment rate 49 / 50 Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect? the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous. the equilibrium quantity to rise and the equilibrium price to remain constant the equilibrium quantity to rise and the equilibrium price to rise the equilibrium quantity to rise and the equilibrium price to fall 50 / 50 When people?s beliefs about the inferiority of a certain group undergo change the process is called________________? radical change political change cultural change social change Provide Your Information Your score is The average score is 0% LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on facebook Facebook Share on twitter Twitter Share on whatsapp WhatsApp PrevEconomics Quiz 17 Economics Quiz 19Next
