Economics Quiz 22

1 / 50

In which of the following cases is the assumption most reasonable ?

To model the benefits of trade. an economist assumes that there are two people and two goods

To address the impact of money growth on inflation, an economist assumes that money is strictly coins.

To estimate the speed at which a beach ball falls, a physicist assumes that if falls in a vacuum.

To address the impact to taxes on income distribution an economist assumes that everyone earns the same income.

2 / 50

If a long run average cost curve is falling form left to right this is an example of ?

the minimum efficient scale

decreasing returns to scale

increasing returns to scale

constant returns to scale

3 / 50

Exceptions to the circular flow are__________________?

injections

withdrawals

B and C only

incidentals

4 / 50

The price of one country?s currency in terms of another country?s currency is the ?

balance of trade

terms of trade

exchange rate

currency valuation

5 / 50

A company faces several major decisions in international marketing the first of these decisions is often ?

deciding whether to go international

deciding how to enter markets

deciding which markets to enter

looking at the global marketing environment

6 / 50

The national security argument for protection is more likely to be valid when ?

The purpose is to maintain protection for an indefinite time period

The economy operates during a recession

The industry is characterized by increasing returns to scale

The protected industry provides invaluable goods during periods of war

7 / 50

Economic growth can be measured by ?

GDP

The CPI

The CBI

MPC

8 / 50

Suppose that the offshore assembly provisions (OAP) of the United States are granted to finished computers that are imported and produced domestically This policy will tend to ?

Increase the production of computer components in the United States

cause foreign assemblers of computers to use more computer components that are supplied by countries other than the United States

Increase the Price of computers to consumers in the United States

Increase the Production of computers in the United States

9 / 50

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

McKinley Agreement on Trade policy

Smoot Hawley Organization

World Trade Organization

General Agreement on Tariffs and Trade

10 / 50

Howard Becker,s term for the process whereby individuals are accused sermonized and punished is_______________?

primary deviance

labeling

secondary deviance

tertiary deviance

11 / 50

If the keep some money available in case I see a bargain this is an example of ?

precautionary demand for money

token demand for money

transactions demand for money

asset demand for money

12 / 50

The concept of deviance refers to________________?

departure from social norms

reversing one,s opinion

going in the wrong direction

bad manners

13 / 50

A development bank based in London, which loans funds to governments of Eastern Europe and the former Soviet Union is the ?

European Bank for Reconstruction and Development

OECD

Transitional Monetary Fund

World Bank

14 / 50

A policy of developing local industries that can compete with imports is referred to as ?

export promotion

unbalanced growth

industrial promotion

import substitution

15 / 50

The pivotal institution of government_________________?

exists only theoretically or in a rudimentary form on the international level

is represented by the U.N on a global level

exists in every nation

is lacking in Third-World nations

16 / 50

Culture is the basis of______________?

none of the above

not only human but also ant society

all animal groups

human social life

17 / 50

Competitive markets tend to ?

reduce labour market discrimination because non-discrimination firms will employ cheaper labour earn more profits and drive discriminating firms out of the market

have no impact on labour market discrimination

Increase labor market discrimination because some workers can charge more for their services than other workers in a competitive market

increase labour market discrimination because bigoted employers can charge any price they want in a competitive market to cover the cost of their discrimination

18 / 50

According to the signaling view of the education ?

increases human capital and the wages of workers

only helps firms sort workers into high ability and low-ability workers

can make any worker into a superstar

reduces the wage gap between high-skill and low-skill workers.

19 / 50

international relations include________________?

public but not private diplomacy

declared but not undeclared wars

all of the above

legal but not illegal or ?black market? trade

20 / 50

If a few firms dominate an industry the market is known as ?

Oligopoly

Duopoly

monopolistic competition

Competitively monopolistic

21 / 50

One of the benefits of putting resources into agricultural projects is that ?

agricultural investment will prevent the flight of capital abroad

agricultural projects usually have low import requirements

Successful agricultural projects produce surplus food to support urban development

export prices for agricultural products are more stable than those for industrial products

22 / 50

All languages encompass and express notions of____________?

past and future

shame and quilt

none of the above

love and endearment

23 / 50

Debenture holders of a company are its_______________?

Creditors

Shareholders

Directors

Debtors

24 / 50

Collective behavior favors social change because it_______________?

prevents action

none of the above

alters people?s perspective

destroys group identity

25 / 50

Assuming there is no government or foreign sector, if the MPC is 8 the multiplier is ?

1.25

26 / 50

Governments around the world tend to auction quota licenses ?

often

never

seldom

always

27 / 50

Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?

Xerox

Universal Studios

Kodak

IBM

28 / 50

Forest area of Baluchistan is ?

2.33 million hectares

1.33 million hectares

0.33 million hectares

0.83 million hectares

29 / 50

One common misuse of marketing research findings in contemporary business is the tendency for marketing research tp ?

become a vehicle for pitching the sponsor?s products

become a means for raising prices

become a means of unfair competition

30 / 50

The kinked demand curve model of oligopoly assumes the elasticity of demand ?

in response to a price increase is less elastic than the elasticity of demand in response to a price decrease

is perfectly elastic if price increases and perfectly inelastic if price decreases

in response to a price increases is more elastic than the elasticity of demand in response to a price decrease

is constant regardless of whether price increase of decrease.

31 / 50

Critics maintain that the following issues are present in higher education______________?

high tuitions

a lowering of standards

all of the above

muzzling of academic freedom

32 / 50

The record of country?s imports and exports of goods is called its ?

visible trade balance

balance of payments

balance of trade:

balance of payments on current account

33 / 50

If two firms doing the same thing in the same industry join together, this is known as a ?

conglomerate merger

horizontal merger

vertical merger

hostile takeover

34 / 50

What is the contribution of forest sector in GDP ?

0.10%

3.1

2.1

1.1

35 / 50

Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are ?

perfect substitutes

complements

unrelated goods.

substitutes.

36 / 50

?Term bond? are bonds whose principle is payable at maturity. What does mean by Term certificate?

A bond with a longer time to maturity

A certificate of deposit with a shorter time to maturity

A certificate of deposit whose principal is payable at maturity

certificate of deposit with a longer time to maturity

37 / 50

Which statement appears to be most correct__________________?

gender roles have been reversed

in a marriage spousal role are egalitarian

sex roles are blurred

housekeeping and childcare are still considered women?s work

38 / 50

Most researchers today use only two approaches to determine social class They are the_______________?

life style approach

occupational prestige and socioeconomic status(SES)

subjective approach

reputational approach

39 / 50

The difference between racial minorities and ethnic minorities is_______________?

in the size of each group

ethnic minorities do not suffer from discrimination but only from prejudice

racial minorities have been here longer than ethnic minorities

racial minorities differ biologically ethnic minorities differ culturally from the dominant group

40 / 50

Large payment to senior employee who is forced into retirement is called ?

Golden bonus

Golden shake hand

Friendly handshake

Golden handshake

41 / 50

Rolls Royce uses which of the following distribution formats ?

Open distribution

Selective distribution

Exclusive distribution

Intensive distribution

42 / 50

An example of an expansionary monetary policy is ?

a reduction in the taxes banks pay on their profits.

the Central bank buying government securities in the open market

an increase in the discount rate

an increase in the required reserve ratio

43 / 50

Which is not a characteristic of urban life ?

informal relationship

Competition

Loss of humanistic value

Impersonal relationship

44 / 50

Which soil is best suited for deep rooted crops ?

None of these

Black soil

Red soil

Literate soil

45 / 50

Within the supply and demand model, a tax collected from the buyers of a good shifts the ?

demand curve upward by the size of the tax per unit.

Supply curve upward by the size of the tax per unit

supply curve downward by the size of the tax per unit.

demand curve downward by the size of the tax per unit

46 / 50

All of the following would be ways to segment within the category of psychographic segmentation EXCEPT ?

personality

social class

lifestyle

occupation

47 / 50

Population began to increase steadily________________?

in the Bronze Age

by around the middle of the 18th century

with improvements in agriculture technology and medicine

in the 17th century when agriculture technology and medicine

48 / 50

The implementation of the European Union has ?

made it easier for Americans to compete against the Japanese in the British

made it harder for Americans to compete against the Japanese in the British market

made it harder for Americans of compete against the Germans in the British market

made it easier for Americans to compete against the Germans in the British market

49 / 50

Assume that commercial banks are holding excess reserves because business firms and consumers are not willing to borrow money A decrease in the discount rate is likely to ?

increase the money supply because it is now cheaper for banks to borrow from the central bank

decrease the money supply because it will now be more expensive for business firms and consumers to borrow money

Decrease the money supply because it is now cheaper for banks to borrow from the central bank instead instead of buying government securities

Not change the money supply because banks already have excess reserves they cannot lend

50 / 50

Because of the decrease in the value of money, there comes exaggerated increase in incomes and prices. How is termed this system ?

Ultra-inflation

Hyperinflation

A cute inflation

Super inflation

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