Economics Quiz 23

1 / 50

In the context of contracts, what refers to secret payments made to ensure that the contract goes to a specific firm ?

Bribe

Graft

Commission

kickback

2 / 50

International difference is opportunity costs lead to countries acquiring ?

High exchange rates

trade barriers

Comparative advantage

trade quotas

3 / 50

Publics and public opinion________________?

have special meanings in traditional societies where conflicting issues are common

are more frequent in totalitarian societies than in democratic ones

express the values of leaders of society

are more characteristic of complex societies than of simple ones

4 / 50

I = S + F The equation above states that a country can increase its new capital formation (or investment) through is ?

savings from abroad and financial outflow

stock market and fiscal policy

own domestic savings and by inflows of capital from abroad

savings and financial liberalization

5 / 50

Demand curves are derived while holding constant ?

income and tastes

income, tastes, and the price of the good.

tastes and the price of other goods

incomes, tastes, and the price of other goods.

6 / 50

The nuclear family form is also called________________?

extended

conjugal

consanguine

procreational

7 / 50

Refer to Exhibit 6. Suppose the economy is Operating in long-run equilibrium at point E. An unexpected monetary contraction will move the economy in the direction of point ?

8 / 50

Which of the following expenditures to enhance productivity is most likely to emit a positive externality ?

OGDC leases a new oil field

Megabank buys a new computer

Indus Motors buys a new drill press

Naila pays her university tuition fees.

9 / 50

The response lag of stabilization policy represents ?

the time that it takes for the economy to adjust to the new conditions after a new policy has been implemented

the time needed for parliament to agree to a tax cut.

the time that is necessary to put the desired policy into effect

the time that it takes for policy makers to recognize the existence of boom of bust

10 / 50

Political control_____________?

takes the place of moral control in simple societies

is social control exerted by forces outside the individual

is internalized cultural learning

is acquired through socialization

11 / 50

Cooley?s Lookingglass self refers to______________________?

positive self-image

self-regard based on instinct

negative self-image

a person?s perception as to what others think of him/her

12 / 50

It is difficult to determine if the velocity of money is constant over time because ?

whether velocity is constant or not may depend on how the money supply is measure.

it is difficult to measure the value of nominal GDP over time

it is difficult to measure the demand for money over time

there has been very little fluctuation in the money supply over time.

13 / 50

Which economics term describes the takeover of one textile manufactures by another ?

Diversification

vertical integration

horizontal integration

monopoly

14 / 50

Which of the following is not a barrier to entry in a monopolized market ?

A single firm is very large

The government gives a single firm the exclusive right to produce some good

A key resource is owned by a single firm

The costs of production make a single producer more efficient than a large number of productions

15 / 50

Which of the following is true regarding tradable pollution permits and Pigouvian taxes ?

To set the quantity of pollution with tradable pollution permits, the regulator must know everything about the demand for pollution rights.

All of these answers are true

Tradable pollution permits efficiently reduce pollution only if they are initially distributed to the firms that can regulator pollution at the lowest cost.

Pigouvian taxes and tradable pollution permits create an efficient market for pollution.

16 / 50

During the post-world War II era?

NTBs and tariffs have decreased in relative importance

Nontariff barriers (NTBs) and tariffs have increased in relative importance

NTBs have decreased and tariffs have increased in relative importance

NTBs have increased and tariffs have decreased in relative importance

17 / 50

Evidence suggests that the price elasticity of demand for motoring is ?

Unitarily elastic

inelastic

absolutely inelastic

Elastic

18 / 50

When economists say that people act rationally in their self interest, they mean that individuals _______?

are mainly creatures of habit

are unpredictable

look for and pursue opportunities to increase their utility

generally disregard the interests of others

19 / 50

Nearly _______ of land is cultivated through tube-wells ponds and rain water?

25%

15%

35%

55%

20 / 50

The first airplane was a (n)________________?

invention

miracle

discovery

diffusion

21 / 50

Which factor contributes most to the recurring food shortages in Africa ?

rainforest environment

extensive river systems

Poor distribution of agricultural products

location between two major oceans

22 / 50

Which term is used for an engagement in risky business with the idea of making a large profit in short time ?

Blind game

Idealism

Speculation

Risk covering

23 / 50

The total land area of Baluchistan is 34.7 mha (or 85.74 million acres), out of which only ____ are cultivated?

54 % or 11.4 mha

34 % or 7.4 mha

14 % or 3.4 mha

24 % or 5.4 mha

24 / 50

Which of the following is a problem for fiscal policy in a currency union ?

government of the member countries of the currency union may run large budget deficits and so impose costs on other countries by pushing up interest rates on the bonds these countries governments issue

It is difficult to raise enough tax revenue to pay for the operation of the currency union

The central bank controls interest rates on long-term bonds issued by the governments of the member countries of the currency union

Government of the member countries of the currency union may run large budget deficit and so crowd out private investment

25 / 50

The law of demand implies that ?

as prices rise, demand decrease

as prices rise, quantity demanded increases

as prices fall demand increases

as prices fall, quantity demanded increase

26 / 50

Who is a ?Lame Duck? in a stock market ?

None of the above

A old investor

A new investor

A member of the stock exchange who cannot meet his obligations

27 / 50

Which of the following countries is known as sugar bowl ?

USA

Argentina

Cuba

China

28 / 50

If imports licenses are auctioned off to domestic importers in competitive market their scarcity value (revenue effect) accrues to ?

foreign corporations

domestic corporations

The domestic government

foreign workers

29 / 50

Reducing involuntary unemployment ?

Helps the economy move inside the Production Possibility Frontier

Helps the economy move along its Production Possibility Frontier

Helps shift the economy?s Production Possibility Frontier outwards

Helps the economy move on the to Production Possibility Frontier

30 / 50

Which of the following is NOT one of the problems facing most developing nations ?

Foreign debt

Labor shortages

Rapid population growth

Food shortages

31 / 50

Which of the following firms is most likely to spend a large percentage of their revenue on advertising ?

the producer of a highly differentiated consumer product

a perfect competitor

The manufacturer of an industrial product

the manufacturer of an undifferentiated consumer commodity

32 / 50

Which is the second largest staple food crop in Pakistan ?

rice

Wheat

Wheat & flour

flour

33 / 50

Descriptive statistics_______________?

permit researchers to generalize from samples

convey information about atypical behavior

allow researchers to test hypotheses

convey information about central tendency

34 / 50

Less demand in the economy may increase unemployment; this may lead to less spending which may reduce demand further. This is called ?

The downward multiplier

The downward mpc

The upward accelerator

The upward PPF

35 / 50

Import substitution is an example of ?

the principle of absolute advantage

the principle of comparative advantage

an inward-looking growth strategy

an outward-looking growth strategy

36 / 50

What is gross domestic product (GDP) ?

income earned within a country?s boundaries

income earned through foreign exchange

the number of dollars earned in industry

goods received from the nation?s residents

37 / 50

Language____________?

helps humans to cooperate

reflects changes in society

all of the above

passes on knowledge from generation to generation

38 / 50

The transitional period between the dominance of one party or another is called_______________?

alignment

realignment

dealignment

derailment

39 / 50

By ?dependent relations? globalists mean_______________?

the legitimacy of nation -states depends upon propaganda and internal surveillance

the effectiveness of the United Nations depends upon a cohesive Security Council

Third-World countries are maintained in a state of dependency by First-and Second- World nations

industrial nations depend upon raw materials located in no-industrial nations

40 / 50

The ?New Class? is characterized as consisting of______________?

apolitical bureaucrats

professionals with skills important in the information society

the working poor

former members of the middle class

41 / 50

How is termed the legal proceeding in which debtor remains unable to pay his creditors in full ?

Total loss

Crash

Bankruptcy

Default

42 / 50

Child abuse___________________?

includes physical and emotional neglect

has a victimization rate of 12.3 per 1,000 children

refers to a wide range of maltreatment

only A B and C

43 / 50

Policies to reduce unemployment by reducing union power, tax cuts, reductions in unemployment benefit and investment subsidies are examples of ?

Classical policies

Keynesian policies

Monetarist Policies

Supply-side policies

44 / 50

The behavior of an individual firm is part of_______________?

macroeconomics

institutional economics

macroeconomics

45 / 50

Which of the following is an example of tragedy of commons ?

excessive rain

over fishing

smoking in a public place

common use of public toilets

46 / 50

National Income is essentially composed of ?

Income derived from taxes by the central government

All income of the people on a year

All wealth of a nation

Annual Income of the central government

47 / 50

Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?

motivating

a statement of religion

market oriented

based on distinctive competencies

48 / 50

A mixed economy ?

Has supply and demand

Has demand but not supply

Has supply but not demand

Has market forces and government intervention

49 / 50

Galbraith?s idea that firms are controlled by a technostructure supports _________ theories?

classical economic

Williamson?s

Marxist

monetarist

50 / 50

Coffee requires hot and moist climate and grows best on slopes which of the following countries is leading in coffee production?

None of these

Indonesia

India

Brazil

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