Economics Quiz 23

1 / 50

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

market oriented

motivating

a statement of religion

based on distinctive competencies

2 / 50

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

common use of public toilets

smoking in a public place

over fishing

excessive rain

3 / 50

The response lag of stabilization policy represents ?

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 the economy to adjust to the new conditions after a new policy has been implemented

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

4 / 50

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

A key resource is owned by a single firm

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

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

A single firm is very large

5 / 50

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

classical economic

Williamson?s

monetarist

Marxist

6 / 50

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

Bribe

Commission

Graft

kickback

7 / 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

8 / 50

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

Total loss

Default

Bankruptcy

Crash

9 / 50

The ?New Class? is characterized as consisting of______________?

former members of the middle class

apolitical bureaucrats

the working poor

professionals with skills important in the information society

10 / 50

What is gross domestic product (GDP) ?

goods received from the nation?s residents

income earned within a country?s boundaries

income earned through foreign exchange

the number of dollars earned in industry

11 / 50

Language____________?

reflects changes in society

passes on knowledge from generation to generation

helps humans to cooperate

all of the above

12 / 50

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

Food shortages

Rapid population growth

Labor shortages

Foreign debt

13 / 50

Publics and public opinion________________?

are more characteristic of complex societies than of simple ones

express the values of leaders of society

have special meanings in traditional societies where conflicting issues are common

are more frequent in totalitarian societies than in democratic ones

14 / 50

Reducing involuntary unemployment ?

Helps the economy move on the to Production Possibility Frontier

Helps shift the economy?s Production Possibility Frontier outwards

Helps the economy move inside the Production Possibility Frontier

Helps the economy move along its Production Possibility Frontier

15 / 50

The behavior of an individual firm is part of_______________?

macroeconomics

institutional economics

macroeconomics

16 / 50

Cooley?s Lookingglass self refers to______________________?

positive self-image

negative self-image

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

self-regard based on instinct

17 / 50

The first airplane was a (n)________________?

invention

diffusion

discovery

miracle

18 / 50

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

Unitarily elastic

inelastic

Elastic

absolutely inelastic

19 / 50

Which of the following countries is known as sugar bowl ?

Argentina

USA

China

Cuba

20 / 50

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

extensive river systems

Poor distribution of agricultural products

location between two major oceans

rainforest environment

21 / 50

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

34 % or 7.4 mha

14 % or 3.4 mha

54 % or 11.4 mha

24 % or 5.4 mha

22 / 50

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

Monetarist Policies

Classical policies

Supply-side policies

Keynesian policies

23 / 50

The nuclear family form is also called________________?

consanguine

extended

conjugal

procreational

24 / 50

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

A new investor

A member of the stock exchange who cannot meet his obligations

A old investor

None of the above

25 / 50

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

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 deficits and so impose costs on other countries by pushing up interest rates on the bonds these countries governments issue

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

26 / 50

During the post-world War II era?

NTBs have increased and tariffs have decreased in relative importance

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

27 / 50

Child abuse___________________?

only A B and C

refers to a wide range of maltreatment

has a victimization rate of 12.3 per 1,000 children

includes physical and emotional neglect

28 / 50

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

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.

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

29 / 50

Which is the second largest staple food crop in Pakistan ?

Wheat

flour

Wheat & flour

rice

30 / 50

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

monopoly

vertical integration

horizontal integration

Diversification

31 / 50

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

foreign workers

foreign corporations

domestic corporations

The domestic government

32 / 50

The law of demand implies that ?

as prices fall demand increases

as prices rise, demand decrease

as prices fall, quantity demanded increase

as prices rise, quantity demanded increases

33 / 50

A mixed economy ?

Has market forces and government intervention

Has demand but not supply

Has supply and demand

Has supply but not demand

34 / 50

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

look for and pursue opportunities to increase their utility

are mainly creatures of habit

generally disregard the interests of others

are unpredictable

35 / 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 ?

36 / 50

Demand curves are derived while holding constant ?

income, tastes, and the price of the good.

tastes and the price of other goods

income and tastes

incomes, tastes, and the price of other goods.

37 / 50

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

the manufacturer of an undifferentiated consumer commodity

the producer of a highly differentiated consumer product

a perfect competitor

The manufacturer of an industrial product

38 / 50

National Income is essentially composed of ?

All wealth of a nation

Annual Income of the central government

Income derived from taxes by the central government

All income of the people on a year

39 / 50

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

Risk covering

Idealism

Speculation

Blind game

40 / 50

Import substitution is an example of ?

an outward-looking growth strategy

the principle of comparative advantage

the principle of absolute advantage

an inward-looking growth strategy

41 / 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 upward accelerator

The upward PPF

The downward mpc

42 / 50

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

alignment

realignment

dealignment

derailment

43 / 50

International difference is opportunity costs lead to countries acquiring ?

Comparative advantage

High exchange rates

trade quotas

trade barriers

44 / 50

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

stock market and fiscal policy

own domestic savings and by inflows of capital from abroad

savings from abroad and financial outflow

savings and financial liberalization

45 / 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

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

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

46 / 50

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

Naila pays her university tuition fees.

OGDC leases a new oil field

Megabank buys a new computer

Indus Motors buys a new drill press

47 / 50

Descriptive statistics_______________?

convey information about central tendency

permit researchers to generalize from samples

allow researchers to test hypotheses

convey information about atypical behavior

48 / 50

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

35%

55%

25%

15%

49 / 50

By ?dependent relations? globalists mean_______________?

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

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

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

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

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

Brazil

Indonesia

India

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