Economics Quiz 23

1 / 50

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

The manufacturer of an industrial product

the producer of a highly differentiated consumer product

the manufacturer of an undifferentiated consumer commodity

a perfect competitor

2 / 50

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

24 % or 5.4 mha

34 % or 7.4 mha

14 % or 3.4 mha

54 % or 11.4 mha

3 / 50

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

rainforest environment

location between two major oceans

Poor distribution of agricultural products

extensive river systems

4 / 50

Language____________?

all of the above

passes on knowledge from generation to generation

reflects changes in society

helps humans to cooperate

5 / 50

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

35%

55%

25%

15%

6 / 50

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

horizontal integration

monopoly

vertical integration

Diversification

7 / 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

8 / 50

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

Monetarist Policies

Supply-side policies

Classical policies

Keynesian policies

9 / 50

By ?dependent relations? globalists mean_______________?

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

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

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

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

10 / 50

National Income is essentially composed of ?

All wealth of a nation

All income of the people on a year

Annual Income of the central government

Income derived from taxes by the central government

11 / 50

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

A key resource is owned by a single firm

A single firm is very large

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

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

12 / 50

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

India

Brazil

None of these

Indonesia

13 / 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

14 / 50

The nuclear family form is also called________________?

consanguine

extended

procreational

conjugal

15 / 50

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

generally disregard the interests of others

are mainly creatures of habit

look for and pursue opportunities to increase their utility

are unpredictable

16 / 50

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

Graft

kickback

Bribe

Commission

17 / 50

Demand curves are derived while holding constant ?

incomes, tastes, and the price of other goods.

income, tastes, and the price of the good.

income and tastes

tastes and the price of other goods

18 / 50

Cooley?s Lookingglass self refers to______________________?

self-regard based on instinct

negative self-image

positive self-image

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

19 / 50

Political control_____________?

is acquired through socialization

is social control exerted by forces outside the individual

is internalized cultural learning

takes the place of moral control in simple societies

20 / 50

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

over fishing

common use of public toilets

smoking in a public place

excessive rain

21 / 50

The law of demand implies that ?

as prices fall, quantity demanded increase

as prices rise, demand decrease

as prices fall demand increases

as prices rise, quantity demanded increases

22 / 50

Which is the second largest staple food crop in Pakistan ?

Wheat

Wheat & flour

flour

rice

23 / 50

The behavior of an individual firm is part of_______________?

institutional economics

macroeconomics

24 / 50

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

Williamson?s

Marxist

monetarist

classical economic

25 / 50

The ?New Class? is characterized as consisting of______________?

former members of the middle class

the working poor

apolitical bureaucrats

professionals with skills important in the information society

26 / 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

27 / 50

Which of the following countries is known as sugar bowl ?

Argentina

USA

Cuba

China

28 / 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 ?

29 / 50

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

savings and financial liberalization

savings from abroad and financial outflow

own domestic savings and by inflows of capital from abroad

stock market and fiscal policy

30 / 50

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

dealignment

alignment

derailment

realignment

31 / 50

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

A member of the stock exchange who cannot meet his obligations

A new investor

A old investor

None of the above

32 / 50

Descriptive statistics_______________?

permit researchers to generalize from samples

convey information about atypical behavior

convey information about central tendency

allow researchers to test hypotheses

33 / 50

Publics and public opinion________________?

have special meanings in traditional societies where conflicting issues are common

express the values of leaders of society

are more characteristic of complex societies than of simple ones

are more frequent in totalitarian societies than in democratic ones

34 / 50

Reducing involuntary unemployment ?

Helps shift the economy?s Production Possibility Frontier outwards

Helps the economy move inside the Production Possibility Frontier

Helps the economy move on the to Production Possibility Frontier

Helps the economy move along its Production Possibility Frontier

35 / 50

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

Megabank buys a new computer

Naila pays her university tuition fees.

OGDC leases a new oil field

Indus Motors buys a new drill press

36 / 50

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

Foreign debt

Rapid population growth

Food shortages

Labor shortages

37 / 50

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

absolutely inelastic

Unitarily elastic

Elastic

inelastic

38 / 50

What is gross domestic product (GDP) ?

goods received from the nation?s residents

the number of dollars earned in industry

income earned through foreign exchange

income earned within a country?s boundaries

39 / 50

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

Default

Bankruptcy

Total loss

Crash

40 / 50

A mixed economy ?

Has demand but not supply

Has market forces and government intervention

Has supply but not demand

Has supply and demand

41 / 50

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

based on distinctive competencies

a statement of religion

market oriented

motivating

42 / 50

Child abuse___________________?

refers to a wide range of maltreatment

only A B and C

includes physical and emotional neglect

has a victimization rate of 12.3 per 1,000 children

43 / 50

International difference is opportunity costs lead to countries acquiring ?

Comparative advantage

trade quotas

High exchange rates

trade barriers

44 / 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

45 / 50

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

The domestic government

domestic corporations

foreign workers

foreign corporations

46 / 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 demand for money over time

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

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

47 / 50

The first airplane was a (n)________________?

miracle

discovery

invention

diffusion

48 / 50

Which of the following is a problem for fiscal policy in a 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

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

49 / 50

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

The upward accelerator

The upward PPF

The downward multiplier

The downward mpc

50 / 50

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

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

All of these answers are true

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

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

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%