0% 0 Economics Quiz 31 1 / 50 The idea that the money supply should change to accommodate changes in aggregate demand is associated with the idea of ? Milton Friedman Margaret Thatcher John Maynard Keynes Ronald Reagan 2 / 50 Antidumping duties applied to imported goods ? result in lower-priced goods for domestic consumers are abolished by the World Trade Organization result in decreases in consumer surplus for domestic households are imposed by industrial countries but not developing countries 3 / 50 Stagflation occurs when the economy experiences ? falling prices and rising output rising prices and falling output rising prices and rising output falling prices and falling output 4 / 50 The key issues of macroeconomics are ? inflation unemployment economic growth All of the above 5 / 50 Refer to Exhibit 6.If People in the economy expect inflation to be 3 percent and inflation is 3 percent the economy is operating at point ? b H a I 6 / 50 Which Province of Pakistan is the largest wheat producing province ? Baluchistan K.P.K Punjab Sindh 7 / 50 Form the dawn of history through the development of agriculture______________? males were assigned hunting and other dangerous tasks all of the above human infants and their mothers had to protected men and women participated in a sex-based division of labor 8 / 50 Which of the following statements best describes the outcome under monopolistic competition ? in monopolistic competition there is the correct number of firm and each firm produces a slightly different product at an optimal scale. In monopolistic competition there are too few firms and each firm produce a slightly different product at scale that is greater than optimal In monopolistic competition, there are too many firms and each firm produce a slightly different product at a scale that is less than optimal In monopolistic competition there are too many firms and each firm produce a slightly different product at the optimal scale 9 / 50 What can a central bank increase in order to reduce consumer borrowing ? commercial bank deposits government spending government bank deposits interest rates 10 / 50 Which of the following is not a reason why Joe Smith (an American) might participate as a demander in the foreign exchange market ? his desire to open a bank account in Japan his desire to purchase Treasury bills issued by the British government his desire to travel to Europe his desire to purchase an automobile produced domestically 11 / 50 What does mean by Franchise__________________? All of the above Authorization granted to someone to sell or distribute a company?s goods or service in certain area A privilege or right officially granted by a person or group by a government Territory or limits within which immunity, privilege or right may be exercised 12 / 50 The opposite of a variable is a______________? law concept constant value 13 / 50 The branch banking system is in vogue in most countries of the world. In which country was it first developed? UK South Africa Canada Australia 14 / 50 Suppose the price level falls but suppliers only notice that the price of their particular product has fallen Thinking there has been a fall in the relative price of their product they cut back on production, This is a demonstration of the ? classical dichotomy theory of the short run aggregate supply curve sticky wage theory of the short run aggregate supply curve misperceptions theory of the short run aggregate supply curve sticky price theory of the short run aggregate supply curve 15 / 50 Prejudice persists because it________________? causes guilt feelings and most people need a scapegoat is learned in school is based on rational though is emotionally satisfying 16 / 50 Government payments made to domestic firms in order to encourage exports are called ? export quotas Side payments subsidies Tariffs 17 / 50 What was the top sheep producing country ? India United Kingdom China Australia 18 / 50 If a country has a burden of debt it cannot sustain it can ? get a loan from an international organization any of the above default on the loan reschedule debt 19 / 50 The original Phillips curve illustrates ? The positive relationship between inflation and unemployment the trade-off between inflation and unemployment The positive relationship between output and unemployment The trade-off between output and unemployment 20 / 50 Trimmu Sindhnai link canal links the Chenab with ? Jhelum Ravi Chenab None of these 21 / 50 From each according to his ability to each according to his need is the theoretical slogan of ? Feudal System Capitalist System Fascist System Communist System 22 / 50 Aggregate supply is the total amount ? of products produced by a given industry. Produced by the government. of labor supplied by all households. of goods and services produced in an economy. 23 / 50 What is the third sheep producing country ? China UK India Australia 24 / 50 If there is excess capacity in a production facility it is likely that the firm?s supply curve is ? none of these price elastic unit price elastic price inelastic 25 / 50 Which best describes price discrimination ? Charging the same prices for same products Charging different prices for the same products Charging the same prices for different products Charging different prices for different products 26 / 50 There is an arrangement which allows a firm to use research from another firm at no cost in exchange for executing all of its trades with the firm that provides the research. What this arrangement is called? Quid Pro quo common interest Bilateral arrangement Mutual arrangement 27 / 50 Name a gold, silver, or platinum coin than usually traded at slightly more than its current bullion value ? Green Leaf Maple Leaf Gold Leaf Hard Leaf 28 / 50 Which of the following refers to Piaget,s developmental theory ? The most important influence on personality development is social class Behavior is the product of genetic predispositions Personality development acts independently of physical development Personality development proceeds in stages related to sensorimotor maturation 29 / 50 Which country is not a transitional economy ? china Hungary Mexico Russia 30 / 50 Another way of saying that position in a group are value-rated by group members is_______________? statuses are ranked statuses are ascribed roles are scripted authority is hierarchical 31 / 50 Jamil?s friend dies of a sudden heart attack. Jamil rushes to his doctor for an expensive physical examination. This response demonstrates that ? People give too much weight to a small number of vivid observations People tend to plan ahead and follow through on their plans People enjoy going to the doctor People easily change their minds when confronted with new information 32 / 50 Second largest uranium producer in the world is ? Nigeria Sudan khazakhstan Tajikistan 33 / 50 Industry is the second largest sector of the economy. How much of GDP it accounts for ? 16.50% 19.70% 20.50% 18.20% 34 / 50 To aid its calculator producers, suppose that the government provides them a subsidy of $10 for each calculator produced The amount of imports now equals _____ and the deadweight loss of the subsidy to the Canadian economy equals _________? 20 calculator, $50 25 calculator, $50 25 calculator, $100 20 calculator, $100 35 / 50 In 1985, the Coca-cola Company made a classic marketing blunder with its deletion of its popular Coca-Cola product and introduction of what it called New Coke Analysts now believe that most of the company?s problems resulted from poor marketing research. As the public demanded their old Coke back the company relented and reintroduced Coca-Cola Classic (which has regained and surpassed its former position) while New Coke owns only 0.1 percent of the market Which of the following marketing research mistakes did Coca-Cola make ? They did not investigate pricing correctly and priced the product too high They defined their marketing research problem too narrowly They did not investigate dealer reaction and had inadequate distribution They failed to account for the Pepsi Challenge taste test in their marketing efforts 36 / 50 If the MPC is 0.5 the multiplier is ? 2-Jan 2 0.2 20 37 / 50 All of the following represent obstacles to LDC development except ? resource scarcity poor infrastructure low population low levels of investment 38 / 50 The simplest explanation based on Lewis?s model for rural-urban migration is ? the availability of labor-intensive jobs in urban areas That people migrate when urban wages exceed rural wages better infrastructure in urban areas a higher expected income in urban areas 39 / 50 Transfer payments means ? The payment without work Bank loans Payments made to all factors of production Tax payments 40 / 50 An increase in aggregate demand will have most effect on prices if ? Aggregate demand is price inelastic Aggregate supply is price elastic Aggregate supply is price inelastic Aggregate supply has a unitary price elasticity 41 / 50 Four primary social processes are________________? exchange reciprocity competition and conflict accommodation assimilation conflict and coercion conflict exchange cooperation and competition differentiation stratification conflict and coercion 42 / 50 Term the average income of the people of a country during a year ? National income Protection Income Domestic income Per capita Income 43 / 50 Suppose we measure the quantity of good X on the horizontal axis and the quantity of good Y on the vertical axis If indifference curves are bowed inward, as we move from having an abundance of good X to having an abundance of good Y, the marginal rate of substitution of good Y for good X (the slope of the indifference curve) ? falls stays the same rises could rise or fall depending on the relative prices of the two goods. 44 / 50 If there is a balance of payments deficit then in a floating exchange rate system ? The external value of the currency would tend to fall The injections from trade are greater then the withdrawals The external value of the currency would tend to rise Aggregate demand is increasing 45 / 50 The Ku Klux Klan is an example of a(n)_________________? change-resistant movement progressive movement neo-Nazi movement fascist movement 46 / 50 Profits are maximized when ? revenue is maximized costs are minimized marginal cost equals marginal revenue average cost is less than average revenue 47 / 50 In the West Women and non-whites on average receive lower incomes than white men because ? all of the above educational disadvantage firms are reluctant to invest in training they tend to work in relatively unskilled jobs 48 / 50 State-owned enterprises (SOEs) are also called ? government oligopolies public enterprises centralized firms market economies 49 / 50 Interindustry trade can be explained by all of the following except ? high per capita incomes in exporting countries high transportation costs as a proportion of product value different growing seasons of the year for agricultural products product differentiation for good such as automobiles 50 / 50 To anticipate what the economy is going to do next the government will look at ? Leading indicators Flashing indicator Lagging indicators Coincidental indicators 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 30 Economics Quiz 32Next
