Economics Quiz 34

1 / 50

Human races reflect_______________?

primarily differences in language

differences in intelligence

pure stock

mixtures of several populations

2 / 50

Under floating exchange rates, expectations of higher interest rates are likely to cause an ____ of the exchange rate?

depreciation

fall

devaluation

appreciation

3 / 50

Which is an ascribed status ?

Black female

Exotic dancer

President of the U.S

Thief

4 / 50

Which one of the following four agricultural resources by way of crops cultivated by man does not belong to the group comprising the remaining three ?

Sugarcane

None of these

Coffee

Fruits

5 / 50

Bance Solida has, in the past, always operated with a reserve ratio of 25 percent. It has now been taken over by Gung-Ho Bank Which operates with a reserve ration of 12? percent, Assuming that Banca Solida adopts the business practices of its new owner, What will be the effect on money supply in the country in which Banca Solida operates ?

Money supply will be unchanged because the central bank has made no policy changes

Money supply will decrease because the loans will have to be repaid

The effect on money supply cannot be determined from the information given

Money supply will increase because Banca Solida will increase its loans

6 / 50

An increase in the marginal propensity to consume will ?

Increase the marginal propensity to save

Decrease national income

increase the size of the multiplier

Reduce injections into the economy

7 / 50

Which country is the chief exporter of coffee?

Brazil

Australia

Mexico

USA

8 / 50

In monopolistic competition ?

There are few sellers

There are few buyers

There is one seller

There are many sellers

9 / 50

A good example of a public good is ?

rail transport

the national health service

national defence

public transport

10 / 50

Supply of land in a given use ?

will be upward sloping because as land becomes more valuable in once use, the amount of land made available for that use will increase

is perfectly inelastic since there is a fixed amount of land

will be perfectly inelastic in the long run. but upward sloping in the short run

is perfectly elastic since there is fixed amount of land

11 / 50

The largest number of statistical areas in the United States are______________?

MSAs

SMSAs

CBSAs

CMSAs

12 / 50

Scientists agree that________________?

there are no races

there are three races

all of humankind is descended from the same common stock

there are fifty two races

13 / 50

A main advantage of specialization results from ?

Economies of large-scale production

Smaller production runs resulting in lower unit costs

High wages paid to foreign workers

The specializing country behaving as a monopoly

14 / 50

Developments in a national economy can affect the outcome of an international financial transaction. What this process is called ?

Ultra-country economic risk

Country economic risk

Outcome risk

International economic risk

15 / 50

What is the ratio of Punjabi speaking population ?

38%

48%

58%

68%

16 / 50

A supply curve is directly affected by ?

technology

input costs

government regulation

all of the above

17 / 50

What percentage of American business revenues do corporation represent ?

60%

70%

80%

70%

18 / 50

Name the political and economic system in which the government owns and controls the means of production to benefit all the people ?

Communism

Capitalism

Socialism

Authoritarianism

19 / 50

The Great Depression_________________?

was the worst case of massive unemployment

only B and C

resulted from the greed of the robber barons

resulted from insufficient demand

20 / 50

According to the _____ argument for protection, tariffs can shield new industries from import competition until they have grown strong and efficient enough to withstand the competition by foreign producers ?

beggar they neighbor argument

foreign dumping argument

scientific tariff argument

infant industry argument

21 / 50

In order for a market to support superstars it must have which of the following characteristics ?

It must be involved in professional athletics

Every customer must be willing to pay an enormous amount for the product and the product must be a necessity

Every customer must want the good supplied by the best producer and the technology must exist for the best producer to supply every customer at low cost

Every customer must be indifferent to the price they pay, and the seller must be a competitor in the market for the product

22 / 50

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are ?

sticky prices

fixed prices

regulatory prices

market prices

23 / 50

A decrease in the supply of farm tractors will cause all but which of the following ?

a decrease in the value of the marginal product of tractors

an increase in the rental rate for tractor

a decrease in the rental rate of farmland

an increase in the wage of farm workers

24 / 50

A financial intermediary is a middleperson between ?

labor unions and firms

buyers and sellers

husbands and wives.

borrowers and lenders.

25 / 50

Conflict theorists see the states functions as________________?

bringing peace to its citizens

protecting the interest of the ruling elite only

directing the economy

helping the poor and homeless

26 / 50

A way of helping depressed regions by having lower wages lower local taxes and lower unemployment benefit has been suggested as ?

Keynesian.

new-Keynesian

market-orientated economists

left-wing theorists

27 / 50

Which of the following countries has highest percentage of land under cultivation ?

China

Canada

India

USA

28 / 50

The curve that illustrates the negative relationship between the equilibrium values of aggregate output and the interest rate in the goods market is the ?

aggregate demand curve

aggregate supply curve

IS curve

LM curve

29 / 50

Internal balance refers to ?

exports minus imports

exports equal to imports

full employment and price stability

monetary policy offsetting fiscal policy

30 / 50

The shift toward tertiary sector jobs has_______________?

reduced the need for unskilled or semi-skilled workers

established a general trend toward the professionalization of everyone

eliminated hardcore unemployment

All of these

31 / 50

Norms are__________________?

reflections of values

internalized in most cases

all of the above

guidelines for human behavior

32 / 50

A country?s export commodity concentration ratio is the ?

proportion of the primary export commodity in total exports

average annual investment made in production of exported commodities

total annual investment made in production of exported commodities

ratio of four leading commodities to total merchandise exports

33 / 50

The deadweight cost of the tariff equals ?

$10,000

$50,000

$75,000

$25,000

34 / 50

Tax shifting ?

is the way in which a tax is structured

is the ultimate distribution of a tax?s burden

occurs when taxes cause prices to increase but wages to fall

occurs when house hold can alter their behaviour and do something to avoid paying a tax.

35 / 50

Which of the following situations describes the greatest market power ?

a student?s impact on college tuition

a farmer?s impact on the price of corn

Subaru?s impact on the price f cars

Microsoft?s impact on the price of desktop operating systems

36 / 50

A graph showing all the combinations capital and labor available for a given total cost is the ?

budget constraint

expenditure set

isocost line.

isoquant

37 / 50

A firm charging different buyers? different prices for the same product is practicing ?

price discounting.

Competitive pricing.

price fixing.

Price discrimination

38 / 50

When does a society need laws ?

when it is necessary to create folkways and mores

when the folkways and mores are not sufficient to control behavior

when the court system declares that they are needed

when people commit too many sins

39 / 50

Nimbokil-60EC is formulated for the control of ?

agricultural insect pest

herbs

household pests

pest

40 / 50

Which is NOT Third World nation ?

China

Zimbabwe

Burkina Faso

Ethiopia

41 / 50

What forces prices down ?

Elastic demand

Inelastic demand

Large consumer purchasing power

Inferior products

42 / 50

Fiscal deficit in the budget means ?

Primary deficit minus capital deficit

Revenue deficit plus the net borrowings of the government

Capital deficit plus revenue deficit

Budgetary deficits plus the net borrowings of the government

43 / 50

In the Mid of 2011 the share of agriculture in employment is ?

45%

41%

40%

43%

44 / 50

A conglomerate merger is a merger of ?

firms at various stages in production process.

firms producing the same product

firm producing complementary products

firms producing unrelated products.

45 / 50

Which of the following is an example of material culture ?

?competition is good for you?

A football games

The football itself

The NFL rules

46 / 50

International joint ventures can lead to welfare losses when the newly established firm ?

yields cost reductions unavailable to parent firms

gives rise to increased amounts of market power

adds to the pre-existing productive capacity

enters markets neither parent could have entered individually

47 / 50

The __________ is a person within a reference group who because of special skills knowledge personality or other characteristics exerts influence on others ?

opinion leader

referent actor

social role player

facilitator

48 / 50

The more consumers are willing to pay for a product_____________________?

the less producers will manufacture to raise the price still more

the more expensive the product becomes

the more they go into debt forcing them to stop buying

the more of the product will be produced

49 / 50

Technological advances, shifts in consumer tastes, and increased competition all of which reduce demand for a product are typical of which stage in the PLC ?

growth stage

introduction stage

decline stage

maturity stage

50 / 50

Mention an agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price ?

Repurchase arrangements

Redemption

Guarantee

Repo

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