Economics Quiz 34

1 / 50

A conglomerate merger is a merger of ?

firms at various stages in production process.

firms producing unrelated products.

firm producing complementary products

firms producing the same product

2 / 50

Norms are__________________?

internalized in most cases

all of the above

reflections of values

guidelines for human behavior

3 / 50

The shift toward tertiary sector jobs has_______________?

eliminated hardcore unemployment

All of these

established a general trend toward the professionalization of everyone

reduced the need for unskilled or semi-skilled workers

4 / 50

Internal balance refers to ?

exports equal to imports

monetary policy offsetting fiscal policy

exports minus imports

full employment and price stability

5 / 50

The deadweight cost of the tariff equals ?

$25,000

$10,000

$50,000

$75,000

6 / 50

Conflict theorists see the states functions as________________?

directing the economy

helping the poor and homeless

bringing peace to its citizens

protecting the interest of the ruling elite only

7 / 50

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

International economic risk

Ultra-country economic risk

Outcome risk

Country economic risk

8 / 50

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

expenditure set

budget constraint

isocost line.

isoquant

9 / 50

A main advantage of specialization results from ?

High wages paid to foreign workers

The specializing country behaving as a monopoly

Economies of large-scale production

Smaller production runs resulting in lower unit costs

10 / 50

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

Authoritarianism

Capitalism

Socialism

Communism

11 / 50

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

a decrease in the rental rate of farmland

an increase in the wage of farm workers

a decrease in the value of the marginal product of tractors

an increase in the rental rate for tractor

12 / 50

A supply curve is directly affected by ?

all of the above

government regulation

input costs

technology

13 / 50

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

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

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

It must be involved in professional athletics

14 / 50

Fiscal deficit in the budget means ?

Budgetary deficits plus the net borrowings of the government

Primary deficit minus capital deficit

Capital deficit plus revenue deficit

Revenue deficit plus the net borrowings of the government

15 / 50

When does a society need laws ?

when people commit too many sins

when the court system declares that they are needed

when the folkways and mores are not sufficient to control behavior

when it is necessary to create folkways and mores

16 / 50

Which of the following is an example of material culture ?

The NFL rules

A football games

?competition is good for you?

The football itself

17 / 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 ?

scientific tariff argument

beggar they neighbor argument

infant industry argument

foreign dumping argument

18 / 50

Human races reflect_______________?

primarily differences in language

differences in intelligence

mixtures of several populations

pure stock

19 / 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

IS curve

aggregate supply curve

LM curve

20 / 50

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

gives rise to increased amounts of market power

yields cost reductions unavailable to parent firms

adds to the pre-existing productive capacity

enters markets neither parent could have entered individually

21 / 50

Tax shifting ?

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.

is the ultimate distribution of a tax?s burden

is the way in which a tax is structured

22 / 50

Nimbokil-60EC is formulated for the control of ?

agricultural insect pest

household pests

pest

herbs

23 / 50

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

market-orientated economists

left-wing theorists

Keynesian.

new-Keynesian

24 / 50

A financial intermediary is a middleperson between ?

buyers and sellers

borrowers and lenders.

husbands and wives.

labor unions and firms

25 / 50

What forces prices down ?

Elastic demand

Inelastic demand

Large consumer purchasing power

Inferior products

26 / 50

Scientists agree that________________?

there are no races

all of humankind is descended from the same common stock

there are three races

there are fifty two races

27 / 50

A good example of a public good is ?

rail transport

the national health service

public transport

national defence

28 / 50

Which is an ascribed status ?

President of the U.S

Exotic dancer

Thief

Black female

29 / 50

In monopolistic competition ?

There are few sellers

There is one seller

There are many sellers

There are few buyers

30 / 50

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

price discounting.

Price discrimination

Competitive pricing.

price fixing.

31 / 50

An increase in the marginal propensity to consume will ?

Decrease national income

Increase the marginal propensity to save

increase the size of the multiplier

Reduce injections into the economy

32 / 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

facilitator

social role player

referent actor

33 / 50

What percentage of American business revenues do corporation represent ?

80%

70%

60%

70%

34 / 50

What is the ratio of Punjabi speaking population ?

68%

38%

48%

58%

35 / 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 ?

Repo

Guarantee

Redemption

Repurchase arrangements

36 / 50

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

market prices

sticky prices

fixed prices

regulatory prices

37 / 50

Supply of land in a given use ?

is perfectly elastic since there is fixed amount of land

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

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

38 / 50

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

40%

41%

43%

45%

39 / 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 ?

None of these

Coffee

Sugarcane

Fruits

40 / 50

The more consumers are willing to pay for a product_____________________?

the more of the product will be produced

the more they go into debt forcing them to stop buying

the more expensive the product becomes

the less producers will manufacture to raise the price still more

41 / 50

Which of the following situations describes the greatest market power ?

a student?s impact on college tuition

Subaru?s impact on the price f cars

Microsoft?s impact on the price of desktop operating systems

a farmer?s impact on the price of corn

42 / 50

Which is NOT Third World nation ?

China

Burkina Faso

Zimbabwe

Ethiopia

43 / 50

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

SMSAs

CMSAs

MSAs

CBSAs

44 / 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 decrease because the loans will have to be repaid

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

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

Money supply will increase because Banca Solida will increase its loans

45 / 50

A country?s export commodity concentration ratio is the ?

total annual investment made in production of exported commodities

average annual investment made in production of exported commodities

ratio of four leading commodities to total merchandise exports

proportion of the primary export commodity in total exports

46 / 50

The Great Depression_________________?

resulted from insufficient demand

only B and C

resulted from the greed of the robber barons

was the worst case of massive unemployment

47 / 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 ?

maturity stage

introduction stage

decline stage

growth stage

48 / 50

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

India

Canada

USA

China

49 / 50

Which country is the chief exporter of coffee?

Mexico

Australia

Brazil

USA

50 / 50

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

depreciation

devaluation

fall

appreciation

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