Economics Quiz 34

1 / 50

Which is an ascribed status ?

Exotic dancer

President of the U.S

Thief

Black female

2 / 50

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

MSAs

CBSAs

SMSAs

CMSAs

3 / 50

Internal balance refers to ?

exports minus imports

exports equal to imports

full employment and price stability

monetary policy offsetting fiscal policy

4 / 50

A good example of a public good is ?

the national health service

public transport

national defence

rail transport

5 / 50

Tax shifting ?

is the way in which a tax is structured

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

occurs when taxes cause prices to increase but wages to fall

6 / 50

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

sticky prices

regulatory prices

fixed prices

market prices

7 / 50

What is the ratio of Punjabi speaking population ?

48%

58%

68%

38%

8 / 50

A financial intermediary is a middleperson between ?

buyers and sellers

labor unions and firms

husbands and wives.

borrowers and lenders.

9 / 50

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

price discounting.

Price discrimination

Competitive pricing.

price fixing.

10 / 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 ?

infant industry argument

beggar they neighbor argument

scientific tariff argument

foreign dumping argument

11 / 50

Human races reflect_______________?

pure stock

primarily differences in language

differences in intelligence

mixtures of several populations

12 / 50

Fiscal deficit in the budget means ?

Budgetary deficits plus the net borrowings of the government

Capital deficit plus revenue deficit

Primary deficit minus capital deficit

Revenue deficit plus the net borrowings of the government

13 / 50

A conglomerate merger is a merger of ?

firms producing unrelated products.

firms producing the same product

firm producing complementary products

firms at various stages in production process.

14 / 50

Which is NOT Third World nation ?

China

Burkina Faso

Ethiopia

Zimbabwe

15 / 50

The deadweight cost of the tariff equals ?

$25,000

$75,000

$50,000

$10,000

16 / 50

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

Socialism

Communism

Authoritarianism

Capitalism

17 / 50

Conflict theorists see the states functions as________________?

bringing peace to its citizens

directing the economy

helping the poor and homeless

protecting the interest of the ruling elite only

18 / 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

LM curve

IS curve

aggregate supply curve

19 / 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

Guarantee

Repo

Redemption

20 / 50

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

fall

depreciation

appreciation

devaluation

21 / 50

The Great Depression_________________?

only B and C

resulted from the greed of the robber barons

was the worst case of massive unemployment

resulted from insufficient demand

22 / 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

23 / 50

Supply of land in a given use ?

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

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

24 / 50

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

Ultra-country economic risk

Outcome risk

International economic risk

Country economic risk

25 / 50

Which of the following is an example of material culture ?

A football games

The NFL rules

The football itself

?competition is good for you?

26 / 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 ?

Fruits

Coffee

Sugarcane

None of these

27 / 50

Nimbokil-60EC is formulated for the control of ?

herbs

household pests

agricultural insect pest

pest

28 / 50

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

41%

40%

43%

45%

29 / 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

an increase in the rental rate for tractor

a decrease in the value of the marginal product of tractors

30 / 50

Norms are__________________?

guidelines for human behavior

reflections of values

all of the above

internalized in most cases

31 / 50

Which of the following situations describes the greatest market power ?

Microsoft?s impact on the price of desktop operating systems

a student?s impact on college tuition

Subaru?s impact on the price f cars

a farmer?s impact on the price of corn

32 / 50

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

Keynesian.

left-wing theorists

new-Keynesian

market-orientated economists

33 / 50

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

Canada

China

India

USA

34 / 50

What percentage of American business revenues do corporation represent ?

60%

70%

80%

70%

35 / 50

An increase in the marginal propensity to consume will ?

increase the size of the multiplier

Decrease national income

Increase the marginal propensity to save

Reduce injections into the economy

36 / 50

The shift toward tertiary sector jobs has_______________?

reduced the need for unskilled or semi-skilled workers

All of these

eliminated hardcore unemployment

established a general trend toward the professionalization of everyone

37 / 50

Scientists agree that________________?

there are fifty two races

all of humankind is descended from the same common stock

there are no races

there are three races

38 / 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

39 / 50

A supply curve is directly affected by ?

all of the above

technology

government regulation

input costs

40 / 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

41 / 50

What forces prices down ?

Inferior products

Elastic demand

Large consumer purchasing power

Inelastic demand

42 / 50

In monopolistic competition ?

There are many sellers

There are few buyers

There are few sellers

There is one seller

43 / 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 increase because Banca Solida will increase its loans

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

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

44 / 50

When does a society need laws ?

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

when it is necessary to create folkways and mores

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

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

46 / 50

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

social role player

referent actor

opinion leader

facilitator

47 / 50

Which country is the chief exporter of coffee?

Brazil

USA

Australia

Mexico

48 / 50

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

isocost line.

isoquant

expenditure set

budget constraint

49 / 50

A country?s export commodity concentration ratio is the ?

proportion of the primary export commodity in total exports

total annual investment made in production of exported commodities

ratio of four leading commodities to total merchandise exports

average annual investment made in production of exported commodities

50 / 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

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