0% 0 Economics Quiz 34 1 / 50 The Great Depression_________________? was the worst case of massive unemployment resulted from the greed of the robber barons resulted from insufficient demand only B and C 2 / 50 The more consumers are willing to pay for a product_____________________? the less producers will manufacture to raise the price still more 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 3 / 50 The largest number of statistical areas in the United States are______________? MSAs CMSAs CBSAs SMSAs 4 / 50 Which is NOT Third World nation ? Burkina Faso China Zimbabwe Ethiopia 5 / 50 Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are ? regulatory prices sticky prices market prices fixed prices 6 / 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 None of these Sugarcane 7 / 50 A graph showing all the combinations capital and labor available for a given total cost is the ? expenditure set isocost line. isoquant budget constraint 8 / 50 An increase in the marginal propensity to consume will ? increase the size of the multiplier Increase the marginal propensity to save Reduce injections into the economy Decrease national income 9 / 50 What forces prices down ? Inferior products Large consumer purchasing power Inelastic demand Elastic demand 10 / 50 Under floating exchange rates, expectations of higher interest rates are likely to cause an ____ of the exchange rate? devaluation depreciation appreciation fall 11 / 50 Name the political and economic system in which the government owns and controls the means of production to benefit all the people ? Communism Authoritarianism Capitalism Socialism 12 / 50 A good example of a public good is ? rail transport the national health service national defence public transport 13 / 50 A main advantage of specialization results from ? Smaller production runs resulting in lower unit costs Economies of large-scale production High wages paid to foreign workers The specializing country behaving as a monopoly 14 / 50 Which of the following is an example of material culture ? A football games The football itself ?competition is good for you? The NFL rules 15 / 50 In monopolistic competition ? There are few buyers There is one seller There are many sellers There are few sellers 16 / 50 Fiscal deficit in the budget means ? Capital deficit plus revenue deficit Primary deficit minus capital deficit Revenue deficit plus the net borrowings of the government Budgetary deficits plus the net borrowings of the government 17 / 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 ? The effect on money supply cannot be determined from the information given Money supply will increase because Banca Solida will increase its loans 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 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 supply curve LM curve aggregate demand curve IS curve 19 / 50 A country?s export commodity concentration ratio is the ? average annual investment made in production of exported commodities proportion of the primary export commodity in total exports ratio of four leading commodities to total merchandise exports total annual investment made in production of exported commodities 20 / 50 In the Mid of 2011 the share of agriculture in employment is ? 40% 41% 43% 45% 21 / 50 A decrease in the supply of farm tractors will cause all but which of the following ? an increase in the wage of farm workers a decrease in the value of the marginal product of tractors a decrease in the rental rate of farmland an increase in the rental rate for tractor 22 / 50 A financial intermediary is a middleperson between ? borrowers and lenders. buyers and sellers labor unions and firms husbands and wives. 23 / 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 a farmer?s impact on the price of corn Subaru?s impact on the price f cars 24 / 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 people commit too many sins when the court system declares that they are needed 25 / 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 Country economic risk International economic risk 26 / 50 The shift toward tertiary sector jobs has_______________? established a general trend toward the professionalization of everyone All of these eliminated hardcore unemployment reduced the need for unskilled or semi-skilled workers 27 / 50 Internal balance refers to ? monetary policy offsetting fiscal policy exports minus imports full employment and price stability exports equal to imports 28 / 50 International joint ventures can lead to welfare losses when the newly established firm ? enters markets neither parent could have entered individually adds to the pre-existing productive capacity yields cost reductions unavailable to parent firms gives rise to increased amounts of market power 29 / 50 Which of the following countries has highest percentage of land under cultivation ? Canada India USA China 30 / 50 Which country is the chief exporter of coffee? Australia Mexico USA Brazil 31 / 50 The deadweight cost of the tariff equals ? $75,000 $10,000 $50,000 $25,000 32 / 50 What percentage of American business revenues do corporation represent ? 60% 70% 70% 80% 33 / 50 In order for a market to support superstars it must have which of the following characteristics ? 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 It must be involved in professional athletics 34 / 50 Tax shifting ? 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 is the way in which a tax is structured 35 / 50 Human races reflect_______________? mixtures of several populations primarily differences in language differences in intelligence pure stock 36 / 50 What is the ratio of Punjabi speaking population ? 58% 48% 68% 38% 37 / 50 Which is an ascribed status ? Thief President of the U.S Black female Exotic dancer 38 / 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 growth stage introduction stage decline stage 39 / 50 Supply of land in a given use ? is perfectly inelastic since there is a fixed amount of land is perfectly elastic since there is 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 40 / 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 foreign dumping argument infant industry argument beggar they neighbor argument 41 / 50 Norms are__________________? guidelines for human behavior reflections of values all of the above internalized in most cases 42 / 50 Conflict theorists see the states functions as________________? bringing peace to its citizens directing the economy protecting the interest of the ruling elite only helping the poor and homeless 43 / 50 Nimbokil-60EC is formulated for the control of ? agricultural insect pest pest herbs household pests 44 / 50 A conglomerate merger is a merger of ? firm producing complementary products firms producing unrelated products. firms producing the same product firms at various stages in production process. 45 / 50 A supply curve is directly affected by ? government regulation all of the above technology input costs 46 / 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 facilitator social role player 47 / 50 Scientists agree that________________? all of humankind is descended from the same common stock there are fifty two races there are three races there are no races 48 / 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 Redemption Guarantee Repurchase arrangements 49 / 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 50 / 50 A firm charging different buyers? different prices for the same product is practicing ? price fixing. Price discrimination price discounting. Competitive pricing. 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 33 Economics Quiz 35Next
