0% 0 Economics Quiz 4 1 / 50 Estimated value that is added to a product or material to each stage, of its manufacture or distribution, is known as ? Value added Excise Value addition Tax on stage 2 / 50 Group marriage ________________? is practiced among Australian aborigines is widespread in several societies has been a consistent feature in Western societies has never been consistently or extensively practiced 3 / 50 In economic terms incomes are distributed according to________________? whom one knows innate talent a person?s marginal productivity which skills one has 4 / 50 Livestock sector accounts for nearly 36 percent of agriculture value added and about 9.0 percent of the ? export earnings GNP GDP budget 5 / 50 Fundamentalists want the IMF to lend to crisis-stricken countries on condition that they undertake fundamental structural reforms in banking Joseph Stiglitz however thinks it is______________? impractical for the IMF to loan short term as reforms can only be effective in the middle to long run unrealistic for IMF to intervene in the financial markets of poor countries during the crisis crucial that the IMF intervene in the reform of fiscal policy of the country and not the monetary policy None of the statements above is correct 6 / 50 A positive externality generates ? a social cost curve that is above the supply curve (private cost curve) for a good a social value curve that is below the demand curve (private value curve) for a good a social value curve that is above the demand curve (private value curve) for good none of these answers 7 / 50 For which agricultural produce Sudan is famous and which comes under Tropical Grassland Region ? Barley Coffee Millets Cotton 8 / 50 A positive, dynamic effect of economic integration is illustrated by ? decrease customs costs economy-of-scale effect increased monopoly power of firms trade diversion effect 9 / 50 If the central bank buys financial securities in the open market to increase the monetary base, this is and example of ? lender of less resort Financial regulation Open Market operations financial intermediation 10 / 50 The refinancing rate is ? The interest rates the public pays when borrowing from banks The interest rate at Which commercial banks lend to and borrow from each other The interest rate the European Central Bank pays on reserves The interest rates the European Central Bank charges on loans to banks 11 / 50 If price consumption curve will be horizontal on x-axes then elasticity of demand will be:___________? Equal to 1 Less than 1 Equal to 0 Greater than 1 12 / 50 What is Debt Service ? none of these Interest payments on external debts Both of them repayments of external debt 13 / 50 A change in the relative prices of which of the following pair of goods would likely cause the smallest substitution effect ? kit-Kat chocolate snacks and Twix chocolate snacks right shoes and left shoes coke and Pepsi petrol from BP and petrol from shell 14 / 50 Gross National Product equals ? Gross Domestic Product plus net property income from abroad Net National Product adjusted for inflation Gross Domestic Product adjusted for inflation Net National Product plus net property income from abroad 15 / 50 Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ? 500 units 550 units 490 units 450 units 16 / 50 The value of the marginal product of labor is ? the price of the output times wage of labor none of these answers the wage of labor times the quantity of labor the price of the output times the marginal product of labor 17 / 50 By financial crowding out economist mean ? Bank of England controls on commercial bank lending what the government borrows cannot be used for private investment credit rationing government borrowing drives up interest rates 18 / 50 In a cartel ? Price wars are common Firms use price to win market share from competitors Firms compete against each other Firms collude 19 / 50 Medical care clearly enhance people?s lives. Therefore, we should consume medical care until ? everyone has as much as they would like buyers receive no benefit from another unit of medical care. the benefit buyers place on medical care is equal to the cost of producing it we must cut back on the consumption of other goods. 20 / 50 What is called the crop which is grown for sale rather than the farmer?s own use ? Cash crop Business Crop Money Crop Earning Crop 21 / 50 The density of population in K.P.K is ? 291 per sq. Km 235 per sq. Km 270 per sq. Km 196 per sq. Km 22 / 50 Which are Pakistan major seasons for agriculture crop ? Kharif , Rabi barani & rabi Kharif & Barani Kharif & rabi 23 / 50 Which of the following reduces risk in a portfolio the greatest ? All of these answers provide the same amount of risk reduction Increasing the number of shares from 10 to 20 Increasing the number of shares in the portfolio from 1 to 10 Increasing the number of shares from 20 to 30 24 / 50 The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ? The call for more socially responsible marketing The changing world economy The micro-chip revolution Rapid globalization 25 / 50 In the year 2010-11 what was per capita income ? $945 $1,095 $975 $905 26 / 50 Since state and nation are not the same thing the preferred term for individual political entities is_______________? principalities nation-sates or national states dominions territories 27 / 50 A profit maximizing firm is perfect competition produces where ? Marginal revenue equals average cost Total revenue is maximized Marginal revenue equals zero Marginal revenue equals marginal cost 28 / 50 As the required reserve ratio is decreased the money multiplier ? increase remain the same, as long as bank hold no excess reserves could either increase or decrease decrease 29 / 50 The Phillips curve indicates that there is a ? positive relationship between labor supply and the inflation rate positive relationship between the inflation rate and the employment the negative relationship between the inflation rate and the unemployment rate negative relationship between the inflation rate and labor demand 30 / 50 Multinational corporations face problems since they ? can only invest at home but not overseas cannot benefit from the advantage of comparative advantage can only invest overseas but not at home may raise political problems in countries where their subsidiaries operate 31 / 50 Markus is a travelling salesman for an apparel company. In this employment relationship, Markus is the ? screener signaler agent principle 32 / 50 New classical economists advocate reducing welfare payments to people who are unemployed or single parents. The economic reasoning uses was that this would ? reduce unemployment reduce poverty help small businesses weaken the power of trade unions 33 / 50 Enacting legislation__________________? all of the above is a slow and painful process involves negotiation and compromise sometimes pits the executive branch against the interests of the members of states and districts 34 / 50 Modern societies are grappling with the notion of_________________? lowering the age at marriage allowing same-sex couples to marry none of the above eliminating marriage altogether 35 / 50 Suppose that the supply curve of tin is highly inelastic. If the demand curve of tin decrease and increase cyclically along the supply curve of tin, then in this market the size of the quantity fluctuation will bathe size of the price fluctuations ? Any of the above relatively greater than relatively less than the same as 36 / 50 An increase in price all other things unchanged leads to ? An extension of supply A shift in supply outwards A contraction of supply A shift in supply inwards 37 / 50 Which of the following is not considered a transaction cost incurred by parties in the process of contracting to eliminate a pollution externality ? costs incurred due to lawyers? fees costs incurred due to a large number of parties affected by the externality costs incurred to reduce the pollution costs incurred to enforce the agreement 38 / 50 An organization plans the use of its fund during a 12-month period. What is this period called ? Year unit Fiscal year (FY) Fiscal period Calendar year 39 / 50 Which of the following is Not True about education in LDCs ? Public expenditure per student for higher education is about ten times as high as for primary education Boys are sent to schools far more often than girls Economists unanimously agree that LDCs should put greater priority on primary education The expansion of primary education redistributes benefits from the rich to the poor 40 / 50 When President Kennedy told the Soviet leader to withdraw Russian missiles in Cuba it was an illustration of one of the following types of foreign policy ? crisis administrative general threatening 41 / 50 Output fell sharply in the transition economies because ? vital infrastructure was missing All of the above banks were unable to function there was little corporate control 42 / 50 The record of a country?s transactions in goods, services and assets with the rest of the world is its ? balance of payments current account balance of trade capital account 43 / 50 Given a system of floating exchange rates rising income in the United States would trigger a (an) ? increasing in the demand for imports and an increasing in the demand for foreign currency decrease in the demand for imports and an increase in the demand for foreign currency decrease in the demand for imports and a decrease in the demand for foreign currency increase in the demand for imports and decrease in the demand for foreign currency 44 / 50 The Generalized System of Preferences (GSP) program allows ? any advanced country to ignore the most favored-nation clause developing country export to advanced countries to receive preferential tariff treatment any developing country to ignore the most-favored nation clause developing country imports from advanced countries to receive preferential tariff treatment 45 / 50 The favorable evaluation of presidents is based on______________? the caretaker role the teflon principle dynamic political leadership strict adherence to the written Constitution 46 / 50 Governments and corporations sell interest bearing certificates to raise money for expansion or trade. What is called these certificates ? Security bonds Certificates Sureties Bond 47 / 50 Which of the following statements regarding the loanable funds market is not true ? An increase in a country?s net capital outflow shifts the supply of loanable funds to the left A decrease in a country?s net capital outflow shifts the demand for loanable funds to the left An increase in domestic investment shifts the demand for loanable funds to the right An increase in a country?s net capital outflow raises its real interest rate 48 / 50 An adjustment is made in wages that corresponds with the change in the cost of living. What this adjustment is called ? Cost of living adjustment Free adjustment Cost effective adjustment Comparative adjustment 49 / 50 The rate of change for most of human history has been________________? slow until the Industrial Revolution then rapid unchanged slow because people are creatures of habit rapid since the beginning of history 50 / 50 The first European people to form a nation were is________________? Scots Slavs English Picts 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 3 Economics Quiz 5Next
