0% 0 Economics Quiz 40 1 / 50 Pricing to cover variable costs and some fixed costs as in the case of some automobile distributorships that sell below total costs is typical of which of the following pricing objectives ? product quality leadership current profit maximization Survival Market share leadership 2 / 50 A public good ? Gas external costs Is provided by the government Has the properties of being non-excludable and non-diminishable Is free 3 / 50 Which country produced the third most rubber ? Thailand Indonesia Malaysia India 4 / 50 The difference between bid (buying) rates and ask (selling) rates is called the ? spread profit arbitrage forward transaction 5 / 50 An item designated as money that is intrinsically worthless is ? fiat money commodity money precious metals barter items 6 / 50 The price mechanism does not act as a ? Incentive Indicator of income Rationing device Signal 7 / 50 Social movements tend to______________? redirect change encourage change all of the above resist change 8 / 50 The Lawis model explains how growth gets started in a less developed economy ? with a downward-sloping supply curve of labor with an average product of labor in agriculture that is negative with a marginal productivity of labor zero or negligible in industry with a traditional agricultural sector and an industrial capitalist sector 9 / 50 The most important differences among humans are based on ______________ ? species separation biology culture physical aspect 10 / 50 In a competitive industry each buyer and seller ? Prevents the entry of competitors Believes that can influence price is a price taker Producer different products 11 / 50 Repeating a research project called ? replication generalization validation verification 12 / 50 ________ is the most important staple food of Pakistan? Sugarcane Wheat Rice Cotton 13 / 50 The short run, as economists use the phrase, is characterized by ? a period where the law of diminishing returns does not hold. all inputs being variable at least one fixed factor of production and firms neither leaving nor entering the industry no variable inputs ? that is all of the factors of production are fixed 14 / 50 Name a corporation that owns enough voting stock in another firm to control management and operations by influencing of electing its board of directors ? Father company Mother company joint company Holding company 15 / 50 An increasing in Europe?s taste for UK produced Hondas would cause the pound to ? depreciate and would increase UK net exports appreciate, but the total value of UK net export stays the same appreciate and would increase UK net exports depreciate and would decrease UK net exports 16 / 50 Equilibrium in the Money market will change if there is ? a change in competition in the banking industry a change in the real money supply a change in real income any of the above 17 / 50 With the tariff, the quantity of imports falls to ? 12,000 units 30,000 units 20,000 units 42,000 units 18 / 50 Term a tax or duty rebate on imported goods that are exported at a later date ? Drawback Custom Duty Rebut 19 / 50 What is the share of Punjab in the total population of Pakistan ? 55.50% 68.40% 60.40% 65.50% 20 / 50 If countries were to trade along the lines of comparative advantage ? Neither country would want to trade A would export Y to B None of the above A would export X to B 21 / 50 A binding price ceiling creates? a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price an equilibrium a surplus a shortage 22 / 50 According to Harris and Todaro, creating urban jobs by expanding industrial output ? will generate capital-intensive technologies induces government to increase minimum wages will generate more government revenue through urban wages is insufficient for solving the urban unemployment problem 23 / 50 Collective behavior is_______________________? well planned based on regular norms rather unstructured individual behavior multiplied 24 / 50 Export-led growth strategies tend to emphasize ? resource allocation based on the principle of absolute advantage resource allocation based on the principle of comparative advantage trade protection for import-competing firms trade protection for exporting-competing firms 25 / 50 Barter is the trade of goods or services with ? exchange of services free exchange of money None of them exchange of goods and services 26 / 50 Drug addiction has been characterized as a victimless crime meaning ? drug addiction is a sustainable life style addicts choose to be addicted and hurt no one but themselves drug users are not responsible for their actions society does care what happens to addicts 27 / 50 Shortly after 1979 World Bank introduced loans that emphasized reforms in trade, agriculture industry public enterprise financial energy education or other sectors and were know as ? internal adjustment loans sectoral adjustment loans Structural adjustment loans external leverage loans 28 / 50 Which of the following is TRUE about gender and business world ? Businesswomen in India are viewed as naturally stronger, less emotional more socially adept and more rational than businessmen LDC businesswomen have a better chance than men of getting credit from bankers and suppliers There are relatively few women in U.S business partly because of female socialization There are more women than men in U.S business because of the aspirations of U.S girls 29 / 50 If GNP for Vatican City the smallest country in the world is 200 million euros in year 2011 and its population is 890 GNP per capita is_____________? 200/890 200 2000 ? 890 200,000,000/890 30 / 50 Official sanctions usually entail________________? the threat of force all of the above public recognition a transgression of the law 31 / 50 Mention the market for trading long-term debt instruments ? International market Capital market Open market Stock market 32 / 50 When we refer to how people really behave we________________? refer to the ideal norms use statistical norms use folkways speak of mores 33 / 50 According the law of diminishing returns ? The marginal product fall as more units of a variable factor are added to a fixed factor The total product falls as more units of a variable factor are added to a fixed factor Marginal utility falls as more unity of a product are consumed The marginal product increases as more units of a variable factor are added to a fixed factor 34 / 50 The Vicious circle theory indicates that ? a country is poor because it has lower productivity but high savings poverty perpetuates itself in mutually reinforcing circles on supply and demand sides as countries grow richer they save less market size is large in LDCs 35 / 50 The basic economic problems will not be solved by ? The creation of unlimited resources Market forces Government intervention A mixture of government intervention and the free market 36 / 50 The government is_______________? a way of insuring absolute freedom for citizens institutionalized social control the ultimate source of social control BOTH ultimate and institutionalized social control 37 / 50 Which of the following is not one of the basic economic s ? What to produce Who to produce for How to produce How to maximize economic growth 38 / 50 In the long term a firm will produce provided the revenue covers ? Total costs Revenue Fixed costs Variable costs 39 / 50 individuals who hold lesser positions and make less money than their parents are displaying_____________? horizontal mobility intergenerational mobility status inconsistency intragenerational mobility 40 / 50 The long-run market supply curve ? has the same elasticity as the short run market supply curve is always more elastic than the short-run market supply curve. is always perfectly elastic is always less elastic than the short-run market supply curve 41 / 50 Consumer surplus is the area ? below the supply curve and above the price. below the demand curve and above the price. above the demand curve and below the price. above the supply curve and below the price. 42 / 50 An economy that trades with and has financial dealing with other countries is called a/an ________ economy? autarkic free-trade mixed open 43 / 50 According to the asset market approach increased investor confidence in the Mexican economy would cause the peso to ? appreciated because of an increased demand for peso denominated assets appreciate because of an increase supply of peso denominated assets depreciated because of an increased demand for peso denominated assets depreciate because of an increased supply of peso denominated assets 44 / 50 Weber,s abstract model of bureaucracy entails______________? leadership by a self-appointed None of the above a pyramid of authority based on inherited privilege task specialization governed by explicit rule 45 / 50 The idea that suggests that poverty is self-perpetuating because poor nations are unable to save and invest enough to accumulate the capital stock that would help them grow is ? the under-consumptionist hypothesis the vicious circle of poverty hypothesis neo-colonialism the dependency theory 46 / 50 The theory of the second best suggests that in the absence of perfect competition a privatized industry should charge a price of ? p = MC p = Z P = MC + Z P = MC ? Z 47 / 50 Compared to what occurred under free trade, Mexico?s producer surplus ____ and consumer surplus ____ as a result of the subsidy Use the figure that you have plotted to calculate the amounts ? decreases, increases decreases, decreases increases, increases increases, decreases 48 / 50 Which of the following sets of government policies is the most growth oriented ? Increase tax on the returns to saving Provide investment tax credits and increase the deficit Lower taxes on the returns to saving Provide investment tax credits and increase the deficit Increase tax on the returns to saving Provide investment tax credits and lower the deficit Lower taxes on the returns to saving, provide investment tax credits and lower the deficit 49 / 50 Suppose a wave of investor and consumer optimisms has increased spending so that the current level of input exceeds the long-run natural rate If policy makers choose to engage in activist stabilization policy they should ? decrease government spending which shifts the aggregate demand curve to the right decrease government spending Which the shifts the aggregate demand curve to the left decrease taxes, which shifts the aggregate demand curve to the left decrease taxes, which shifts the aggregate demand curve to the right 50 / 50 To say that American music is the best in the world is an example of__________________? cultural relativity a value ethnocentrism the truth 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 39 Economics Quiz 41Next
