Economics Quiz 41

1 / 50

Many East Asian countries are growing very quickly because ?

They have enormous natural resources.

They save and invest an unusually high percentage of their GDP

They are imperialists and have collected wealth from previous victories in war

They have always been wealthy and will continue to be wealthy, which is known as the ?snowball effect?

2 / 50

An increase in Pakistan?s private saving ?

increase Pakistan?s net exports and Pakistan?s net capital outflow the same amount

decrease Pakistan?s net exports and increase Pakistan?s net capital outflow

Increase Pakistan?s net exports and decrease Pakistan?s net capital outflow

decreases Pakistan?s net exports and Pakistan?s net capital outflow the same amount

3 / 50

In the short run a firm will produce zero output if ?

price is greater than short run average total cost

profit is zero

price is between short run average total cost and short run average variable cost

price is less than short run average variable cost

4 / 50

A countertrend observable since the 1950s is___________________?

urban decentralization

a great increase in population in the cities

rural areas became very depopulated

urban residents providing their own food supply by planting gardens

5 / 50

Which of the following is true regarding the earning of attractive versus unattractive workers ?

Attractive people tend to earn less because attractive people are viewed as shallow and more self-absorbed and therefore, as less productive

Attractive people tend to earn more because they may actually have a larger value of marginal product

Attractive people tend to earn less because attractive people usually have less human capital

Attractive people tend to earn more because attractive people usually have greater human capital

6 / 50

New technology in the form of computer spreadsheets has increased the productivity of accountants. This will cause ?

the demand curve for accountants to shift to the right, since the productivity of accountants has increased

the demand curve for accountants to shift to the left, since it requires fewer accountants than it did before to do the same amount of work.

firms to move down their demand curves for accountants

firms to move up their demand curves for accountants

7 / 50

According to Gordon Allport,s theory of contact_______________?

equal status between groups leads to reduced competition

equal status between groups increases prejudice

unequal status between groups reduces prejudice

Southern blacks and whites of the same social class have been driven further apart in recent years

8 / 50

The human social process most important for social interaction is_______________?

competition

conflict

none of the above

cooperation

9 / 50

There are certain products which are sold without brand name or trademark What these products are called ?

Contraband

Forged goods

Clean goods

Generic

10 / 50

If the income elasticity of demand for a good is negative it must be ?

an inferior good

a luxury good

a normal good

an elastic good

11 / 50

Which of the following practices of cultivation can be referred to as crop rotation ?

Different crops in the same season

None of the above

Different crops in different seasons

The same crop in different seasons

12 / 50

Malakand Dargai Project started its operation in ?

1946

1947

1935

1938

13 / 50

If a result of households wish to save more there is a change in equilibrium income and no change in equilibrium saving this is an example of ?

the law of diminishing returns

market failure

market imperfection

the paradox of thrift

14 / 50

Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _________ quantity equals _________ and profits total _________?

$80, 4 million barrels per day $70 million

$100, 2 million barrels per day $60 million

$40, 8 million barrels per day, $0 million

$60, 6 million barrels per day, $20 million

15 / 50

Redemptive movements include________________?

the civil rights movement

the women?s liberation movement

fundamentalist Christianity

the antinuclear movement

16 / 50

To internalize a positive externality an appropriate public policy response would be to ?

have the government produce the good until the value of an additional unit is zero

subsidize the good

ban the good creating the externality

tax the good

17 / 50

Which religion includes a hierarchy of gods?

Shintoism

Hinduism

Zoroastrianism

Christianity

18 / 50

Material objects found in nature are called_______________?

labor

time

land

capital

19 / 50

Many developing countries instituted import substitution policies because ?

their terms of trade were improving

their terms of trade were deteriorating

the price of goods they exported were increasing

the prices of the goods they imported were falling

20 / 50

The accelerator assumes ?

The marginal propensity to consume is constant

The economy is at full employment

The multiplier is constant

There is a constant relationship between net investment and the rate of change of output

21 / 50

According to the cognitive development theory children learn gender roles according to____________?

instinct

biology

which stage of cognitive development they have reached

attempt to elicit parental approval

22 / 50

According to the next basic needs include ?

longevity and living standards

health, education and quality housing

adequate nutrition, primary education health sanitation water supply and housing

food, clothing and housing

23 / 50

Beyond any mortgage thereon and liability therein, the residual value of a business or property is called equity. Which of the following are also included by term equity ?

Funds provided to a business by the sale of stock

None of them

Both of them

The market value of securities less any debt incurred and common stock and preferred stock

24 / 50

Among the institutions and policies that have been created to support developing countries are?

All of the above

The Generalized System of Preferences

the international Monetary Fund

the world Bank

25 / 50

One of the main advantages of trade economists suggest is ?

technological change

competitions with foreign suppliers

lower tariffs

development of tourism

26 / 50

A tariff that prohibits imports has only ?

revenue effect and protection effect

redistribution effect and consumption effect

consumption effect and protection effect

a revenue effect and redistribution effect

27 / 50

Symbols differ from signals in that______________?

symbols are intrinsically meaningful

symbols have universal meaning

symbols are biologically determined

none of the above

28 / 50

Which of the following countries are not newly industrialized countries (NICs) ?

North Korea

Singapore

Hong kong

Taiwan

29 / 50

A reflationary policy ?

Reducing interest rates

increase injections

Reducing taxation rates

Reducing government spending

30 / 50

In Melanesia ?mana?is________________?

a power that is neither good nor evil

the food miraculously given to the escaped slaves in the wilderness

the power of evil over good

the power of good over evil

31 / 50

Major trading partners of the United States including all of the following countries except ?

Mexico

North Korea

Canada

China

32 / 50

It is the function of Congress to_______________?

unanimously approve treaties

conduct foreign affairs

decide the constitutionality of specific laws

vote funds for conducting foreign affairs

33 / 50

The three main tools of monetary policy are ?

The money supply, government purchases and taxation

fiat, commodity and deposit money

Open-market operations reserve requirements and the refinancing rate

Government expenditures taxation and reserve requirements

34 / 50

The struggle of women and ethnic minorities to change certain discriminatory practices concerns ?

ascribed statuses

role strain

role conflict

master statuses

35 / 50

An inferior good is one for which an increase in income causes a(n) ?

decrease in demand

decrease in supply

increase in supply

increase in demand

36 / 50

What is the share of forest area as percent of the total geographical area of the country ?

2.8

4.8

3.8

4.5

37 / 50

An increase in aggregate demand if aggregate supply is totally inelastic will ?

increase output but not price

decrease output and price

increase price but not output

increase output and price

38 / 50

In the classical model of Ricardo, the direction of trade is determined by ?

Which way the wind blows

Comparative advantage

Absolute advantage

Physical advantage

39 / 50

According to the factor price equalization theorem, the ________ factor should oppose free. trade policies in any given country?

scarce

neither

can?t tell without more information

abundant

40 / 50

The ?invisible hand? refers to_______________?

the fact that prayer results in help

a feature of Adam Smith,s Wealth of Nations

the belief God exhibited by the Puritans

a belief in ghosts prevalent in the early Middle Ages

41 / 50

Which of the following would increase national income ?

Decrease in consumption spending

Increase in govt. spending

Increase in savings

Increase in taxation

42 / 50

If tastes are identical between countries, then comparative advantage is determined by ?

demand conditions only

supply condition only

can?t tell without more information

supply and demand conditions

43 / 50

The experience of loss or impending loss of a person to whom one is close is called______________?

displacement

bequeath Ent

bereavement

disengagement

44 / 50

Which of the following is an example of foreign portfolio investment ?

Deutsche Bank of Germany buys some new software from UK Supplier

EDF of France buys shares in Scottish & Southern Energy of the UK, and Scottish & Southern Energy uses the Proceeds to build a new hydro-electric power station in Scotland

Toyota builds a new plant in the north of England

JCB builds a new plant near Manchester

45 / 50

The term tariff, as used in international trade refers to ?

a limit on the quantity of a good that can be imported into a country

a government payment to encourage exports

The price of goods when they leave the producing country

a tax on imports

46 / 50

Endogamy and exogamy are_______________?

ways of studying institutions

practiced only by select groups in society

social limitations placed on marriages

two social science disciplines

47 / 50

The purpose of strategic planning is to find ways in which the company can best ?

avoid paying taxes

use its strengths to take advantage of attractive opportunities in the environment

overcome losses

avoid the expense of costly research and development while still getting the benefits

48 / 50

Refer to Figure 1. The labour force participation rate is ?

70.2 Percent

65.9 Percent

47.1 Percent

50.2 Percent

49 / 50

Today advertising captures about ________ percent of total promotion spending?

50 / 50

Trees which are considered the tallest in the world ?

Redwood

Data palm

Cedar

Eucalyptus

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