0% 0 Economics Quiz 48 1 / 50 Entrepreneurship is the ? residual of a production function technique to manage raw materials efficiently resource coordinating other productive resources blueprint on how to manage the labor force 2 / 50 In monopolistic competition ? Products are homogeneous Demand is perfectly elastic Marginal revenue = price The marginal revenue is below the demand curve and diverges 3 / 50 ________ protection such as the escape clause, provide temporary protection to domestic industries facing competition from fairly traded foreign goods? safeguards generalized system of preference domestic content countervailing duty 4 / 50 Shortcomings of interest groups include______________? the dissemination of biased information stifling minority voices creating splinter parties injecting partisan ideologies into political parties 5 / 50 Among the reason for overturning death penalty verdicts on appeal are______________? findings of incompetent counsel indications that prosecutors or police withheld information all of the above improved DNA technology 6 / 50 Air pollution from automobile exhausts, and water pollution steel plants are examples of ? negative externalities external economies internal spillover social distortion 7 / 50 The formula for average variable cost (AVC) is ? DTVC/Dq q/TVC Dq/DTVC TVC/q 8 / 50 Participants in the market system________________? try to maximize their worth are affected by prices and incomes are totally free to pursue their goals try to maximize their labor 9 / 50 Institution are_________________? unimportant places like schools and banks found among all animals traditional habits centering around fundamental human needs 10 / 50 Which money is called Hot money ? That moves across country borders in response to interest rate differences Both of them None of them That moves away when the interest rate differential 11 / 50 Which of the following is an injection into the economy ? Imports spending Savings Investment Taxation 12 / 50 Cyclical unemployment is the ? Unemployment that results when people become discouraged about their chances of finding a job so they stop looking for work. Portion of unemployment that is due to changes in the structure of the economy that results in a significant loss of jobs in certain industries. Unemployment that occurs during recessions and depressions. Portion of unemployment that is due to the normal working of the labour market 13 / 50 The most essential element of culture is______________? a warning system language cooperation group activities 14 / 50 Supply side policies are considered effective in ? increasing the money supply reducing taxation Increasing government expenditure encouraging technological progress 15 / 50 One percentage decrease in unemployment is associated with two percentage points of additional growth in real gdp is called? Okun?s Law Consumer price index none of the above classical theory 16 / 50 As income increase ? The average propensity to consume falls The average propensity to consume always approaches 0 The average propensity to consume gets nearer in value of the marginal propensity to consume The average propensity to consume diverges in value from the marginal propensity to consume 17 / 50 If the price elasticity is -0.3 this means ? Demand is price elastic Demand is upward sloping Demand is price inelastic A price fall would increase revenue 18 / 50 The price elasticity of demand measures ? a change in quantity demanded How far a demand curve shifts The responsiveness of quantity demanded to a change in price a change in price 19 / 50 Disposable income is the part of households income left after the deduction of ? taxes and the addition of benefits income tax contractual payments such as pensions and mortgages income tax and social security payments 20 / 50 When we refer to the hidden economy we mean unrecorded income owing to ? smuggling the lags between statistical collection and publication poor statistics tax evasion 21 / 50 If the cross-price elasticity of demand between two goods is negative, then the two goods are ? Complements normal goods unrelated goods Substitutes. 22 / 50 What country had the second largest area of forest? United States Russia Brazil Canada 23 / 50 Suppose there is an increase in the both the supply and demand for personal computers Further, suppose the supply of personal computer increase more than demand for personal computers In the market for personal computers i the market for personal computers, we would expect ? the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous the equilibrium quantity to rise and the equilibrium price to rise the equilibrium quantity to rise and the equilibrium price to fall the change in the equilibrium quantity to be ambiguous and the equilibrium price to fall. 24 / 50 The largest producer of Nuclear energy in the world is____? Russia UK USA India 25 / 50 Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raises its price Rs40 per month the number of subscribers will fall to 20000 Using the midpoint method for calculating the elasticity what is the price elasticity of demand for cable TV in Small Town ? 0.75 2 1.4 0.66 26 / 50 Trade creation takes place when ? a country moves from autarky to free trade a movement to a customs union reduces the cost of trade through standardization economic integration results in a shift in product origin from a lower cost nonmember country to a member country having higher costs economic integration results in a movement in product origin to a lower-cost member country 27 / 50 Which of the following is a characteristic of pure monopoly ? close substitute products perfect information One seller of the product low barriers to entry 28 / 50 The earliest statement of the principle of comparative advantage is associated with ? Eli Heckscher Berti IOhlin Adam Smith David Ricardo 29 / 50 Which of the following is not TRUE about rural urban migration ? In Latin America natural population increase is the major source of urban growth Migration to the cities is a larger contributor than natural population growth to urban labor growth is sub Saharan Africa The urban share of total LDC population grew from 27 percent in 1975 and 35 percent in 1992 to 40 percent in 2003 From 1975 to 2000 the number of cities in LDC with populations over 1 million increased from 20 to 50 30 / 50 Which of the following is not an example of foreign direct investment ? the purchase of bonds or stock issued by a textile company overseas the creation of a wholly owned business firm overseas the construction of a new auto assembly plant overseas the acquisition of an existing steel mill overseas 31 / 50 In theory communism calls for______________? abolition of private property intense nationalism the creation of a new ruling class military expansionism 32 / 50 Which of the following processes includes isolation of the minority population ? acculturation segregation assimilation accommodation 33 / 50 How does the eurozone compare with USA as a possible optimal currency area (OCA) ? The eurozone has a lower degree of labour mobility than the USA and labour law is much less restrictive in the erozone than in the USA On these measures it is hard to judge whether the eurozone is more or less likely to be an OCA than is the USA The eurozone has a lower degree of labour mobility than the USA and labour law is much more restrictive in the erozone than in the USA On these measures the eurozone is less likely to be an OCA than is the USA The eurozone has a higher degree of labour mobility than the USA and labour law is much less restrictive in the erozone than in the USA On these measures the eurozone is more likely to be an OCA than is the USA The eurozone has a higher degree of labour mobility than the USA but labour law is much more restrictive in the erozone than in the USA On these measures it is hard to judge whether the eurozone is more or less likely to be an OCA than is the USA 34 / 50 A negative externality affect market efficiency in a manner similar to ? a common resource a private good a public good. an excludable good. 35 / 50 Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raise its price to Rs 40 per month the number of subscribers will fall to 20000 At which of the following price does small Town Cablevision earn the greatest total revenue ? Either Rs 30 or Rs 40 per month because the price elasticity of demand is 1.0 Rs 0 per month Rs 30 per month Rs 40 per month 36 / 50 A trained observer_________________? knows what to expect is most a home in experimental settings? records everything that he or she sees knows which data are relevant to the research problem 37 / 50 Foreign aid is an instrument of________________? foreign policy propaganda the democratic value system manipulation 38 / 50 The IMF is an agency charged with providing ? bonds denominated in U.S dollars as a loan to LDCs short-term credit for international balance of payments deficits technical assistance to stock market and financial market problems loans for post-World War II reconstruction 39 / 50 ________ and ___________ do not directly affect the demand curve ? the price of related goods preferences the price of related goods consumer income the costs of production bank opening hours consumer incomes, tastes 40 / 50 Domestic producers gain ________ because on the tariff? $75,000 $50,000 $150,000 $120,000 41 / 50 What is called the rules of laws which governs the internal affairs of an organization ? By laws Secondary Laws Internal Laws Corporate Laws 42 / 50 The categories used by researchers to pigeonhole people into social classes__________________? adequately reflect the complexity of the American class system reflect the common -sense self-ratings of individuals tend to be arbitrary and artificial indicate that there are two classes the working class and the middle class 43 / 50 Adam Smith was __________? A philosopher A scientist An Economist None of these 44 / 50 The factor endowment model of international trade was developed by ? John Stuart Mill David Ricardo Adam Smith Eli Heckscher and Bertil Ohlin 45 / 50 _______ factors are the most popular bases for segmenting customer groups? Psychographic Geographic Behavioral Demographic 46 / 50 In order for power to be legitimate a government must have_____________? the ability to coerce agreement a charismatic leader a strong army legitimate authority 47 / 50 Which country produced the second most rubber ? Indonesia India Thailand Malysia 48 / 50 The largest producer of fertilizer in the world is ? Japan USA China Russia 49 / 50 A monopolistic market has ? many buyers and sellers none of these answers only one seller firms that are price takers 50 / 50 Utilitarian organizations are so named because they ? produce useful things provide useful services to the community serve the practical purposes of their owners provide material benefits in exchange for work 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 47 Economics Quiz 49Next
