Economics Quiz 51

1 / 50

The marginal tax rate is ?

your total income divided by the total amount of tax you pay.

the total amount of tax you pay divided by your total income

the tax rate you pay on any additional income that you earn.

the additional tax you pay divided by your total income

2 / 50

Canada France, Germany, Italy, Japan, The United Kingdom and United States are ?

countries with the lowest information technology equipment and software index prices

G-7 countries

countries with highest productivity growth in the world since 1960

countries with decreasing TFP growth since 1990s

3 / 50

Prejudice and discrimination______________?

none of the above

are tenets of some religions

have been a part of the relationships among diverse religious groups

have never existed toward diverse religious groups

4 / 50

Refer to Exhibit 4. Which of the following is true with regard to the burden of the tax in Exhibit 4 ?

The sellers pay a larger portion of the tax because supply is more inelastic than demand

The sellers pay a larger portion of the tax because supply is more elastic than demand

The buyers pay a larger portion of the tax because demand is more elastic then supply

The buyers pay a larger portion of the tax because demand is more inelastic than supply

5 / 50

Profit is measured by ?

Revenue ? sales

Fixed cost + revenue

Revenue ? fixed costs

Revenue ? total costs

6 / 50

Which of the following is not a Cash Crop ?

Surgarcane

Cotton

Wheat

None of these

7 / 50

Even in a democracy the state can________________?

all of the above

size property

deprive people of their lives

imprison persons

8 / 50

The family-and particularly marriage-binds its members through_______________?

educational functions

interfaith competition

legal and economic bonds

class conflict

9 / 50

A graph showing all the combinations of goods and services that can be produced if all of society?s resources are used efficiently is a ?

Lorenz curve.

Circular-flow diagram.

Production possibility curve.

capital consumption frontier.

10 / 50

A market is defined as perfectly contestable if ?

entry to it and exit from it are both costly

entry to it is costly, but exit from it is costless

entry to it costless, but exit from it is costless

entry to it and exit from it are both costless

11 / 50

Country A has an absolute advantage in ?

Wine

Beer

Both products

neither products

12 / 50

Marx believed that the state would vanish when_____________?

all societies became capitalist

the elite would work toward the good of the masses

the lion would lie down with the lamb

social classes ceased to exist

13 / 50

Kharif crop includes ?

All of them

Rice & Sugarcane

Bajra and Jawar

Cotton and maize

14 / 50

In one sense of the term everyone is ethnocentric This is because______________?

people are afraid and distrustful of strangers

people are intolerant by nature

it is impossible to understand another culture or subculture without having been raised in it

it is virtually impossible not to view people and situations in terms of some of the norms and categories derived from one,s own cultural experiences

15 / 50

In C.Wright Mill,s view what group constitutes an elite ?

The military-industrial-governmental complex

Church leaders and educators

High ranking military officers only

The corporate rich only

16 / 50

In the short run, the supply of capital is ________ and in the long run will depend on _______?

variable, technology

fixed, expectations

fixed, rental rate of capital

variable, interest rates

17 / 50

When an individual buys a car in a congested urban area, it generates ?

a negative externality

an efficient market outcome.

a technology spillover

a positive externality

18 / 50

In Porter?s five force model conditions are more favorable for firms within an industry if ?

Supplier power is high

Entry threat is low

Buyer power is high

Substitute threat is high

19 / 50

If an increase in the budget deficit reduces national saving and investment we have witnessed a demonstration of ?

the investment fund effect

equity finance

intermediation

crowding out

20 / 50

Many economics argue that resale price maintenance ?

has a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?

is price fixing and therefore, is prohibited by law and enhances the market power of the producer

enhances the market power of the producer

is price fixing and, therefore is prohibited by law

21 / 50

When the stock market is down falling it is called ?

Falling

Bearish

Bullish

Crashing

22 / 50

Which of the following would shift the long-run Phillips curve to the right ?

An increase in the expected inflation

An increase in the price of foreign oil

An increase in the minimum wage

An increase in the aggregate demand

23 / 50

The Short run Phillips curve can shift in response to changes in ?

the inflation rates

Inflationary expectations

wage rates

unemployment

24 / 50

Which of the following statements is normative ?

Printing too much money causes inflation

Large government deficits cause an economy to grow more slowly

People work harder if the wage is higher

The unemployment rate should be lower

25 / 50

The migration of employable workers from low-paying nations to high-paying nations tends to decrease ?

total wage income in the world

wage disparities

the productivity of labor

business or capitalist income in the world

26 / 50

If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?

downward sloping

perfectly elastic

perfectly inelastic

upward sloping

27 / 50

Fascism_______________?

appeals to intellectuals

stresses a belief in human equality

distrusts reason

refuses violence

28 / 50

According to supply side economists as tax rates are reduced labour supply should increase. This implies that ?

The substitution effect of a wage change is greater than the income effect of a wage change

There is no substitution effect when tax rates are changed

There is no income effect when tax rates are changed

The income effect of a wage change is greater than the substitution effect of a wage change.

29 / 50

To maximise sales revenue a firm should produce where ?

Marginal revenue is maximised

Marginal revenue equals marginal cost

Marginal cost is zero

Marginal revenue is zero

30 / 50

Which exchange rate system does not require monetary reserves for official exchange rate intervention ?

floating exchange rates

managed floating exchange rates

pegged exchanged rates

dual exchange rates

31 / 50

The psychodynamic theories of personality are associated with________________?

Charles Horton Cooley

Sigmund Freud

Jean Piaget

George Herbert Mead

32 / 50

Which of the following must always balance ?

Balance of payments

Balance of visible trade

Balance of invisible trade

Balance on the current account

33 / 50

The multiplier is calculated as___________?

1/MPC

1/MPS

1(1-MPC)

a or b

34 / 50

Which of the following does NOT appear to be a factor in divorce_______________?

pregnancy shortly after marriage

dramatic differences in family backgrounds

differences in occupational goals and careers

marriage after an engagement of over three years

35 / 50

Which of the following is not true regarding the outcome of a consumer?s optimization process ?

The consumer is indifferent between any two points on his budget constraint

The marginal rate of substitution between goods is equal to the ratio of the prices between goods

The consumer?s indifference curve is tangent to his budget constraint

The marginal utility per dollar spent on each good is the same

36 / 50

Marxists are most interested in_______________?

class revolutionary movements

nationalistic revolutionary movements

guerrilla fighting

coups d,etat

37 / 50

Before the 1978 reforms China had a(n) ?

urban credit cooperatives

mono bank system

agricultural bank only

housing savings banks

38 / 50

Failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bound indenture is called ?

Rescheduling

Rolling debt

Bad debt

Default

39 / 50

The democratic state is based on the social contract theories of Locke and Rousseau These theories maintain that ?

people must obey the rulers at all times

the rulers govern at the direction of God

the people allow themselves to be governed for their own good

a society cannot exist without authoritarian rulers

40 / 50

If, for any reason the wage is held above the competitive equilibrium wage?

The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage

Unions will likely Strike and the wage will fall to equilibrium

The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment

The quality of workers in the applicant pool will tend to fall

41 / 50

Columbia?s Jagdish Bhagwati criticizes United States administrations inability to distinguish between benefits of free trade ?

and the external openness of income growth among the poorest 40 percent of LDCs

and MNC domination and its effects on income distribution

and the dangers of free capital movements for LDCs with poorly developed financial institutions

and the dangers of a trade deficit

42 / 50

The marginal productivity of labor_________________?

all of the above

is complicated by overlapping labor markets

is a political as well as economic issue

concerns wage rates and labor supply

43 / 50

Catalog marketing is big business in the United States. The average house hold receives __________ catalogs per year?

100

44 / 50

Which of the following could not be considered a major economic system ?

communism

physical quality of life index

socialism

capitalism

45 / 50

_________ is below the income that secures the bare essentials of food clothing and shelter ?

purchasing power poverty

Income inequality

sen?s poverty index

Absolute poverty

46 / 50

What was the top timber producing country ?

United States

Brazil

India

China

47 / 50

Which of the following statements is true regarding the long-run aggregate supply curve? The long-run aggregate supply cruve ?

Is vertical because an equal change in all prices and wages leaves output unaffected

is positively sloped because price expectations and wages tend to be fixed is the long run

shifts left when the natural rate of unemployment falls

shifts right when the government raises the minimum wage

48 / 50

A good example of a primary group is_________________?

a family

AT&T Corp

the U.S Army

all of the above

49 / 50

A tax placed on a good that is a necessity for consumers will likely generate a tax burden that ?

is evenly distributed between buyers and sellers.

falls more heavily on buyers.

falls entirely on sellers

falls more heavily on sellers

50 / 50

Poverty is related to_______________?

lack of work ethic

technological changes only

patterns of prejudice and technological change

discrimination only

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