0% 0 Economics Quiz 52 1 / 50 Which of the following countries lead in the production of Nickel ? China Russia Canada USA 2 / 50 Monetary policy is regulated by ? Government policy Private entrepreneurs Money lenders Central Bank 3 / 50 In sociological studies of race and ethnic relations_______________? majority represents the group in power because of its large numbers minorities are described on the basis of biology minority refers to an oppressed group minority refers to the smaller group 4 / 50 To some degree according to some research heredity determines_____________? leadership abilities all of the above the ability to control impulses sociability 5 / 50 A reasonable measure of the standard of living in a country is ? nominal GDP per person. The growth rate of nominal GDP per person real GDP per person Real GDP 6 / 50 Bank issued a document that authorizes the bearer to receive money from one of its foreign branches or from another bank abroad. What such document is called ? letter of Credit Demand draft Letter of expression Letter of intent 7 / 50 The European Union is an example of a/an ? free trade area customs union economic union common market 8 / 50 Periods of less than full employment corresponds to _________________ ? points on the production possibility curve points inside the production possibility curve. either points inside or outside the production possibility curve. points outside the production possibility curve 9 / 50 Different capital intensity in different industries is mainly explained by _______ and ________? wage differentials, skill levels patents, skill shortages government grants, international competition technology, the ease of factor substitution 10 / 50 A modern definition of class maintains that social class is constituted by____________? the owners of the means of production persons who have similar forms of power prestige or wealth people especially endowed by nature categories of people set up by governments 11 / 50 If the cross-price elasticity between two goods is negative the two goods are likely to be ? substitutes complements necessities luxuries 12 / 50 If the economy is in the expansionary phase of the business cycle, aggregate demand ____ unemployment ____ inflation ____ payments is likely to move towards ____? rise; falls; rises; deficit falls; falls; falls; surplus falls; rise; falls; surplus is static; low; rise; deficit; 13 / 50 Skilled labor is relatively scarce because ? teachers? salaries are too low it is costly to acquire human capital there are too few teachers too few student places in higher education 14 / 50 Billy Graham,s religious revival meetings are an example of_________________? spiritual awakening social movements people, s fear of the unknown expressive crowds 15 / 50 Recent events vividly demonstrate that nationalism is_______________? the bastion of freedom and world peace dead at most a quaint reminder of past political cultures the source of wars and atrocities 16 / 50 Which of the following statements regarding the market for foreign currency exchange is true ? An increase in Pakistan?s net capital outflow increase the supply of rupees and the rupees depreciate An increase in Pakistan?s net capital outflow increase the demand of rupees and the rupees depreciate An increase in Pakistan?s net capital outflow increase the demand of rupees and the rupees appreciate An increase in Pakistan?s net capital outflow increase the supply of rupees and the rupees appreciate 17 / 50 Which of the following is not a possible cost of high fertility rates and rapid population growth ? increased urbanization and congestion a higher labor force growth rate and higher unemployment a working population that must support a large number of dependents increasing returns to natural resources with a direct impact on average food consumption 18 / 50 As the required reserve ratio is decreased the money multiplier ? could either increase or decrease remain the same, as long as banks hold no excess reserves decreases increases 19 / 50 Among the changes in the family institution which is false ? marriage rates have declined there has been an increase in voluntary childlessness the birthrate has greatly declined families have gotten larger 20 / 50 Trade diversion takes place when ? a country moves from autarky to free trade 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 a movement to a customs union reduces the costs of trade through standardization economic integration results in a 21 / 50 What is called the tax that is levied on retail price of merchandise collected by retailer ? Gross Tax General Tax Sales Tax Local Tax 22 / 50 If the GNP increases by 8% and prices increase by 3% the actual growth rate is_______________? 11% 8% 3% 5% 23 / 50 The family is the prime example of a(n) ? Gesellschaft voluntary group secondary group primary group 24 / 50 Which is the oldest hydroelectricity project in Pakistan ? Mangla Malakand Dargai Tarbela Warsak 25 / 50 Which of the following issues is related to microeconomics ? The impact of the deficit on saving the impact of oil prices on car production The impact of technology on economics growth The impact of money on inflation 26 / 50 Empirical evidence regarding in the effects of currency depreciation on the balance of trade indicates that? depreciation generally hurts the trade balance depreciation generally improves the trade balance depreciation has no effect on the trade balance no strong generalization is possible 27 / 50 To be allocatively efficient a firm must produce where ? The price equals the marginal cost The average revenue equals the marginal revenue The total cost equals demand The price equals the average cost 28 / 50 Urbanism is defined as________________? the study of the growth and decline of populations the growth of cities and suburbs at the expense of rural areas the migration of people from rural to urban centers a set of attitudes and a way of life distinct from the rural 29 / 50 When one firm in the breakfast cereal market started an advertising campaign that stressed the nutritional value of its cereals, all other cereal manufacturers started similar advertising campaign This suggests that the breakfast cereal market is ? monopolistically competitive perfectly competitive oligopolistic indeterminate from this information 30 / 50 A monetary union means ________, ________ and ________? permanently fixed capital movements floating exchange rates a fixed structure of interest rates permanently fixed exchange rates, free capital movements, a single interest rates a common currency floating exchange rates common monetary policy a common currency a single central bank, common monetary policy 31 / 50 ________ is the practice of adopting policies and developing strategies that both sustain the environment and produce profits for the company ? Environmental sustainability Consumer accountability Consumerism Environmentalism 32 / 50 The technological revolution that led to the control of food production is called the_______________? Agricultural revolution Cultural revolution Paleolithic revolution Industrial revolution 33 / 50 According to the wealth effect aggregate demand slopes downward (negatively) because ? lower prices increase the value of money holding and consumers spending increase lower prices reduce money holding increase lending, interest rates fall and investment spending increase lower prices increase money holding decrease lending, interest rates rise and investment spending falls lower prices decrease the value of money holding and consumers spending decrease 34 / 50 Refer to Exhibit 4. Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer?s income is ?100 If the price of a belt is ?10 and the price of a pair of socks is ?5, the consumer will choose to buy the commodity bundle represented b point ? the optimal point cannot be determined from this graph Z Y X 35 / 50 How much of the total potential labour force is unemployed ? 2.82 million 2.42 million 2.76 million 2.65 million 36 / 50 A tax for which high income taxpayers pay a smaller fraction of their income than do low income taxpayers is known as ? a regressive tax an equitable tax a progressive tax a proportional tax 37 / 50 Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ? There is an increase in the demand for apples and a decrease in the supply of apples There is an increase in the demand for apples and an increase in the quantity supplied of apples. There is an increase in the demand and supply of apples. There is an increase in the quantity demanded of apples and in the supply for apples 38 / 50 Which of the following groups suffer the most from inflation ? Debtors Business class Creditors None of these 39 / 50 According to the text the most dramatic of the environments that affect marketing and appears to be now shaping our world is the ___________ environment? economic technological demographic natural 40 / 50 With fixed exchange rates and no private currency flows, when the central bank buys domestic currency the domestic money supply is ? unaffected reduced None of these increased 41 / 50 If income where to double and prices were to to double the budget line would ? stay the same rotates outward rotate inward shift outward in a parallel fashion 42 / 50 The record of a country?s imports and exports of of goods and services plus net investment incomes and current transfers of money to and from abroad, is called its ? visible trade balance balance of payments on current account balance of payments balance of trade 43 / 50 In perfect competition ? the price equals the average variable cost the fixed cost equals the variable costs The price equals the marginal revenue the price equals the total cost 44 / 50 Small nations whose trade and financial relationships are mainly with a single partner tend to utilize ? pegged exchange rates crawling exchange rates freely floating exchange rates managed floating exchange rates 45 / 50 The total amount of tax you pay divided by your total income is the ? proportional tax rate total tax rate marginal tax rate average tax rate 46 / 50 The degree of urbanisation of any given community is indicated by its? population heterogeneity population size population density All of the above 47 / 50 What is Euro ? Deposit outside one?s home country but in the home country currency Both of them European currency unit, introduced on January 1, 1999 None of them 48 / 50 Concerning import tariffs of the United States empirical studies tend to conclude that these tariffs are ? regressive and thus bear down on the poor Progressive and thus bear down on the wealthy deflationary and thus result in reductions in the price of imports proportional and thus bear down on all consumers in the same manner 49 / 50 The leading producer of silver is ? Russia USA South Africa Mexico 50 / 50 Government of Pakistan issues currency on the basis of__________________? Availability of gold in the country Tax collection Availability of dollars in the country Demand for money in the country 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 51 Economics Quiz 53Next
