Economics Quiz 54

1 / 50

According to Blau and Duncan occupational upward mobility is greatly influenced by______________?

all of the above

the nature of the first job

occupation of the father

the amount of education

2 / 50

Correlation differs from causation in that correlation ?

occurs among more than two variables

only indicates a probable relation

occurs purely by chance

precedes causation

3 / 50

Most societies________________?

accept all kinds of man-women unions

discourage marriage

pay couples to have children

encourage marriage

4 / 50

Commodity money ?

has intrinsic value

has no intrinsic value

is used as reserves to back fiat money

is used exclusively in the economies of western Europe and north America

5 / 50

Which is NOT a restraint imposed on the United States government ?

Presidential supremacy

Checks and balances

Federalism

Separation of powers

6 / 50

Which of the following is Cottage Industry ?

Handicraft

Cement

Textile

Sugar

7 / 50

Democratic capitalism means that________________?

all property belongs to the government

the individual is free to do anything as long as he/she has money

losers totally destroyed

the economy is regulated through legislation and taxation

8 / 50

A medium-term plan can be a(n) ________ revised at the end of each year?

rolling plan

perspective plan

seasonal expenditure

instrument variable

9 / 50

Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?

marginal revenue and then use the supply curve to determine the price consistent with this quantity

marginal revenue and then use the demand curve to determine the price consistent with this quantity

average total cost and then use the supply curve to determine the price consistent with this quantity

average total cost and then use the demand curve to determine the price consistent with this quantity

10 / 50

Which is the largest continent (population wise) of the world ?

Australia

America

Asia

Europe

11 / 50

The arrangement where goods imported from trading partners in the developing world are subject to lower tariff rates than goods from other countries is referred to as ?

Generalized System of Preferences

most favored nation status

offshore assembly provisions

normal trade relation status

12 / 50

If a nation fitting the criteria for the small nation model imposes a 10 percent tariff on imports of autos ?

The price of autos within the nation will rise by less than 10 percent

The price of autos within the nation will rise by 10 percent

The price of autos within the nation will rise by more than 10 percent

The price of autos will not rise because of internal competition

13 / 50

The exchange rate system that best characterizes the present international monetary arrangement used by industrialized countries is ?

managed floating exchange rates

adjustable pegged exchange rates

freely fluctuating exchange rates

pegged or fixed exchange rates

14 / 50

Which of the following is not True ?

In 1990 the world had 98 mainline phones and 2 mobile phones per 1,000 people: in 2001 169 mainline and 153 mobiles per 1000

In 2001 the World information technology expenditures were about 1/20 of 1% of world gross investment

In 2001 internet users per 1000 people in middle income countries were greater than high income countries

Mobile phones do not require the massive infrastructure investment that mainline telephone require

15 / 50

A country?s transactions with the rest of the world are recorded in the ?

income statements

balance of payments

balance of financial transactions

balance of international indebtedness

16 / 50

The classical neoclassical monetarist Keynesian refers to the discipline of_____________?

economics

sociology

anthropology

psychology

17 / 50

According to functionalism the fundamental human needs are_____________?

income safety and deference

survival and expressiveness

life liberty and the pursuit of property

control over nature and the denial of death

18 / 50

The cause of inflation is ?

Decrease in money supply and fall in production

Increase in money supply and fall in production

Increase in money supply

Fall in production

19 / 50

The idea of convergence of GDP in Europe suggests that ?

Poorer countries have higher capital/labour ratios than richer countries.

All countries will eventually join the EEC

Poorer less developed countries will catch up with richer ones.

The gap between countries GDP per head will widen

20 / 50

Unions achieve a higher wage differential the more _____ and the more ______?

the productivity is growing vacancies exist

inelastic the demand for labour, they can restrict the supply of labour

members they have, aggressive they behave

the economy is growing, people prefer leisure

21 / 50

Which of the following is not an argument for protectionism ?

To improve the balance of payments

To increase the level of imports

To protect infant industries

To Protect strategic industries

22 / 50

According to supply-side economists if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest ?

both aggregate supply and demand will increase and the price level will increase

aggregate supply will increase , aggregate demand will decrease

aggregate supply will increase, aggregate output will increase and the price level will decrease

aggregate supply will increase aggregate output will increase and the price level will increase

23 / 50

Which of the following is a non-metallic mineral ?

Uranium

Gypsum

Thorium

Cobalt

24 / 50

Permanent income is ?

a person?s normal or average income

Social Security income of the elderly and disabled

none of these answers

wages fixed by a union or other labour contract

25 / 50

Simon S.Kuznets argues that the major stock of an economically advanced country is not its physical capital but ?

land

quantity of labor

body of knowledge

natural resources

26 / 50

Given recent information about growth trends and growth potential of ethnic populations within the U.S market which of the following ethnic groups would be a best bet to double during the next half century and become one of the U.S market?s most viable segments ?

Western Europeans

African Americans

Middle Eastern

Hispanics and Asians

27 / 50

The World biggest oil refinery is situated in ?

Kuwait

Saudi Arabia

Iran

Iraq

28 / 50

Experiments are_______________?

valid only if performed on white mice

not used in the study of humans

the most common method of social investigation

based on controlling a variable and observing the results

29 / 50

Which of the following is an agricultural produce of Taiwan ?

None of these

Coffee

Maize

Rice

30 / 50

Without stabilized prices_______________?

all of the above

the distribution of income becomes more inequitable

resource market demand is problematic

product market demand is problematic

31 / 50

What is price support ?

To enhance price

Maintenance of price through public subsidy or government intervention

To maintain price at specific level

To increase price artificially

32 / 50

If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

-4

0.25

-0.25

33 / 50

Investment is ?

The purchase of stocks and bonds

The purchase of capital equipment and structures

When we place our saving in the bank

The purchase of goods and services

34 / 50

Which of the following is referred by the Debt retirement ?

To repay debt in easy installments

To write-off debt

The complete repayment of debt

To reschedule debt

35 / 50

Which of the following help explain why firms pay bonuses to workers during particularly profitable years to prevent workers from becoming disgruntled ?

people are rational maximizers

People are inconsistent over time

People are reluctant to change their minds

People care about fairness

36 / 50

Carmen Reinhart and Kenneth Rogoff explain the paradox of capital flows from poor to rich countries by ?

the price role of political and credit-market risk in many LDCs

the fat that the DC capital market is perfectly competitive

the brain drains from LDCs to DCs

the law of increasing returns that implies that the marginal productivity of capital is higher in LDCs

37 / 50

According to the factor endowment model of Heckscher and Ohlin, countries heavily endowed with land will ?

Import products that are land-intensive

Devote insufficient amounts of resources to agricultural production

Export products that are land-intensive

Devote excessive amounts of resources to agricultural production

38 / 50

Women after divorce_______________?

experience a 45 percent drop in income

need not do any of the menial housework

have a more difficult psychological adjustment than men

all of the above

39 / 50

Which of the following is a response to People?s inconsistent behavior over time ?

forced contributions to a retirement plan

efficiency wages

year-end bonuses

all of these answers

40 / 50

At the intersection of AD and AS equilibrium is achieved in ?

the goods market

the money markets

all of these

the labor markets

41 / 50

The Gini coefficient is ?

a commonly used measure of the degree of inequality in an income distribution

a commonly used measure of the degree of inequity in an income distribution

the ratio of the percentage of total income received by the top 20% of families to the percentage of total income received by by the bottom 20% of families

the most common way of representing the income distribution graphically

42 / 50

Where one stands in the social hierarchy is intimately related to________________?

only B and C

how long one lives

how one performs one,s job

how much stress one experiences

43 / 50

Which of the following statement is not true about LDCs ?

Most LDCs have less than 1/10 the per capita GNP of the U.S

A greater share of GNP would have to be devoted to education to attain the same primary enrollment rates as in the U.S

Setting up western labor standard and minimum wages in labor-abundant LDCs is sensible

Most LDCs have a greater shortage of qualified teachers than the U.S does

44 / 50

If inflation is 8 percent and the real interest rate is 3 percent, then the nominal interest rate must be ?

11 percent

3/8 percent

5 percent

24 percent

45 / 50

Leontief?s result were considered paradoxical because the United Stated was believed to be ?

labor abundant relative to the rest of the world

All of the above

technologically efficient relative to the rest of the world

capital abundant relative to the rest of the world

46 / 50

Americans proclaim the need for honesty but cheat on their tax returns This situation indicates that_____________?

the overt culture is consistent

people are only human

Americans often follow a covert culture in actual behavior

there is no covert culture in the United States

47 / 50

Identify below those who are not stakeholders in a company ?

Owners

Employees

Customers

None of the above

48 / 50

Federal legislation has sometimes been prompted by_____________________?

a general lack of financial resources and professional expertise at the state level

outright opposition by state governments to federal law

all of the above

inefficiency and sluggishness of state administrations

49 / 50

In the EMU a country?s competitiveness can change because of ?

devaluation

interest rate adjustment

central bank intervention in the Forex

domestic wage and price adjustment

50 / 50

Social organization in the city brought ALL BUT which one of these changes ?

Families became nuclear

Formal agencies of control multiplied

The class structure became more rigid

Primary group ties became less important

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