0% 0 Economics Quiz 58 1 / 50 Surveys of American voters reveal_______________? the majority of people and political leaders are equally committed to democratic values full support of democratic principles a general cynicism about government a general support of the government 2 / 50 The form of international price discriminations (dumping) normally associated with economic recession or excess inventories in the exporting nation is known as ? persistent dumping Predatory dumping sporadic dumping year end dumping 3 / 50 Those who argue in favor of import protection generally give the impression that such restricted trade will? provide benefits to the entire nation not yield welfare losses for the nation decrease the level of national security provide benefits to some particular industry 4 / 50 An independent assessment of the impact of firm?s activities on society is called a ? Financial audit Balance sheet Profit and loss account Social audit 5 / 50 To determine the correct level of GNP, it is necessary to ? To count all imports To add up the value of semi-finished goods To add up the values of goods and services for one year Add up all savings 6 / 50 Tariffs are used to protect infant industries these industries are those which ? are not yet large enough to achieve economies of scale are competing with well-established overseas firms use a new technology employ many young or untrained workers 7 / 50 Which province of Pakistan is the largest cotton producing province ? Punjab Baluchistan Sindh K.P.K 8 / 50 Mistreatment or abuse of children________________? is a function of social class occurs with greater frequency in extended families happens only in industrial societies occurs less frequently in extended families 9 / 50 Nicole wants to avoid buying a car that is a lemon. She takes a car she would like to buy to her mechanic before she purchases it. This is known as ? signaling screening adverse selection moral hazard 10 / 50 Which one is the single largest component of agriculture sector in the country ? fisheries forestry livestock poultry 11 / 50 According to the principle of comparative advantage ? Japan should export steel South Korea should export steel and DVDs South Korea should export steel Japan should export steel and DVDs 12 / 50 A horizontal merger is a merger of? firms at various stages in a production process. firms producing complementary products firms producing the same product firms producing unrelated products 13 / 50 For many second and third generation immigrants ethnic background is less a focus of identity than______________? race residence social class religion 14 / 50 An outward shift in the Marginal Efficiency of Capital should ? Reduce aggregate supply Decrease consumption Slow economic growth Increase aggregate demand 15 / 50 Ethnocentrism has two meanings The version which may alternatively be called ethnochauvinism refers to the conviction that__________________? the males of a given ethnic group are superior women are subordinate in every culture other cultures can be judged by the standards of one,s own one,s own culture subculture or society is best bar none 16 / 50 If GNP per capita at constant prices for Ghana is US$360 and US$364 in 1996 and 1997 respectively, The real economic growth from 1996 to 1997 is ? 4% 0.01% 11% 1.11% 17 / 50 The competitive firm maximize profit when it produces output up to the point where ? marginal revenue equals average revenue price equals average variable cost marginal cost equals marginal revenue marginal cost equals total revenue 18 / 50 Mention the term for an official act of reducing the rate in which one currency is exchanged for another in international currency markets ? Cut-rate Devaluation Devolution Price cap 19 / 50 In many societies? cannibalism is______________? a cultural complex a cultural trait a taboo mores 20 / 50 Price equals ? Total revenue ? quantity Total revenue / total cost Total quantity sold quantity sold Total revenue / quantity sold 21 / 50 What kind of individual is valued in industrial and postindustrial societies ? manual workers the poor and alienated a highly educated intellectual nonproductive citizens 22 / 50 Real business cycle theories suggest that _____ to correct departures from the desired growth path? There is a role for monetary policy There is a role for fiscal policy There is a role for supply-side policy There is a role for stabilizing output ever the business cycle 23 / 50 Public limited companies may not maximize their profits because ? both the first and third option. shareholders have little control over managers. they are afraid of encouraging takeovers. shareholders want higher dividends. 24 / 50 The Keynesian model is a good guide to ____ behavior and the classical model describes behavior in ______? short-term long run long run, short run flexible imperfect markets long run, imperfect markets 25 / 50 An increase in the demand for apples will cause all but which of the following ? an increase in the wage of apple pickers an increase in the value of the marginal product of apple pickers an increase in the price of apples a decrease in the number of apple pickers employed 26 / 50 What is the total forest are of KHYBER PAKHTUNKHWA ? 1.33 million hectares 1.21 million hectares 1.91 million hectares 2.21 million hectares 27 / 50 The scientific method contains all but one of the following techniques ? making data public scientific observation systematic collection of data selecting data to prove a point 28 / 50 The bourgeoisie refers to ? the monarchy the capitalist and middle class the aristocrats of wealthy nations the central planners of the Soviet Union 29 / 50 Dani Rodrik points out that ? employers and consumers can more readily replace domestic workers with foreign workers by investing abroad or buying imports financial liberalization in LDCs leads to collapse of the economy an economy more open to foreign trade and investment faces a more inelastic demand for unskilled workers globalization increases job insecurity 30 / 50 Suppose the economy is initially in long-run equilibrium Then suppose there is an increase in military spending due to rising international tensions According to the model of aggregate demand and aggregate supply what happens to prices and output in the short run ? Price rise; output rise Price fall; output rises Price rise; output fall Price fall; output falls 31 / 50 Which of the following products would be least capable of producing an externality ? education inoculations against disease cigarettes food 32 / 50 The history of the world according to Marx could be interpreted through ? an absence of materialism dialectic materialism a cyclical theory idealism 33 / 50 What does mean by ?Emerging Markets ? Financial markets of Asian economies Financial markets of East Europe?s economies Financial markets of developing economies Financial markets of Latin America 34 / 50 Telling a child ?You should always say thank you when someone gives you something is an example of____________? conscience socialization conscious socialization unconscious socialization subconscious socialization 35 / 50 A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work, save and invest. These economists are? Supply-side economics new classical economists. rational-expectations economists. neo-Keynesian economists 36 / 50 What is referred by the discount rate________________? State (central) Bank?s interest rate on loans to its member banks None of them Both of them Advance deduction of the interest in purchasing, selling or lending a commercial paper 37 / 50 To use up the final products of production is to_______________? consume appropriate distribute allocate 38 / 50 What was the second milk producing country ? France Russia Germany United States 39 / 50 When a oligopolist individually chooses its level of production to maximize its profits it charges a price that is ? less than the price charged by either monopoly or a competitive market more than the price charged by a monopoly and less then the price charged by a competitive market less than the price charged by a monopoly and more than the price charged by a competitive market more than the price charged by either monopoly or a competitive market 40 / 50 The form of dumping that represents the greatest potential net welfare loss the for importing national is ? persistent dumping yearend dumping sporadic dumping predatory dumping 41 / 50 Regarding capitalist industrial societies Marx asserted that______________? property is unimportant in the modern state they contained the seeds of their own destruction the means of production are controlled by the masses religion and philosophy are the foundations of society 42 / 50 If there is cyclical unemployment in the economy the government might ? Reduce government spending Cut taxes Increase interest rates Encourage savings 43 / 50 According to George Herbert Mead the self is______________? a person?s conscience the equivalent of the libido in Freuds theory the subconscious mind an individual?s self-concept or self-awareness 44 / 50 For neo-realists the international order is one of________________? total anarchy full cooperation quasi-anarchy centralized power 45 / 50 Real business cycle theory suggests that ____ not important in explaining short-term fluctuations around actual output ? aggregate supply is potential output is aggregate demand is real variables are 46 / 50 To be considered a a good candidate for an export cartel, a commodity should ? have high price elasticity of supply be a primary product be a manufactured goods have a low price elasticity of demand 47 / 50 How is termed a written promise to pay back a specified sum of money at a stated time or on demand ? Promissory Note (PN) Both of them Note of hand None of them 48 / 50 The ______ is the ratio of the non-working population (under 15-year-old and over 64 years old) to the working-age population ? per capita population ratio dependency ratio labor force participation rate None of these 49 / 50 Which of the following is not one of the four Ps in marketing ? Place Presence Price Product 50 / 50 The Keynesian revolution acknowledged_________________ ? the need for the intervention of the owners of the means of production that the market was inherently unstable that the masses were being exploited that industrial workers were becoming the new bourgeoisie 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 57 Economics Quiz 59Next
