0% 0 Economics Quiz 59 1 / 50 When the financial system lacks the capability of making judgement about investment opportunities due to asymmetric information leading to potentially bad credit risks lending is subject to ? moral hazard hyperinflation social goods adverse selection 2 / 50 Violation of a folkway is considered ? a legally punishable offense an incident of no consequence whatsoever a slight to one,s group but not a punishable offense a violation striking to the very heart of society 3 / 50 Objectivity means ? repeating observations eliminating bias precision taking nothing for granted 4 / 50 Most American cities have_________________? large shopping malls a reduced tax base continual building of new industries many high income taxpayers 5 / 50 In determining salesforce size, when a company groups accounts into different size classes and then determines the number of salespeople needed to call on them the desired number of times it is called the ? work-load appraoch product-need appraoch Key-size approach call-service appraoch 6 / 50 An advocate of the classical model of the economy would claim that unemployment is created when the ____ is above its equilibrium level in the ______? tax rate, government budget interest rate, market for loanable funds wage rate, labor market price level, aggregate economy 7 / 50 Before ecological problems can be resolved what will probably need to happen ? Acid rain will have to destroy our crops It will have to become politicized The smog will have to increase Cultural values will have to change 8 / 50 Craft unions differed from industrial unions in that they______________? Welcomed minorities Were horizontally organized All of the above Were socialist 9 / 50 Which of the following is NOT true of minority groups ? They are not aware of their minority status They are aware of a common group identity They are subject to differential treatment They are recognizable by their visible ascribed traits or cultural customs 10 / 50 The term ?constitutional? is reserved to describe________________? a government that is no subject to restraints on political power an agreement or treaty in written form a government that operates in accordance with general rules and limitations a government that acts arbitrarily 11 / 50 Environmental depletion is the term used to mean that________________? natural resources can be substituted with artificial ones natural resources are decreasing as demand for them increase natural resources are increasing in proportion to an increased demand for them humans are capable to adapt to other resources when the old ones disappear 12 / 50 Advocates of the elitist approach believe that the ruling elite maintains its power by____________? explaining the truth to the people none of the above manipulation of the masses physical force 13 / 50 Which company holds the world record for having the maximum number of shareholders ? British Gas State Bank Reliance Industries Ltd. General Motors 14 / 50 Suppose two economists are arguing about policies that deal with unemployment. One economist says. The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars the other economist responds Nonsense and poppycock! If the government spent an additional 50 billion dollars it would reduce unemployment by only one tenth of one percent. and that effect would only be temporary! These economists ? None of these answers disagree because they have different values Disagree because they have different scientific judgments really don?t disagree at all. It just appears that they disagree 15 / 50 Country B has an absolute advantage in ? Product Y Both X and Y Product X Neither X nor Y 16 / 50 in general a flatter demand curve is more likely to be ? price inelastic unit price elastic price elastic none of these answers 17 / 50 Barriers to entry do not include ? Mobility of resources High investment costs Internal economies of scale Patents 18 / 50 A attempts to limit outsourcing of jobs to foreigners by requiring that a minimum percentage of a product?s value must be produced domestically if that good is to be sold in the domestic market ? domestic subsidy tariff-rate quota voluntary restraint agreement domestic content requirement 19 / 50 Cash crops cover nearly _______ of the cropped areas? 35% 55% 25% 15% 20 / 50 Which of the following is not a supply side measure ? Providing more information Increasing spending on existing industries Increased training Helping individuals to move location to find work 21 / 50 ________ is the process of evaluating each market segment?s attractiveness and selecting one or more segments to enter? Market targeting Mass marketing Market positioning Market segmentation 22 / 50 Which of the following countries is known as sugar bowl ? Cuba China Argentina USA 23 / 50 Black volcanic soil and tropical climate is most suitable without excess rainfall for which crop ? Tobacco None of these Jute Cotton 24 / 50 Referring to the above table, the U.S balance of international indebtedness suggests that the U.S is a net ? creditor spender exporter debtor 25 / 50 Reaganomics was a radical shift in Policy aimed at direct tackling ? the supply side of the economy The underground economy The charities economy The demand side of the country 26 / 50 Productivity can be increased by ? restricting trade with foreign countries. raising minimum wages. improving the education of workers raising union wages. 27 / 50 In Africa many children are_________________? symbols of disgrace detested by non-Catholics social security for the future of the parents sings of a good harvest 28 / 50 To adjust from Gross National Product to Net National Product ? Deduct indirect taxes Deduct subsidies Add inflation Deduct depreciation 29 / 50 Which country has the largest area in the world ? Russia Canada India China 30 / 50 The external benefits of using cars are ____ and the external costs are _____? low; high high; low high; high low; low 31 / 50 According to the price/quality strategy matrix when a company overprices its product in relation to its quality it is considered to be using which type of strategy ? Good-value strategy Premium strategy Overcharging strategy Snob strategy 32 / 50 A movement along the demand curve to the left may be caused by ? a decrease in supply. a rise in income a rise in the price of inputs a fall in the number of substitute goods 33 / 50 The Heckscher-Ohlin theorem states that a country will have comparative advantage in the good whose production in relatively intensive in the with which the country is relatively abundant ? factor/resource technology opportunity cost tastes 34 / 50 Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate? All there are equally likely to find it difficult to get a job A manual worker with fifteen years of work experience A professional worker with university degree. a teenage worker with few qualifications. 35 / 50 Central bank?s rate of lending to commercial banks is called ? Interest rate Discount rate Money rate Control rate 36 / 50 The appropriate tax rate to consider judging the vertical equity of a tax system is the ? marginal tax rate proportional tax rate average tax rate horizontal tax rate 37 / 50 The quantity demanded of Pepsi has decreased. The best explanation for this is that ? Pepsi?s advertising is not as effective as in the past . The price of Coca Cola has increased, Pepsi consumers had an increase in income. The price of Pepsi increased 38 / 50 An ecological city is___________________? one containing a clean water supply for the area the central city suburbs and satellites one with a recycling enter where urban planning originates 39 / 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 long run ? Output falls; prices are unchanged from the initial value Output and the price level are unchanged from their initial values Prices rise; output is unchanged from its initial value Price fall; output is unchanged from its initial value 40 / 50 Which state is in the US produces the most blueberries ? Alabama New Jersey Texas New York 41 / 50 Malthus suggested the following as means of birth control________________? late marriage all of the above celibacy abstinence 42 / 50 Our standards of living is most closely related to ? our supply of natural resources because they limit production our productivity because our income is equal to what we produce how hard we work: our supply of capital because everything of value is produced by machinery 43 / 50 Firms undertake multinational operations in order to ? manufacture in nations they have difficult exporting to obtain necessary factor inputs All of the above hire low-income workers 44 / 50 P2P is business slang. What does it refer ? Both of them Path to profitability To startups or internet startup None of them 45 / 50 In 1990, during the Persian Gulf War, the U.S government extended generous terms to two middle-income countries by canceling or reducing their debt The two countries were ? Pakistan and Afghanistan Saudi Arabia and Jordan Iraq and Iran Egypt and Poland 46 / 50 Of the World?s population what portion lives in developing countries ? nearly 10 billion people nearly 1 billion people approximately 35% approximately 80% 47 / 50 The social sciences lack ? theories generalization scientific laws concepts 48 / 50 The theory that states that a country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product is the? Ricardo Malthus theorem Friedman Samuelson theorem Heckscher Ohlin theorem Lucas-Laffer theorem 49 / 50 Which exchange rate mechanism in intended to insulate the balance of payments from short-term capital movements while providing exchange rate stability for commercial transactions ? dual exchange rates crawling pegged exchange rates managed floating exchange rates adjustable pegged exchange rates 50 / 50 The total multiplier for the economy will reflect ? MPT and MPZ MPC and MPZ MPC and MPT MPC, MPT and MPZ 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 58 Economics Quiz 60Next
