Economics Quiz 61

1 / 50

If a production function exhibits constant returns to scale ?

doubling all of the inputs more than doubles output due to the catch-up effect

doubling all of the input?s doubles output

doubling all of the inputs less than doubles output due to diminishing returns

doubling all of the inputs has absolutely no impact on output because output is constant

2 / 50

Female-headed families have_______________?

increased in number since 1970

generally a lower income than two-parent families

greater emotional stress in dealing with children

all of the above

3 / 50

Of all the animal pests that attack plants. the most common and which cause the maximum damage are ?

Insects

None of these

Mice

Birds

4 / 50

If somebody is prepared to work at the going wage rate but cannot find work then they are victims of ?

classical unemployment

voluntary unemployment

Frictional unemployment

voluntary unemployment

5 / 50

Supply is likely to be more price elastic ?

If factors of production are relatively immobile between industries

If there are very few producers

In the short run rather than the long run

If it is easy to expand output

6 / 50

Which of the following country did Not suffer from increased poverty from debt and financial crises in the 1990s ?

Singapore (1994)

Russia (1998)

Mexico (1994)

Brazil (1998)

7 / 50

Conflict theorists view stratification systems as______________?

effects of the law of nature

BOTH coercive and resulting from class struggles

mechanisms of coercion

resulting from class struggles

8 / 50

Under free trade suppose that Japan can supply radios t mexico at the price of $45 Therefore, Mexico?s imports equal ?

10 radios

15 radios

zero radios

5 radios

9 / 50

A person will continue to pursue an activity up to the point where ?

marginal benefits equals marginal social cost

Marginal benefit equals marginal damage cost

marginal benefit equals marginal private cost

marginal social cost equals marginal external cost

10 / 50

The population density in Islamabad per Sq. Km is ?

630

882

780

990

11 / 50

A crisis of legitimacy indicates that_______________?

general apathy has overtaken the public

better government propaganda is in order

the public perceives that legitimate government has failed

the social order requires piecemeal reform

12 / 50

The annual growth rate of edible oil is ?

10%

15%

13 / 50

The inordinate growth of government is a side effect of________________?

the political apathy of public

the willingness of individuals to give up traditional freedoms

the increasing poverty of individual states

government intervention in the economy

14 / 50

Which situation has contributed most recent Japanese economic growth ?

Japanese industries spend very little on the research and development of new products

The Japanese government and Japanese businesses have cooperated with each other

Japanese citizens save less of their incomes than the citizens of other industrialized nation do

The Japanese government has place limits on Japanese exports

15 / 50

Starting from a position where the nation?s money demand equals the money supply and its balance of payments is in equilibrium economic theory suggests that the nation?s balance of payments would move into a surplus position if there occurred in the nation a (an) ?

decrease in the money demand

None of the above

increase in the money demand

16 / 50

The slope at any point on an indifference curve is known as ?

the marginal rate of substitution

the marginal rate of indifference

the marginal rate of trade-off.

the trade-off rates

17 / 50

Discrimination is_______________?

an action taken as a result of prejudicial feelings

racial hatred

an attitude or feeling of dislike for a certain group

belief in the superiority of one,s own group

18 / 50

The interest rate ?

is determined in the money market and has no influence on the goods market

is determined in the goods market and has no influences on the money market

is determined in the goods market and influences the level of planned investment and thus the money market

is determined in the money market and influences the level of planned investment and thus the goods market

19 / 50

The abolitionist movement sought the abolition of_______________?

slavery

alcohol consumption

compulsory education

states rights

20 / 50

The practice of requiring degrees as a minimum hiring requirement is called_______________?

academicism

syndication

elitism

credentialism

21 / 50

Adequate growth of the economy refers to the goals of__________________?

increasing GNP per capita

all of the above

maintaining current standards of living in spite of increasing population

approximately 4% growth rate per year

22 / 50

A shift in supply will have more effect on price than quantity if ?

The price elasticity of supply is ? 2

The price elasticity of supply is ? 0.2

The price elasticity of supply is ? 3

The price elasticity of supply is infinity

23 / 50

when the level of income _________ there will be a tendency for the trade balance to improve as imports?

falls, fall

increase, fall

increase, increase

falls, increase

24 / 50

When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as ?

price rationing

price fixing

Quantity setting

quantity adjustment.

25 / 50

Which city is famous for the textile mills that produce finest worsted suiting in the world ?

Karachi

Lawrencepur

Haripur

Faisalabad

26 / 50

Mention the name for that urban and rural region which is closely associated economically with an adjoining town or city. Term is also used to describe the area that is serviced by a port or coastal settlement ?

Hinterland

Parasite land

Country land

Dependent land

27 / 50

Which of the following describes an increase in technological knowledge ?

A farmer sends his child to agricultural college and the child returns to work on the farm

A farmer discovers that it is better to plant in the spring rather than in the fall

A farmer buys another tractor

A farmer hires another day laborer

28 / 50

The total demand for goods and services in an economy is known as_____________?

national demand.

gross national product.

economy-wide demand

aggregate demand

29 / 50

Government levy tax on imports and exports What this tax is called ?

Freight

Custom

Tariff

Exercise Duty

30 / 50

The mechanisms of upward mobility of minorities did NOT include?

geographic concentration

a social caste system

development of a middle class

internal economic development and specialization

31 / 50

National Saving (or just saving) is equal to ?

GDP government purchases

private saving + public saving

none of these answers

investment + consumption expenditures

32 / 50

The crude birthrate is________________?

an important demographic concept

the number of male births per 1000 people per country per year

the rate at which infants survive past their first year

the rate at which the elderly die in any given year

33 / 50

The chief reason that Congress is so ineffective is________________?

that the Constitution delegates it so little power

the development of the power of state governments

a result of the gradual emergence of the Supreme Court as a legislative body

the traditional organization of the legislative branch

34 / 50

Fiscal Policy refers to ?

The government regulation of financial intermediaries

The actions of the central bank in controlling the money supply

The spending and taxing policies used by the government to influence the economy

The government?s attitude to taxation

35 / 50

Term the rules and particles that govern the management of an organization ?

Character

By laws

Internal laws

Memorandum of articles

36 / 50

Martin Luther king,s status was based on his_____________?

wealth

property

social influence

color

37 / 50

Economic profits are ?

a rate of profit that is just sufficient to keep owners and investors satisfied

anything greater than the normal opportunity cost of investing

the difference between total revenue and total costs.

the opportunity costs of all inputs

38 / 50

Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?

shadow prices

consumer surplus

exchange rates

price distortions

39 / 50

The equilibrium price clears the market it is the price at which _________________?

Quantity demanded equal quality supplied

Buyers spend all their money

Everything is sold

C and D

40 / 50

Consumer sovereignty means that________________?

production depends on supply and demand

consumers create demand

producers supply what is demanded

all of the above

41 / 50

If marginal benefit is greater than marginal cost, a rational choice involves ?

no more of the activity.

more or less, depending on the benefits of other activities

more of the activity

less of the activity

42 / 50

G. MecDougall showed in his tests that ?

relatively higher U.S labor productivity was associated with relatively higher U.K export ratios

Labor productivity ratios and export ratios were not associated with each other

None of the above

relatively high U.K labor productivity was associated with relatively higher U.K export ratios

43 / 50

Change may be experienced on three levels__________________?

planning reform revolution

micro middle and macro

personal impersonal social

invention discovery exploration

44 / 50

Amartya K. Sen emphasizes that having enough to eat depends on ?

an egalitarian income distribution

low poverty rates

society?s high Gini concentration

society?s system of entitlement

45 / 50

Real business cycles are cycles in ?

international trade

real output

actual output

potential output

46 / 50

The price mechanism cannot ?

Act as a rationing device

Act as a incentive

shift the demand curve

Act as a signal

47 / 50

A capital account surplus might be expected to cause a current account deficit because the associated ?

capital inflow would cause the nation?s currency to depreciate contributing to a trade deficit

capital inflow would cause the nation?s currency to appreciate contributing to a trade deficit

capital outflow would cause the nation?s currency to appreciate contributing to a trade deficit

capital outflow would cause the nation?s currency to depreciate contributing to a trade deficit

48 / 50

You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?

Rs 1000

Rs 800

Rs 500

Rs 300

49 / 50

Demand pull inflation result from ?

demand for public goods is greater than demand for consumer goods

demand for government spending on public goods goes due to lack of financial backup through tax collection

a shortage of demand for goods and services in excess of supply during depression

consumer business and government demand for goods and services in excess of an economy?s capacity to produce

50 / 50

Which of the following is a valid currency______________?

Exchange rate

Bank cheque

Currency note

Promissory note

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