Economics Quiz 61

1 / 50

Which situation has contributed most recent Japanese economic growth ?

The Japanese government and Japanese businesses have cooperated with each other

The Japanese government has place limits on Japanese exports

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

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

2 / 50

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

Memorandum of articles

Internal laws

By laws

Character

3 / 50

Conflict theorists view stratification systems as______________?

mechanisms of coercion

effects of the law of nature

BOTH coercive and resulting from class struggles

resulting from class struggles

4 / 50

Martin Luther king,s status was based on his_____________?

color

social influence

property

wealth

5 / 50

Economic profits are ?

the opportunity costs of all inputs

anything greater than the normal opportunity cost of investing

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

the difference between total revenue and total costs.

6 / 50

The annual growth rate of edible oil is ?

15%

10%

7 / 50

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

price distortions

shadow prices

consumer surplus

exchange rates

8 / 50

Adequate growth of the economy refers to the goals of__________________?

maintaining current standards of living in spite of increasing population

approximately 4% growth rate per year

increasing GNP per capita

all of the above

9 / 50

The abolitionist movement sought the abolition of_______________?

states rights

compulsory education

alcohol consumption

slavery

10 / 50

Consumer sovereignty means that________________?

all of the above

production depends on supply and demand

producers supply what is demanded

consumers create demand

11 / 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 infinity

The price elasticity of supply is ? 0.2

The price elasticity of supply is ? 3

12 / 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

13 / 50

The chief reason that Congress is so ineffective is________________?

the development of the power of state governments

that the Constitution delegates it so little power

the traditional organization of the legislative branch

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

14 / 50

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

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

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

15 / 50

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

Tariff

Exercise Duty

Freight

Custom

16 / 50

The crude birthrate is________________?

an important demographic concept

the rate at which the elderly die in any given year

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

the rate at which infants survive past their first year

17 / 50

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

more of the activity

less of the activity

more or less, depending on the benefits of other activities

no more of the activity.

18 / 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 inputs has absolutely no impact on output because output is constant

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

doubling all of the input?s doubles output

19 / 50

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

Everything is sold

C and D

Quantity demanded equal quality supplied

Buyers spend all their money

20 / 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) ?

None of the above

decrease in the money demand

increase in the money demand

21 / 50

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

Faisalabad

Karachi

Lawrencepur

Haripur

22 / 50

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

None of these

Mice

Insects

Birds

23 / 50

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

voluntary unemployment

Frictional unemployment

classical unemployment

24 / 50

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

marginal social cost equals marginal external cost

marginal benefits equals marginal social cost

marginal benefit equals marginal private cost

Marginal benefit equals marginal damage cost

25 / 50

Demand pull inflation result from ?

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

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

demand for public goods is greater than demand for consumer goods

26 / 50

Fiscal Policy refers to ?

The government?s attitude to taxation

The actions of the central bank in controlling the money supply

The government regulation of financial intermediaries

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

27 / 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

28 / 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 800

Rs 500

Rs 1000

Rs 300

29 / 50

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

increase, increase

increase, fall

falls, fall

falls, increase

30 / 50

The population density in Islamabad per Sq. Km is ?

630

780

882

990

31 / 50

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

15 radios

zero radios

10 radios

5 radios

32 / 50

A crisis of legitimacy indicates that_______________?

the public perceives that legitimate government has failed

general apathy has overtaken the public

the social order requires piecemeal reform

better government propaganda is in order

33 / 50

The inordinate growth of government is a side effect of________________?

the increasing poverty of individual states

the willingness of individuals to give up traditional freedoms

the political apathy of public

government intervention in the economy

34 / 50

Which of the following describes an increase in technological knowledge ?

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

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

A farmer buys another tractor

A farmer hires another day laborer

35 / 50

The interest rate ?

is determined in the money market and influences the level of planned investment and thus 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 has no influence on the goods market

36 / 50

G. MecDougall showed in his tests that ?

None of the above

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

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

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

37 / 50

Discrimination is_______________?

racial hatred

an attitude or feeling of dislike for a certain group

belief in the superiority of one,s own group

an action taken as a result of prejudicial feelings

38 / 50

Female-headed families have_______________?

generally a lower income than two-parent families

greater emotional stress in dealing with children

increased in number since 1970

all of the above

39 / 50

The price mechanism cannot ?

Act as a signal

shift the demand curve

Act as a incentive

Act as a rationing device

40 / 50

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

elitism

academicism

credentialism

syndication

41 / 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 ?

Country land

Hinterland

Dependent land

Parasite land

42 / 50

Change may be experienced on three levels__________________?

personal impersonal social

planning reform revolution

micro middle and macro

invention discovery exploration

43 / 50

Real business cycles are cycles in ?

international trade

potential output

actual output

real output

44 / 50

Which of the following is a valid currency______________?

Bank cheque

Exchange rate

Promissory note

Currency note

45 / 50

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

gross national product.

economy-wide demand

national demand.

aggregate demand

46 / 50

National Saving (or just saving) is equal to ?

GDP government purchases

none of these answers

investment + consumption expenditures

private saving + public saving

47 / 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 ?

Quantity setting

price rationing

quantity adjustment.

price fixing

48 / 50

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

Singapore (1994)

Brazil (1998)

Mexico (1994)

Russia (1998)

49 / 50

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

society?s system of entitlement

an egalitarian income distribution

society?s high Gini concentration

low poverty rates

50 / 50

Supply is likely to be more price elastic ?

In the short run rather than the long run

If there are very few producers

If it is easy to expand output

If factors of production are relatively immobile between industries

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