Economics Quiz 61

1 / 50

The interest rate ?

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

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

2 / 50

Real business cycles are cycles in ?

real output

international trade

actual output

potential output

3 / 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 adjustment.

Quantity setting

4 / 50

The annual growth rate of edible oil is ?

10%

15%

5 / 50

Change may be experienced on three levels__________________?

invention discovery exploration

personal impersonal social

micro middle and macro

planning reform revolution

6 / 50

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

society?s system of entitlement

society?s high Gini concentration

an egalitarian income distribution

low poverty rates

7 / 50

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

5 radios

15 radios

10 radios

zero radios

8 / 50

The population density in Islamabad per Sq. Km is ?

990

630

882

780

9 / 50

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

gross national product.

national demand.

economy-wide demand

aggregate demand

10 / 50

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

Russia (1998)

Singapore (1994)

Brazil (1998)

Mexico (1994)

11 / 50

National Saving (or just saving) is equal to ?

private saving + public saving

GDP government purchases

none of these answers

investment + consumption expenditures

12 / 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 1000

Rs 500

Rs 300

13 / 50

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

Mice

Insects

None of these

Birds

14 / 50

Discrimination is_______________?

an action taken as a result of prejudicial feelings

belief in the superiority of one,s own group

an attitude or feeling of dislike for a certain group

racial hatred

15 / 50

The abolitionist movement sought the abolition of_______________?

compulsory education

states rights

slavery

alcohol consumption

16 / 50

Supply is likely to be more price elastic ?

If factors of production are relatively immobile between industries

In the short run rather than the long run

If it is easy to expand output

If there are very few producers

17 / 50

Martin Luther king,s status was based on his_____________?

social influence

property

wealth

color

18 / 50

G. MecDougall showed in his tests that ?

None of the above

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

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

19 / 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 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

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

20 / 50

A crisis of legitimacy indicates that_______________?

better government propaganda is in order

the social order requires piecemeal reform

the public perceives that legitimate government has failed

general apathy has overtaken the public

21 / 50

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

price distortions

exchange rates

shadow prices

consumer surplus

22 / 50

Economic profits are ?

anything greater than the normal opportunity cost of investing

the difference between total revenue and total costs.

the opportunity costs of all inputs

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

23 / 50

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

more or less, depending on the benefits of other activities

more of the activity

less of the activity

no more of the activity.

24 / 50

Adequate growth of the economy refers to the goals of__________________?

approximately 4% growth rate per year

maintaining current standards of living in spite of increasing population

increasing GNP per capita

all of the above

25 / 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 hires another day laborer

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

A farmer buys another tractor

26 / 50

Conflict theorists view stratification systems as______________?

effects of the law of nature

resulting from class struggles

mechanisms of coercion

BOTH coercive and resulting from class struggles

27 / 50

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

the marginal rate of trade-off.

the trade-off rates

the marginal rate of substitution

the marginal rate of indifference

28 / 50

Which situation has contributed most recent Japanese economic growth ?

The Japanese government has place limits on Japanese exports

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

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

The Japanese government and Japanese businesses have cooperated with each other

29 / 50

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

falls, fall

falls, increase

increase, fall

increase, increase

30 / 50

The inordinate growth of government is a side effect of________________?

the willingness of individuals to give up traditional freedoms

government intervention in the economy

the political apathy of public

the increasing poverty of individual states

31 / 50

The price mechanism cannot ?

Act as a signal

Act as a rationing device

shift the demand curve

Act as a incentive

32 / 50

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

Faisalabad

Karachi

Haripur

Lawrencepur

33 / 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 ? 3

The price elasticity of supply is infinity

The price elasticity of supply is ? 0.2

34 / 50

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

Buyers spend all their money

C and D

Quantity demanded equal quality supplied

Everything is sold

35 / 50

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

marginal social cost equals marginal external cost

marginal benefit equals marginal private cost

Marginal benefit equals marginal damage cost

marginal benefits equals marginal social cost

36 / 50

Fiscal Policy refers to ?

The government?s attitude to taxation

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 regulation of financial intermediaries

37 / 50

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

classical unemployment

Frictional unemployment

voluntary unemployment

38 / 50

The chief reason that Congress is so ineffective is________________?

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

that the Constitution delegates it so little power

39 / 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) ?

increase in the money demand

None of the above

decrease in the money demand

increase in the money demand

40 / 50

If a production function exhibits constant returns to scale ?

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

doubling all of the input?s doubles output

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

41 / 50

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

academicism

elitism

syndication

credentialism

42 / 50

Which of the following is a valid currency______________?

Exchange rate

Bank cheque

Promissory note

Currency note

43 / 50

Demand pull inflation result from ?

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

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

demand for public goods is greater than demand for consumer goods

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

44 / 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

Dependent land

Country land

Parasite land

45 / 50

Consumer sovereignty means that________________?

all of the above

consumers create demand

production depends on supply and demand

producers supply what is demanded

46 / 50

The crude birthrate is________________?

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

an important demographic concept

47 / 50

The mechanisms of upward mobility of minorities did NOT include?

geographic concentration

development of a middle class

a social caste system

internal economic development and specialization

48 / 50

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

Tariff

Freight

Custom

Exercise Duty

49 / 50

Female-headed families have_______________?

greater emotional stress in dealing with children

generally a lower income than two-parent families

all of the above

increased in number since 1970

50 / 50

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

Memorandum of articles

Character

Internal laws

By laws

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