Economics Quiz 62

1 / 50

People often accept social control based on________________?

harsh rules

violence

positive sanctions

negative sanctions

2 / 50

Master status refers to________________?

a dominant position in a relationship

the position from which all other positions are derived

the attainment of recognized excellence

the most widely recognized among several positions

3 / 50

Suppose that the domestic government allows a specific number of goods to be imported each year, but it does not specify from where the product is shipped or who is permitted to import Such a trade barrier is known as ?

a tariff rate quota

a global quota

an import tariffs

a selective quota

4 / 50

The opportunity cost of a good is______________?

the quantity of other goods sacrificed to get another unit of that good

the expenditure on the good

the loss of interest in using savings

the time lost in finding it

5 / 50

The Ultimate effect of the invisible hand of Adam Smith is that in a competitive economy everyone ?

should act to maximize economic growth

benefits if each acts in his/her own interest

should act to promote the public interest

will increase their profits in a free market

6 / 50

The American Marketing Association suggests a list of code of ethics All of the following are ethics suggested in the area of distribution EXCEPT ?

using gray marketers whenever possible to save the consumer money

not manipulating the availability of a product for purpose of explotation

not exerting undue influence over the reseller?s choice to handle a product

not using coercion in the marketing channel

7 / 50

Which of the following is not a characteristic of a competitive market ?

The are many buyers and sellers in the market

Firms generate small but positive economic profits in the long run

All of these answers are characteristic of a competitive market

The goods offered for sale are largely the same.

8 / 50

Economics deals with_______________?

distribution of goods and services

consumption of goods and services

all of the above

production of goods and services

9 / 50

Agriculture contributes about ________ to the GDP?

35%

15%

55%

25%

10 / 50

Restriction on import or export of specified or all goods with a foreign nation by the Government is called ?

Contraband

Ban

Embargo

Restriction

11 / 50

Environmental pollution is the result of_________________?

unknown bacteria and viruses

human actions that have harmful consequences

dysfunctions in the earth,s atmosphere

ignorance on the part of the underdeveloped nations

12 / 50

Fiscal policy is weak under floating exchanges rates as fiscal expansion ?

crowds out public consumption

reduces the budget deficit

crowds out exports

crowds out imports

13 / 50

Pivotal institutions_________________?

differ in traits and culture complexes from society to society

arise from fundamental human needs

all of the above

include government the economy education the family and religion

14 / 50

During the year 1999-2000 how much timber was contributed by the forest sector ?

543 thousand cubic meters

243 thousand cubic meters

425 thousand cubic meters

343 thousand cubic meters

15 / 50

An example of an indirect tax is ?

income tax

VAT

a tax on profits

inheritance tax

16 / 50

Takatoshi Ito (1992) contends that parliamentary governments manipulate the timing of _____ while presidential governments manipulate the timing of _____?

elections; economics policies

economic policies; political policies

tax collection, tax implementation

monetary policy, fiscal policy

17 / 50

Credentialism opens jobs _______________?

to members of skilled professions

but has no bearing on the job market

to all people

to members of academia

18 / 50

Ethical neutrality is the opposite of_________________?

participant observation

generalization

objectivity

judgmental social science

19 / 50

The period of high inflation and low economic growth is termed as ?

Stagnation

Stagflation

None of these

Take-off stage in economy

20 / 50

Longevity is proxy for ________ in the Human Development Index?

infant mortality

health and nutrition

Purchasing Power Parity

living standard

21 / 50

All of the following are methods by which a company can divide up its sales responsibilities EXCEPT ?

territorial sales force structure

pychographic trait sales force structure

product sales force structure

customer sales force structure

22 / 50

What is the total landmass of the country ?

87.98 million hectares

98.87 million hectares

78.98 million hectares

89.98 million hectares

23 / 50

Demography is a scientific study of human population with respect to ?

Size of population

size, structure, and composition of population

composition of population

structure of population

24 / 50

Term the group of countries that have removed all restrictions on trade among themselves?

None of them

Free-trade zone

Both of them

Close-Trade zone

25 / 50

What is comprised by public sector ?

Nationalized industries

Central and local government.

All of them

Public corporations

26 / 50

Which measures. taken by a government would be intended to raise the price of imports ?

Tariffs

Foreign exchange controls

Embargoes

Quotas

27 / 50

A formal structure of an organizations is its_______________?

bylaws and body of officers

full-time employees

leadership structure

appearance to its general public

28 / 50

Which one of the following is a normative statement ?

Inflation is rising

The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent

Inequality in the distribution of income is a more serious problem than unemployment

The proportion of people?s income paid in taxes is higher under this government than under the previous one.

29 / 50

Which term is used for a country?s holdings of intentionally acceptable means of payment ?

Foreign currency

Holdings

Treasure

Reserves

30 / 50

The terms of trade is given by the prices ?

Of primary products as opposed to manufactured products

Paid for all goods exported by the home country

Received for exports and paid for imports

Received for all goods exported by the home country

31 / 50

If the price elasticity of demand is unit then a fall in price ?

Reduces costs

Leaves revenue unchanged

Increase revenue

Reduces revenue

32 / 50

The American democratic system is based on________________?

all of the above

the dignity of the individual

protection of minority rights

representation of the majority

33 / 50

Government Securities with terms of more than one year are called ?

government bonds

Treasury bills

Capital bills

bills of exchanges

34 / 50

Public opinion is associated with_______________?

mass society

emergent norms

face-to-face-communication

primary groups

35 / 50

3M runs a Pollution a Prevention Pays program that has led to a substantial reduction in pollution and costs this would be an example of responding and costs. This would be an example of responding to which of the following ?

International competition

The green movement

Governmental regulation

Nader?s raiders

36 / 50

According to the U.S Census Bureau a CMSA is defined as__________________?

a relatively large dense permanent settlement of heterogeneous individuals

any locality with a population of one million people or more

an ecological system

any locality with a downtown and suburbs

37 / 50

What does one call property owned by the state in the name of the people ?

public

common law

communal

private

38 / 50

The current account includes ?

services

unilateral transfers

the value of trade in merchandise

All of the above

39 / 50

Thomas Malthus sated that________________?

populations increase in geometric progression

fodd increases in a geometric progression

population grow in arithmetic progression

population growth is a matter of algebra not geometry or arithmetic

40 / 50

Find out the term for the purpose that a buyer must pay for the goods at the time of its delivery ?

Cash on Delivery

payment on Delivery

Barter

Gives in take

41 / 50

The implementation lag for monetary policy is generally ?

much shorter than it is for fiscal policy

the same as it is for fiscal policy

mush longer than it is for fiscal policy

unrelated to central bank action

42 / 50

_____ 1954 study of U.S trade patterns showed that U.S exports were labor-intensive compared with U.S imports, even though the United States was widely regarded as a relatively capital-abundant nation ?

Wolfgang Stolpher?s

Paul Samuelson?s

Wassily Leontief?s

Staffan Linder?s

43 / 50

A current account deficit means that a country may ?

increases its foreign currency reserves

increases its savings

reduce its stock of foreign assets

increase its stock of foreign assets

44 / 50

In the early eighties, the Federal Reserve pursed a tight monetary policy. All else being equal. the impact of that policy was to interest rates in the United States relative to those in Europe and cause the dollar to _______ against European currencies?

increase; appreciate

decrease; depreciate

decrease; appreciate

increase; depreciate

45 / 50

A society based on close personal ties is a_____________?

Gesellschaft

Mineshaft

Gemeinschaft

family

46 / 50

Sales staff are keen to sell extended warranties because ?

extended warranties offer value for money.

They are concerned about customer satisfaction.

the cost of repair will usually exceed the cost of the warranty

they are paid commission on each extended warranty they sell.

47 / 50

Dynamic comparative advantage theory ?

helps explain why some nations use industrial policy to support potentially competitive new firms

None of the above

cannot explain strategic competition between firms such as Boeing and Airbus

Is another name for Ricardo?s comparative advantage theory?

48 / 50

Each point on the LM curve represents the equilibrium point in the ?

goods market for the given level of government spending

money market for the given level of the money supply

money market for different combinations of interest rates and output

goods market for the given interest rate

49 / 50

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

decrease in the money demand

decrease in the money supply

None of the above

increase in the money supply

50 / 50

The purchasing power parity theory has limitations in forecasting exchange rate fluctuations for all of the following reasons except ?

governments sometimes impose trade restrictions such as tariffs and quotas

international capital flows affect exchange rates

inflation effects exchange rates

not all products are internationally tradeable

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