0% 0 Economics Quiz 64 1 / 50 Open market Operation is ? Buying and Selling govt. securities Buying and selling bills of exchange Buying and selling foreign exchanges Buying and selling shares of companies 2 / 50 The interest rate is determined in ? the goods market the money markets the money and labor markets the goods and labor markets 3 / 50 Power may be asserted by_________________? promising a reward in return for compliance reciprocating coercion reciprocation or reward coercion 4 / 50 In order to practice price discrimination which of the following is needed ? all of the above an ability to separate the market an ability to prevent reselling some degree of monopoly power 5 / 50 The loss of entire categories of jobs without the creation of new occupations would be_______________? structural mobility of a negative sort status ambiguity horizontal mobility intragenerational mobility 6 / 50 Interest groups have the following traits They_______________? have the goal of complete control of the government present official candidates to the electorate put their names on ballots are only accountable to themselves 7 / 50 Thomas Malthus argued that ? labor is the only true factor of production none of these answers technological progress will continuously generate improvement in productivity and living standards. an ever-increasing population is constrained only by the food supply resulting in chronic faminies 8 / 50 Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The accounting profit at Naila?s pottery factory is ? Rs30,000 Rs75,000 Rs35,000 Rs70,000 9 / 50 The microelements of societies are made up of_____________? problems of cement roads diseases that harm societies processes of social interaction none of the above 10 / 50 Ideology________________? underlie all social movements explains why things are as they are all of the above underlie all governments 11 / 50 In the economy when a steel producer sells steel to car producer it is regarded as ? a leakage an intermediate good a final good an injection 12 / 50 Which one of the following is not true ? The difference between the price at which commercial bank sells an asset to the central bank and the price it agrees to buy it back can be expressed as an annualized percentage of the selling price and this is called the refinancing rate If the central bank has bought some assets from a commercial bank with an agreement that the commercial bank will buy them back at a later date, then this would be called a repo In the UK the refinancing rate is known as the repo rate and in the USA it is referred to as the discount rate. Commercial banks may borrow from and lend to each other and the interest rate at which they do this is called the refinancing rate 13 / 50 Which is false of the process of diffusion ? It tends to be reciprocal Only some elements of a culture are accepted by other cultures Borrowing cultures modify the traits they accept A complex culture borrows more elements from a simple culture than the other way around 14 / 50 The Industrial Revolution began with_________________? the overthrow of the British the invention of a few basic machines the proletariat in Russia the founding of Sony in Japan 15 / 50 The major segment of ?Saraiki? speaking population lives in ? Punjab Sindh K.P.K Azad Kashmir 16 / 50 The balance of trade is a record of ? exports and imports of financial assets the value of merchandise exports minus imports the current account plus capital account the net export of goods and services 17 / 50 The divorce of owner ship and control causes a problem usually referred to by economists as ? profit myopia merger mania. principal-agent problem. moral hazard 18 / 50 In the United States a sense of national identity ? was first based on a common ethnicity and language was later reinforced by the notion of ?specialness? never developed only B and C 19 / 50 What was the top mild producing country ? United States Russia France Germany 20 / 50 World overpopulation could be prevented by_________________? a return to preindustrial medicine zero population growth worldwide natural change the elimination of the demographic transition 21 / 50 The foreign alliances the U.s has entered into have resulted in__________________? assurance that allies will back up U.S help in the Middle East the need to build up the U.S military apparatus very dependable allies 22 / 50 A public good is ? neither rival nor excludable not rival but excludable rival but not excludable. both rival but excludable 23 / 50 Professionalization means________________? everyone is called by a title having theoretical knowledge in addition to training the same as unemployment there is a decrease in polarization 24 / 50 The government can curb excessive aggregate demand(inflation)by_________________? decreasing taxes on consumers none of the above decreasing taxes on firms increasing spending 25 / 50 The underground economy consists of ? part of the rail network legal transactions not declared for tax and illegal activities the water distribution system legal transactions 26 / 50 Theory of comparative advantages was presented by ? Hicks Ricardo Barron Adam Smith 27 / 50 A persons family in addition to being a primary group is also a______________? Gesellschaft voluntary group reference group membership 28 / 50 In the long run, the competitive firm?s supply curve is the ? upward-sloping portion of the average variable cost curve portion of the marginal cost curve that lies above the average total cost curve upward-sloping portion of the average total cost curve entire marginal cost curve 29 / 50 Pakistan?s Gross Domestic Product (in contrast to Gross National Product) measures the production and income of ? Pakistan -owned firms no matter where they are located in the world The domestic service sector only The domestic manufacturing sector only People and factories located within the borders of the Pakistan 30 / 50 In the long-run some firms will exit the market if the price of the good offered for sale is less than ? average revenue marginal revenue marginal cost average total cost 31 / 50 If a marginal revenue exceeds marginal cost, a monopolists should? increase should decrease output keep output the same because profits are maximized when marginal revenue exceeds marginal cost raise the price 32 / 50 How much of the total export earning is through agriculture ? 45% 55% 75% 65% 33 / 50 If a broad spectrum of the population is surveyed at a given time the study is called______________? inferential cross sectional descriptive longitudinal 34 / 50 What effect is working when the price of a good falls and consumers tend to buy it instead of other goods ? The diminishing marginal utility effect. The ceteris paribus effect The income effect The substitution effect 35 / 50 In the country X it is now becoming possible to buy electricity from a gas company and gas from an electricity company. This is called ? making markets contestable deregulation cross-subsidization. natural monopoly. 36 / 50 Most mixed or capitalist developing countries are limited to an indicative plan, which indicates expectations, aspirations, and intentions ? of the central bank of implementation through foreign aid with immediate implementation but falls short of authorization 37 / 50 When banks prepare their balance sheets. They show the money lent in ? None Both assets and liabilities Assets Liability 38 / 50 Pakistan is the _____largest Onion Producer country in the world ? Eight Fifth Sixth Fourth 39 / 50 The normal rate of profit for relatively risk-free firms will be _________ the interest rate on risk-free government bonds? approximately equal to larger than approximately one-half smaller than 40 / 50 Annual growth rate of agriculture for the year 2010-11 was ? 2.50% 5% 4.50% 3.50% 41 / 50 Mercantilism ? Was praised by Adam Smith in the Wealth of Nations Both (a) and (c) Is the philosophy of free international trade? Was a system of export promotion and barriers to imports practiced by governments? 42 / 50 Besides tobacco, tea and cotton, which is the agricultural produce of China ? Rice Millets Maize Soybean 43 / 50 If the demand for money depends on the interest rate the velocity of circulation is ? constant and the quantity theory of money does hold. constant and the quantity theory of money does not hold. not constant and the quantity theory of money does hold. not constant and the quantity theory of money does not hold. 44 / 50 Real GNP is a crude measure of national welfare because it excludes ? investment exports work in the home consumption 45 / 50 If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ? perfectly elastic upward sloping perfectly inelastic downward sloping 46 / 50 The most important source of wage differentials are ? unionization relative danger regional variation skills 47 / 50 If the home country government grants a subsidy on a domestically produced good domestic producers tend to ? Capture the entire subsidy in the form of higher profits reduce wages paid to domestic workers Increase their level of production consider the subsidy as a increase in production cost 48 / 50 The oldest form of power rests on_______________? charismatic authority the authority of force rational-legal authority traditional authority 49 / 50 Refer to Exhibit 4, Suppose that the consumer must choose between buying socks and belts Also suppose that the consumer?s income is ?100 Suppose that the price of a pair of socks falls from ?5 to ?2 The income effect is represented by the movement from point ? X to point Y X to point Z Y to point X Z to point X 50 / 50 When aggregate supply exceeds aggregate demand ? Unemployment exists People save more than they intended to save Business inventory accumulate Price of consumer goods rise 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 63 Economics Quiz 65Next
