Economics Quiz 65

1 / 50

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

Doha Round of 2003-2007

Kennedy Round of 1964-1967

Tokyo Round of 1973-1979

Uruguay Round of 1986-1993

2 / 50

In stratified societies categories of people are ranked by______________?

wealth

power

prestige

all of these

3 / 50

An increase in productivity should ?

Lead to an expansion of supply

Lead to a contraction of supply

Lead to a shift in supply outwards (i.e more supplied at each and every price)

Lead to a higher equilibrium and lower equilibrium quantity

4 / 50

Which of the following countries lead in the production of Mica in the world ?

India

China

USA

Japan

5 / 50

The Industrial Revolution______________?

began in England in the 1800s

is already finished

caused few sociocultural changes

none of the above

6 / 50

A congested toll road is ?

a common resource

a private good

a public good

a good produced by a natural monopoly

7 / 50

Loas Ginger is otherwise known as_______________?

Glalangal

Ghalingale

Ghialiangale

Galangal

8 / 50

The study of human group behavior is the definition of________________?

none of the above

geology

psychology

sociology

9 / 50

Concerning a government?s trade policy, all the following generally apply except ?

economic downturn and recession generally result in greater protectionism

When domestic exporting companies are organized, policy tends to favor freer trade

Policy tends to favor freer trade in countries whose imports are inputs into critical industries

because domestic consumers outnumber domestic producer?s policy markers usually enact Free-trade policies to satisfy the consumer majority:

10 / 50

Unemployment benefits may increase the unemployment rate because unemployment benefits ?

enable people to quit searching for work

reduce the cost of job search

reduce the benefits of additional job searching

encourage people to quit their jobs

11 / 50

NAFTA binds which three countries into a single commercial entity ?

United States Canada Puerto Rico

Mexico Panama Costa Rica

United States Cuba Mexico

United States Canada Mexico

12 / 50

USA is the chief exporter of_________________?

None of these

Iron Ore

Wheat

Both of these

13 / 50

Many U.S firms have sought relief from foreign competition by demanding protectionism policies by the U.S government. A better way for companies to compete is to expand into foreign markets and ?

lower prices

join into cartels at home

increase promotion both at home and abroad

continuously improve their products at home

14 / 50

Mention the theory of inflation or price increase that results from so-called excess demand ?

Cost-push inflation

Demand curve theory

Demand push inflation

Demand-pull inflation

15 / 50

According to Schumpeter ?

Monopolies are productively efficient

Monopolies are alocatively efficient

Monopoly profits ac as an incentive for innovation

Monopolies are inefficient

16 / 50

During the 1980s and 1990s a period of economic conservative governments in much of West and Japan, a leading approach among development economists was ?

classical appraoch

Marxism

neoclassicism

Rostow?s model

17 / 50

G. MacDougal compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the:

Linder theory of overlapping demand all of the above

None of these

Ricardian theory of comparative

Heckscher Ohl in theory of comparative advantage

18 / 50

Amount of money needed to purchase the goods and services required to maintain a certain standard of living called ?

None of the above

Basic requirement

Cost of life

Cost of living

19 / 50

In 2003, the UN Development Program estimated that a 1-percent LDC per capita consumption growth, with income inequality unchanging, would reduce the poverty percentage by _________ percent yearly?

0.5

20 / 50

Name a default on debt and obligations by a major financial institution that disrupts the stability of the economic system ?

Debt bomb

Bad debt

None of them

Debt blast

21 / 50

People manipulate the social world which helps them to______________?

regulate the environment

take over the environment

adapt to the environment

change the nature of the physical environment

22 / 50

The AD schedule indicates that _______ inflation is associated with ________ output?

lower, lower

zero, zero

higher, higher

higher, lower

23 / 50

Crimes that are tolerated more than others because they seldom include violence include_______________?

price fixing

all but B

data rape

24 / 50

The Untied States Constitution provides for the________________?

doctrine of executive privilege

concept of polis

principle of federalism

doctrine of elitist pluralism

25 / 50

Which one is the dominant source of foreign exchange earning ?

Agriculture

Foreign remittance

Manufacturing

Textile

26 / 50

________ is screening new product ideas in order to spot good ideas and drop poor ones as soon as possible?

Idea generation

Idea screening

Brainstorming

Concept development and testing

27 / 50

Taxes may be considered_____________?

additions to the circular flow

withdrawals from the economic flow

injections into the economic flow

as not affecting the economic flow

28 / 50

Higher export demand __________ output and a higher MPZ __________ output?

reduces, reduces

increase, reduces

reduces, increase

increases, increases

29 / 50

Suppose an oligopolist individually maximizes its profits. When calculating profits, if the output effect exceeds the price effect on the marginal unit of production, then the oligopolist ?

Should produce more units

has maximized profits.

Should produce fewer units

is in a Nash equilibrium

30 / 50

What is the share of K.P.K in the total population of Pakistan ?

15.50%

14.80%

13.40%

12.70%

31 / 50

Central banks prefer to fix the ____ and accept the resulting _____?

interest rate equilibrium money supply

interest rate, demand for money

demand for money equilibrium money supply

demand for money, interest rate

32 / 50

What was the second sheep producing country ?

India

China

Australia

United kingdom

33 / 50

The production of wheat in 2001-2 dropped by 2.9 percent. What was the size of wheat crop this year ?

16475 thousand tones

13475 thousand tones

19475 thousand tones

18475 thousand tones

34 / 50

The overall poverty rate is highest among______________?

children under 6

black males

the elderly

women

35 / 50

Resources are defined as______________?

everything needed for the production of goods and services including human energy

none of the above

everything found in the ground

everything that is made by people

36 / 50

Equilibrium in the circular flow of income occurs when ?

There is a Bank Holiday

Injections = withdrawals

Injections withdrawals

None of these

37 / 50

What country had the second largest area of forest ?

Brazil

Canada

Russia

United States

38 / 50

According to Weber?s thesis ?

Protestants failed to restrict extravagance and conspicuous consumption

capitalism was most advanced in Protestant countries

Protestants disapproved of accumulating wealth

Roman Catholicism expressed its asceticism in a secular vocation

39 / 50

What is mortgage______________?

Guarantee for debt

Conveyance of property as security for debt

Conveyance of company security for debt

Assurance of debt repayment

40 / 50

If we consider the impact on both consumers and producers, then protection of the steel industry is ?

Not in the interest of the U.S as a whole, nor in the interest of the state of Pennsylvania

In the interest of the U.S as a whole and in the interest of the state of Pennsylvania

Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania

In the interest of the U.S as a whole but not in the interest of the state of Pennsylvania where steel mills are located

41 / 50

The difference between gross investment and net investment is ?

dwellings

productive investment

inventories

depreciation of the existing capital stock

42 / 50

All of the following are debit items in the balance of payments except ?

capital outflows

private gifts to foreigners

foreign aid granted to other nations

merchandise exports

43 / 50

Which of the following statements is False ?

participants in a contestable market are continuously faced with competition or the threat of competition because entry is cheap

For a market to be contestable, the product must be produced with a labor-intensive technology

In a contestable market, economic profits cannot persist in the long run.

In a contestable market forces will guarantee that the firms produce efficiently or be driven out of business

44 / 50

All of the following shift the supply of watches to the right except ?

All of these answers cause an increase in the supply of watches

an advance in the technology used to manufacture watches

an increase in the price of watches

a decrease in the wage of workers employed to manufacture watches

45 / 50

Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?

There may be long lines of buyers waiting for apartments

Landlords may be offered bribes to rent apartments

Landlords may discriminate among apartment renters

the quality of apartments will improve

46 / 50

Up till now how much of the water-logged and saline land has been reclaimed ?

18 million acres

16 million acres

14 million acres

12 million acres

47 / 50

Which Catholic nation displays high birthrates ?

Italy

France

Ireland

Mexico

48 / 50

Psychologists researching the causes of prejudice have found that_______________?

it is directed at a target from a different group

it may have an evolutionary origin

it is caused by anger

all of the above

49 / 50

Weber,s ?Protestant Ethic?is_______________?

an explanation of Third-World underdevelopment

a refutation of economic determinism

a rejection of the ideological function of religion

a vindication of the morality of capitalism

50 / 50

With the tariff the government collects?

$100,000

$75,000

$150,000

$125,000

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