Economics Quiz 65

1 / 50

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

Cost-push inflation

Demand push inflation

Demand-pull inflation

Demand curve theory

2 / 50

According to Weber?s thesis ?

Protestants disapproved of accumulating wealth

Roman Catholicism expressed its asceticism in a secular vocation

Protestants failed to restrict extravagance and conspicuous consumption

capitalism was most advanced in Protestant countries

3 / 50

Weber,s ?Protestant Ethic?is_______________?

a rejection of the ideological function of religion

a refutation of economic determinism

a vindication of the morality of capitalism

an explanation of Third-World underdevelopment

4 / 50

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

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

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

5 / 50

Equilibrium in the circular flow of income occurs when ?

There is a Bank Holiday

Injections withdrawals

Injections = withdrawals

None of these

6 / 50

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

private gifts to foreigners

foreign aid granted to other nations

capital outflows

merchandise exports

7 / 50

What was the second sheep producing country ?

Australia

India

United kingdom

China

8 / 50

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

higher, lower

zero, zero

higher, higher

lower, lower

9 / 50

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

Uruguay Round of 1986-1993

Tokyo Round of 1973-1979

Kennedy Round of 1964-1967

Doha Round of 2003-2007

10 / 50

Resources are defined as______________?

everything that is made by people

everything found in the ground

none of the above

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

11 / 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 ?

is in a Nash equilibrium

Should produce fewer units

Should produce more units

has maximized profits.

12 / 50

Which Catholic nation displays high birthrates ?

France

Ireland

Italy

Mexico

13 / 50

The study of human group behavior is the definition of________________?

psychology

none of the above

geology

sociology

14 / 50

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

Brainstorming

Concept development and testing

Idea generation

Idea screening

15 / 50

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

price fixing

all but B

data rape

16 / 50

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

USA

India

China

Japan

17 / 50

With the tariff the government collects?

$125,000

$100,000

$150,000

$75,000

18 / 50

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

18475 thousand tones

19475 thousand tones

16475 thousand tones

13475 thousand tones

19 / 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

20 / 50

Psychologists researching the causes of prejudice have found that_______________?

it may have an evolutionary origin

it is caused by anger

it is directed at a target from a different group

all of the above

21 / 50

Which one is the dominant source of foreign exchange earning ?

Foreign remittance

Agriculture

Textile

Manufacturing

22 / 50

USA is the chief exporter of_________________?

Wheat

Iron Ore

Both of these

None of these

23 / 50

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

interest rate equilibrium money supply

demand for money equilibrium money supply

interest rate, demand for money

demand for money, interest rate

24 / 50

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

reduces, reduces

reduces, increase

increases, increases

increase, reduces

25 / 50

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

Basic requirement

Cost of life

Cost of living

None of the above

26 / 50

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

Bad debt

Debt bomb

None of them

Debt blast

27 / 50

Taxes may be considered_____________?

additions to the circular flow

as not affecting the economic flow

withdrawals from the economic flow

injections into the economic flow

28 / 50

What country had the second largest area of forest ?

Brazil

Russia

Canada

United States

29 / 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

30 / 50

The difference between gross investment and net investment is ?

dwellings

inventories

productive investment

depreciation of the existing capital stock

31 / 50

The Industrial Revolution______________?

caused few sociocultural changes

is already finished

none of the above

began in England in the 1800s

32 / 50

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

Ricardian theory of comparative

Heckscher Ohl in theory of comparative advantage

Linder theory of overlapping demand all of the above

None of these

33 / 50

The Untied States Constitution provides for the________________?

concept of polis

principle of federalism

doctrine of elitist pluralism

doctrine of executive privilege

34 / 50

NAFTA binds which three countries into a single commercial entity ?

United States Cuba Mexico

United States Canada Mexico

Mexico Panama Costa Rica

United States Canada Puerto Rico

35 / 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 ?

increase promotion both at home and abroad

lower prices

continuously improve their products at home

join into cartels at home

36 / 50

A congested toll road is ?

a good produced by a natural monopoly

a private good

a common resource

a public good

37 / 50

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

12.70%

13.40%

15.50%

14.80%

38 / 50

Unemployment benefits may increase the unemployment rate because unemployment benefits ?

reduce the cost of job search

enable people to quit searching for work

encourage people to quit their jobs

reduce the benefits of additional job searching

39 / 50

Which of the following statements is False ?

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

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

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

40 / 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 ?

Rostow?s model

neoclassicism

Marxism

classical appraoch

41 / 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?

the quality of apartments will improve

Landlords may be offered bribes to rent apartments

There may be long lines of buyers waiting for apartments

Landlords may discriminate among apartment renters

42 / 50

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

12 million acres

18 million acres

16 million acres

14 million acres

43 / 50

An increase in productivity should ?

Lead to an expansion of supply

Lead to a contraction of supply

Lead to a higher equilibrium and lower equilibrium quantity

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

44 / 50

What is mortgage______________?

Conveyance of company security for debt

Assurance of debt repayment

Conveyance of property as security for debt

Guarantee for debt

45 / 50

In stratified societies categories of people are ranked by______________?

all of these

prestige

wealth

power

46 / 50

Loas Ginger is otherwise known as_______________?

Ghialiangale

Ghalingale

Galangal

Glalangal

47 / 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

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

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

48 / 50

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

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:

economic downturn and recession generally result in greater protectionism

49 / 50

The overall poverty rate is highest among______________?

black males

the elderly

children under 6

women

50 / 50

According to Schumpeter ?

Monopolies are alocatively efficient

Monopolies are inefficient

Monopoly profits ac as an incentive for innovation

Monopolies are productively efficient

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