Economics Quiz 68

1 / 50

Adding up the quantities demanded of a good by different people facing the same price gives us the ?

Supply curve

Demand curve

Market demand curve

Market supply curve

2 / 50

The highest population density rate in Pakistan is in ?

Punjab

Sindh

FATA

Islamabad

3 / 50

Which of the following statements about money is not true ?

A debit card is not really money because it is only a means of transferring money between accounts

In a complex economy it is not easy to draw a clear dividing line between assets that should be considered as money and those that should not

Wealth held in the current account you hold with your bank is almost as convenient for buying things as wealth held in your wallet so the wealth in current accounts should be included in measures of money

All the wealth that people hold, in whatever form, should be considered as money

4 / 50

Chemical pesticides________________?

leach out of the ground quickly

are harmless to humans

can be toxic to other forms of life

continue to control pests for many years

5 / 50

GNP is_______________?

The market value of all goods and services produced in an economy

Total sales in the economy

Total spending in an economy

Total monetary transactions in an economy

6 / 50

Interest that is calculated as a simple percentage of the original principal amount is called ?

Market interest

Easy interest

Compound interest

Simple interest

7 / 50

The second function of the legislative branch is to______________?

ensure that neither of the chambers has the upper hand

govern every state in the Union

ensure a system of representation

pass laws consistent with moral values

8 / 50

When markets fail to allocate resources efficiently, the ultimate source of the problem is usually ?

government regulation

that prices are not low enough so firms over produce

that prices are not high enough, so people overconsume

that property rights have not been well established

9 / 50

Which of the following is not an instrument of monetary policy ?

Open-market operations

Taxation

Credit rationing

Bank rate

10 / 50

Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?

increase total revenue to farmers as whole because the demand for food is inelastic

reduce total revenue to farmers as a whole because the demand for food is elastic

reduce total revenue to farmers as a whole because the demand for food is inelastic

increase total revenue to farmers as a whole because the demand for food is elastic

11 / 50

Some state powers are inferred from the power specifically delegated by the Constitution to the central government These are Called ___________?

reserved powers

inferred powers

residual powers

implied powers

12 / 50

Legal-rational authority is characteristic of________________?

traditional agrarian societies

urban industrial developed societies

homogeneous societies

totalitarian societies

13 / 50

Which of the following is referred by the phrase trade balance ?

Difference between imports and exports

Income from export

All of them

Income from imports

14 / 50

Which one of the following is the largest sector of Pakistan?s economy ?

Agriculture

Industry

Manufacturing

Banking

15 / 50

An increase in national income is likely to ?

Worsen the balance of trade

Decrease tax receipts

causes an increase in injections into the economy

Automatically cause an increase in government spending

16 / 50

The Relative price (MRT)of S in terms of T i ?

2-Jan

1000

17 / 50

With free trade the total value of imports would equal ?

$100,000 units

$600,000 units

$800,000 units

$400,000 units

18 / 50

Pakistan?s fiscal years starts from?

1st April

1st September

1st January

1st July

19 / 50

An increase in aggregate demand is more likely to lead to demand pull inflation if ?

Aggregate supply is perfectly elastic

Aggregate supply is Perfectly inelastic

Aggregate supply is unit elastic

Aggregate supply is relatively elastic

20 / 50

How much of the total export earning is through agriculture ?

45%

65%

55%

60%

21 / 50

The price elasticity of demand is a negative number this means ?

Demand is price inelastic

The demand curve is downward sloping

An increase in income will reduce the quantity demanded

Demand is price elastic

22 / 50

An emotional disorder that still allows one to work in society is called a(n) ?

halitosis

psychosis

neurosis

prognosis

23 / 50

Besides tobacco, tea and cotton, which is the other agricultural produce of China ?

Millets

Rice

Maize

Soybean

24 / 50

Suppose the government increases its purchases by Rs16 billion. If the multiplier effect exceeds the crowding out effect, then ?

The aggregate supply curve shifts to the right by more than Rs 16 billion

the aggregate supply curve shifts to the left by more than Rs 16 billion

The aggregate demand curve shifts to the right by more than Rs 16 billion

The aggregate demand curve shifts to the left by more than Rs 16 billion

25 / 50

Which money is called ?Earnest? Money ?

All of these

A promise or assurance

Advanced payment to bind a contract or bargain

A token of something to come

26 / 50

Concerns that the manufactures of harmful products such as tobacco have influence on lawmakers to the detriment of the public interest is used as evidence of which criticism of marketing ?

Too few social goods

Too much political power

Cultural pollution

Too much advertising

27 / 50

Who is called the father of Economics?

Mankew

J.P Kense

Adam Smith

David Ricordo

28 / 50

Nationalisation occurs when ?

The government bans a product

The government takes control of an industry

The government taxes a product to a raise its price

The government sells assets to a the private sector

29 / 50

The biggest Industry of Pakistan is ?

cement

Sugar

Textile

Paper

30 / 50

What was the crude death rate of 1998 ?

9.8 per 1000

6.4 per 1000

8.6 per 1000

5.6 per 1000

31 / 50

A budgetary deficit means ?

Current expenditure is more than current revenue

Capital expenditure is more than capital revenue

Total expenditure is more than total revenue

Total expenditure is more than current revenue

32 / 50

The merger of fiber producer and a clothing firm would be _____ merger?

vertical

homogeneous

conglomerate

horizontal

33 / 50

Imitating labor standards from rich countries in LDCs may increase ?

equality

human development

employment

poverty

34 / 50

People who are suddenly thrust in a situation for which they know no precedent are vulnerable to_______________?

social behavior

criminal behavior

normative behavior

collective behavior

35 / 50

To be considered a good candidate for export cartel, a commodity should ?

have a high price elasticity of demand

be a primary product

be a manufactured good

have a low price elasticity of supply

36 / 50

According Piaget,s developmental theory______________?

none of the above

a child of five can learn philosophy

a child of eight can master addition

a child of one can understand social rules

37 / 50

Investment is ?

An injection that increases aggregate demand

A withdrawal that increase aggregate demand

A withdrawal that decrease aggregate

An injection that decreases aggregate demand

38 / 50

When a monopolist produces an additional unit, the marginal revenue generated by that unit must be ?

below the price because the price effect outweighs the output effect

below the price because the output effect outweighs the price effect

above the price because the price effect outweighs the output effect

above the price because the output effect outweighs the price effect

39 / 50

The essential difference between capitalism and socialism is that ?

capitalism exploits the worker and socialism exploits the property owner

capitalism relies on the market to make economic decisions and socialism uses central planning

capitalism grows through rent seeking and socialism grows through government direction

capitalism relies on consumer satisfaction to dictate choices and socialism relies on producer satisfaction

40 / 50

A reduction in the costs of production will ?

Lead to an extension of supply

Shift the demand curve

Lead to a movement along the supply curve

Shift the supply curve

41 / 50

Which is not a type of mushroom ?

Cremini

Bugouy

Oyster

Moral

42 / 50

Supervising and investigating the manner in which the legislative bureaucracy carries out and implements the laws Congress passes is a function called_____________?

supervision

oversight

control of Congress

Ways and Means

43 / 50

The increase in total cost when one more unit is produced is known as ?

marginal cost

opportunity cost

limited cost

average cost

44 / 50

The French term Bourse refers to_________________?

Joint-stock

A multinational company

A big company

Stock market

45 / 50

When a national has very little GDP per person ?

none of these answers

an increase in capital will likely have little impact on output

it has the potential to grow relatively quickly due to the ?catch-up-effect?

it is doomed to being relatively poor forever

46 / 50

Which one is the main source of foreign exchange earning ?

textile

agriculture

manufacturing

foreign remittances

47 / 50

Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?

Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.

nothing because you found the money.

Rs20 (because you could have used the Rs20 to buy other ghings)

48 / 50

In the calculation of gross domestic product net exports are ?

the value of merchandise exports minus imports

the sum of merchandise trade and services

short-term capital plus the basic balance

the current account plus long-term capital

49 / 50

If foreign manufacturing costs and profit margins in response to a depreciation in the U.S dollar the effect of these actions is to ?

lengthen the amount of time in which the depreciation leads to smaller trade surplus

lengthen the amount of time in which the depreciation leads to smaller trade deficit

shorten the amount of time in which the depreciation leads to smaller trade surplus

shorten the amount of time in which the depreciation leads to smaller trade deficit

50 / 50

Serious mental disorders that often require periods of hospitalization or institutionalization are called____________?

neuroses

psychoses

sociopathology?s

all of the above

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