Economics Quiz 68

1 / 50

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

control of Congress

supervision

Ways and Means

oversight

2 / 50

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

Market interest

Compound interest

Simple interest

Easy interest

3 / 50

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

horizontal

vertical

homogeneous

conglomerate

4 / 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.

nothing because you found the money.

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

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.

5 / 50

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

Maize

Soybean

Millets

Rice

6 / 50

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

implied powers

reserved powers

residual powers

inferred powers

7 / 50

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

2-Jan

1000

8 / 50

The highest population density rate in Pakistan is in ?

Punjab

FATA

Sindh

Islamabad

9 / 50

GNP is_______________?

Total monetary transactions in an economy

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

Total sales in the economy

Total spending in an economy

10 / 50

A budgetary deficit means ?

Total expenditure is more than total revenue

Total expenditure is more than current revenue

Capital expenditure is more than capital revenue

Current expenditure is more than current revenue

11 / 50

Nationalisation occurs when ?

The government bans a product

The government sells assets to a the private sector

The government takes control of an industry

The government taxes a product to a raise its price

12 / 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 deficit

lengthen 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

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

13 / 50

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

Difference between imports and exports

Income from imports

Income from export

All of them

14 / 50

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

collective behavior

criminal behavior

normative behavior

social behavior

15 / 50

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

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

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

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

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

16 / 50

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

all of the above

neuroses

psychoses

sociopathology?s

17 / 50

Investment is ?

An injection that decreases aggregate demand

A withdrawal that decrease aggregate

A withdrawal that increase aggregate demand

An injection that increases aggregate demand

18 / 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

19 / 50

Pakistan?s fiscal years starts from?

1st January

1st September

1st July

1st April

20 / 50

Imitating labor standards from rich countries in LDCs may increase ?

human development

equality

employment

poverty

21 / 50

What was the crude death rate of 1998 ?

8.6 per 1000

9.8 per 1000

5.6 per 1000

6.4 per 1000

22 / 50

According Piaget,s developmental theory______________?

a child of one can understand social rules

a child of eight can master addition

a child of five can learn philosophy

none of the above

23 / 50

Which one is the main source of foreign exchange earning ?

manufacturing

foreign remittances

textile

agriculture

24 / 50

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

An increase in income will reduce the quantity demanded

Demand is price inelastic

Demand is price elastic

The demand curve is downward sloping

25 / 50

Which of the following statements about money is not true ?

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

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

26 / 50

An increase in national income is likely to ?

Decrease tax receipts

causes an increase in injections into the economy

Worsen the balance of trade

Automatically cause an increase in government spending

27 / 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 much advertising

Too few social goods

Too much political power

Cultural pollution

28 / 50

Who is called the father of Economics?

Mankew

Adam Smith

J.P Kense

David Ricordo

29 / 50

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

neurosis

halitosis

psychosis

prognosis

30 / 50

The biggest Industry of Pakistan is ?

Paper

Textile

Sugar

cement

31 / 50

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

be a manufactured good

have a high price elasticity of demand

be a primary product

have a low price elasticity of supply

32 / 50

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

Market demand curve

Demand curve

Market supply curve

Supply curve

33 / 50

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

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

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

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

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

34 / 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

35 / 50

How much of the total export earning is through agriculture ?

60%

45%

65%

55%

36 / 50

When a national has very little GDP per person ?

none of these answers

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

an increase in capital will likely have little impact on output

it is doomed to being relatively poor forever

37 / 50

With free trade the total value of imports would equal ?

$600,000 units

$100,000 units

$400,000 units

$800,000 units

38 / 50

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

government regulation

that property rights have not been well established

that prices are not low enough so firms over produce

that prices are not high enough, so people overconsume

39 / 50

The second function of the legislative branch is to______________?

pass laws consistent with moral values

govern every state in the Union

ensure that neither of the chambers has the upper hand

ensure a system of representation

40 / 50

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

Open-market operations

Bank rate

Credit rationing

Taxation

41 / 50

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

above the price because the price effect outweighs the output effect

above the price because the output effect outweighs the price effect

below the price because the price effect outweighs the output effect

below the price because the output effect outweighs the price effect

42 / 50

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

marginal cost

opportunity cost

average cost

limited cost

43 / 50

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

Agriculture

Industry

Banking

Manufacturing

44 / 50

Legal-rational authority is characteristic of________________?

homogeneous societies

totalitarian societies

urban industrial developed societies

traditional agrarian societies

45 / 50

Which is not a type of mushroom ?

Bugouy

Cremini

Moral

Oyster

46 / 50

The French term Bourse refers to_________________?

A big company

Stock market

Joint-stock

A multinational company

47 / 50

The essential difference between capitalism and socialism is that ?

capitalism exploits the worker and socialism exploits the property owner

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

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

48 / 50

In the calculation of gross domestic product net exports are ?

the current account plus long-term capital

the value of merchandise exports minus imports

short-term capital plus the basic balance

the sum of merchandise trade and services

49 / 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

50 / 50

Which money is called ?Earnest? Money ?

Advanced payment to bind a contract or bargain

A token of something to come

All of these

A promise or assurance

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