Economics Quiz 76

1 / 50

The scientific method requires that ?

The scientific use precision equipment.

only theories are tested.

only correct theories are tested

the scientist be objective

2 / 50

The short run, as economists use the phrase, in characterized by ?

a period where the law of diminishing returns does not hold

no variable inputs ? that is, all of the factors of production are fixed

all inputs being variable

at least one fixed factor of production and firms neither leaving nor entering the industry.

3 / 50

Censorship______________?

deletes all or parts of information

is the same as propaganda

gives a one-sided interpretation of an issue

is the opposite of propaganda?

4 / 50

Name the country which has the largest tin production in the world is ?

Malaysia

Nigeria

Bolivia

China

5 / 50

The demand for ice-cream is lower outside of summer causing lower demand for ice-cream salesman if they cannot find other work, this is called _______ unemployment?

structural

Regional

demand-deficient

seasonal

6 / 50

Which one of the following is not an argument in support of the UK joining the EMU ?

The characteristics of the UK housing market make UK consumers expenditure very sensitive to changes in interest rates

None of these arguments they are all arguments in support of the UK joining the UMU

The UK risks exclusion from the Euroland capital market with damaging consequences with damaging

The UK needs to be a member of the EMU in order to continue to attract such large share of foreign direct investment in EU countries

7 / 50

A reservation wage is the ?

minimum wage the worker is willing to accept

competitive equilibrium wage.

tip necessary to get a waiter to reserve a table

Maximum wage the firm is willing to pay

8 / 50

Sapir and Whorf believe that______________?

the structure of a language shapes a people view of the world

languages are limited to the number of words for any given object

preverbal communication is more important than verbal

language has no part in mental attitudes

9 / 50

The amount of unemployment that the economy normally experiences is known as ?

The natural rate of unemployment

cyclical unemployment

efficiency wage unemployment

frictional unemployment

10 / 50

If the price in a market is fixed by the government above equilibrium ?

There is excess equilibrium

There is excess supply

There is excess demand

There is equilibrium

11 / 50

Suppose the central bank purchases a government bond from a person who deposits the entire amount received from the sale in her bank the money supply will ?

rise by an amount that depends on the bank?s reserve ratio

rise by less than the amount of the deposit

fall by exactly the amount of the deposit as long as the bank does not change its reserve ratio

12 / 50

The master status of George W.Bush was______________?

dog owner

president

husband

jogger

13 / 50

When a few powerful corporation dominate as industry the condition is called_____________?

none of the above

a free market for all

government control

oligopoly

14 / 50

A researcher will settle for pinpointing a correlation when ?

research monies are not forthcoming

variables are vaguely defined

a causal relationship is difficult to prove

a causal relationship is of no consequence

15 / 50

If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?

price inelastic

unit price elastic

price elastic

income inelastic

16 / 50

The efficient scale of production is the quantity of output that minimizes ?

average total cost

average fixed cost

marginal cost

average variable cost

17 / 50

An extreme type of coercive organizations is called a(n) _______________-?

public institution

total institution

economic institution

oligarchy

18 / 50

Durkheim viewed religion as a form of social_________________?

ingratiation

integration

recreation

innovation

19 / 50

If the marginal propensity to consume on domestic products is 0.9 the size of the multiplier is ?

0.1

20 / 50

A way helping depressed regions by having wage subsidies lower business taxes and capital subsidies has been suggested as ?

New classical economists.

interventionist policies.

monetarists.

Left wing theorists

21 / 50

The advantages of audience selectivity no ad competition and personalization apply to which type of media ?

Television

Radio

Newspapers

Direct Mail

22 / 50

A payment is made in return for some transference of privilege. What this payment is called ?

Royalty

Rent

Intellectual royalty

23 / 50

Starting from a position of internal and external balance a reduction in aggregate demand will cause a current account ?

deficit

surplus

revaluation

devaluation

24 / 50

Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? the monopolist has?

maximized the difference between marginal revenue and marginal cost.

set price equal to its average cost

equated marginal revenue and marginal cost

maximized its total revenue

25 / 50

If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?

Average efficient scale

Minimum efficient scale

Efficient scale

Maximum efficient scale

26 / 50

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

Rice

Maize

Soybean

Millets

27 / 50

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

free trade area

customs union

economic union

common market

28 / 50

Suppose that Pakistan imposes a tariff on ballpoint pens of 25 rupees per pen plus 12 percent of the pen?s value, this is an example of a (an) ?

ad valorem tariff

specific tariff

compound tariff

effective tariff

29 / 50

Power is_________________?

restricted to a small elite in traditional societies

all of the above

widely distributed and diffused in industrial societies

the most important feature of stratification

30 / 50

Which of the following are bonds that are not registered on the books of the issuer ?

Open bond

Term bond

Bearer bond

Blank bond

31 / 50

Under Soviet-type economy-wide central planning ?

resources are privately owned by capitalists

resources are free to move to their lowest cost uses

resources owned by private entities moves to efficient use but not those owned publicly

most resource lack freedom to move to their highest value uses

32 / 50

The World Bank?s GNP per capita classification for low income middle income and high income countries respectively is ?

less than $5000, $5000-$15000 and more than $15000

less than $100, $100-$1000 and more than $1000

less than $5000, $5000-$150000 and more than $150000

less than $900, $900-$9000 and more than $9000

33 / 50

If the sacrifice ratio is five, a reduction in inflation from 7 percent to 3 percent would require ?

a reduction in output of 35 percent

a reduction in output of 20 percent

a reduction in output of 5percent

a reduction in output of 15 percent

34 / 50

________ consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics or behavior who might require separate products or marketing mixes?

Market targeting

Market positioning

Product differentiation

Market segmentation

35 / 50

The argument that U.S current account deficits cause net job losses for Americans ?

is true by definition in all possible circumstances

is supported by recent U.S history

focuses only on the overall economy and is thus always true

fails to recognize that a current account deficit is matched by an equal inflow of foreign funds which finances employment increasing investment spending

36 / 50

Durkheim believed that religion__________________?

was a reflection of human society

had nothing to do with social life

exploited the masses

was a radical force in society

37 / 50

The scientific method in the social sciences ?

is as effective as in the natural sciences

has been found to be totally useless

is hampered by difficulties in attaining objectivity

has led to great discoveries in the human knowledge of the physical universe

38 / 50

Standard English and the music of music This belief is an example of_______________?

individual discrimination

structural discrimination

elitist discrimination

attitudinal discrimination

39 / 50

The United States government includes the following traits____________?

appointed representatives

unlimited power

federalism

a subordinate judiciary

40 / 50

Under a pegged exchange rate system which does not explain why a country would have a balance of payments deficit ?

very high rates of inflation occur domestically

the domestic currency is undervalued relative to other currencies

technological advance is superior abroad

foreigners discriminate against domestic products

41 / 50

When confronted with evidence contrary to their beliefs prejudiced persons will______________?

apologize to the victim of their prejudice

change their judgment to conform to new evidence

suspend judgment until more evidence is found

refuse to change the original judgment in spite of evidence to the contrary

42 / 50

In a monopoly, marginal revenue is ?

less than price at low levels of output and greater than price at high levels of output

always greater than price

always equal to price

lower than price for all units other than the first

43 / 50

Cucumbers are almost how old ?

4000 years

1000 years

15,000 years

300 years

44 / 50

Which of the following crops needs maximum water per hectare ?

Sugarcane

Barley

Maize

None of these

45 / 50

Reserve requirements that may be imposed on an economy?s banks by its central bank specify that banks by its central bank specify that banks reserve must be a minimum percentage of them ?

government bonds

deposits

assets

loans

46 / 50

Capitalism is an economies system ?

Where private owners of capital make decisions based on profit

that originated in the United States in the 19th Century

based on government intervention in the means of production

that dominated developing economies in the 19 Century

47 / 50

China is the chief exporter of_______________?

Manganese?s

Gold

Rubber

Rice

48 / 50

Which is the most important crop of the Nile delta ?

Sugarcane

None of these

Cotton

Maize

49 / 50

Mianwali is important for ?

agriculture

wood work

irrigation work

Embroidery work

50 / 50

If there is a general shortage of liquidity in the money market then ?

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will rise and the long-term interest rate may be expected to rise as a result

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will rise and the central bank may be expected to increase the supply of liquidity to the banks.

The banks will increase their lending

The short-term interest rate at which the economy?s commercial banks lend to and borrow from each other will fall and the central bank may be expected to reduce the supply of liquidity to the banks

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