Economics Quiz 76

1 / 50

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

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

apologize to the victim of their prejudice

suspend judgment until more evidence is found

change their judgment to conform to new evidence

2 / 50

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

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

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

all inputs being variable

a period where the law of diminishing returns does not hold

3 / 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?

demand-deficient

structural

Regional

seasonal

4 / 50

Durkheim viewed religion as a form of social_________________?

innovation

recreation

integration

ingratiation

5 / 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 ?

common market

economic union

free trade area

customs union

6 / 50

Cucumbers are almost how old ?

4000 years

300 years

15,000 years

1000 years

7 / 50

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

a reduction in output of 15 percent

a reduction in output of 5percent

a reduction in output of 35 percent

a reduction in output of 20 percent

8 / 50

China is the chief exporter of_______________?

Manganese?s

Gold

Rice

Rubber

9 / 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

10 / 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

maximized its total revenue

equated marginal revenue and marginal cost

11 / 50

Censorship______________?

is the opposite of propaganda?

deletes all or parts of information

gives a one-sided interpretation of an issue

is the same as propaganda

12 / 50

Capitalism is an economies system ?

that dominated developing economies in the 19 Century

based on government intervention in the means of production

that originated in the United States in the 19th Century

Where private owners of capital make decisions based on profit

13 / 50

Sapir and Whorf believe that______________?

language has no part in mental attitudes

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

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

preverbal communication is more important than verbal

14 / 50

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

0.1

15 / 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 $900, $900-$9000 and more than $9000

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

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

16 / 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) ?

effective tariff

compound tariff

ad valorem tariff

specific tariff

17 / 50

Mianwali is important for ?

Embroidery work

agriculture

wood work

irrigation work

18 / 50

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

individual discrimination

structural discrimination

attitudinal discrimination

elitist discrimination

19 / 50

Under Soviet-type economy-wide central planning ?

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

resources are free to move to their lowest cost uses

most resource lack freedom to move to their highest value uses

resources are privately owned by capitalists

20 / 50

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

Direct Mail

Television

Newspapers

Radio

21 / 50

The scientific method requires that ?

The scientific use precision equipment.

only theories are tested.

only correct theories are tested

the scientist be objective

22 / 50

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

foreigners discriminate against domestic products

the domestic currency is undervalued relative to other currencies

very high rates of inflation occur domestically

technological advance is superior abroad

23 / 50

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

There is equilibrium

There is excess supply

There is excess equilibrium

There is excess demand

24 / 50

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

Bearer bond

Term bond

Blank bond

Open bond

25 / 50

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

Nigeria

Malaysia

Bolivia

China

26 / 50

The United States government includes the following traits____________?

a subordinate judiciary

federalism

unlimited power

appointed representatives

27 / 50

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

Maximum efficient scale

Average efficient scale

Efficient scale

Minimum efficient scale

28 / 50

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

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

is true by definition in all possible circumstances

focuses only on the overall economy and is thus always true

is supported by recent U.S history

29 / 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

income inelastic

price elastic

30 / 50

The master status of George W.Bush was______________?

president

jogger

dog owner

husband

31 / 50

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

Rent

Intellectual royalty

Royalty

32 / 50

Which of the following crops needs maximum water per hectare ?

None of these

Maize

Barley

Sugarcane

33 / 50

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

government control

a free market for all

none of the above

oligopoly

34 / 50

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

surplus

devaluation

revaluation

deficit

35 / 50

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

interventionist policies.

monetarists.

Left wing theorists

New classical economists.

36 / 50

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

The natural rate of unemployment

frictional unemployment

efficiency wage unemployment

cyclical unemployment

37 / 50

Durkheim believed that religion__________________?

was a radical force in society

was a reflection of human society

exploited the masses

had nothing to do with social life

38 / 50

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

Rice

Maize

Millets

Soybean

39 / 50

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

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 rise and the central bank may be expected to increase the supply of liquidity to the banks.

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 fall and the central bank may be expected to reduce the supply of liquidity to the banks

40 / 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

loans

assets

deposits

41 / 50

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

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

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

42 / 50

A researcher will settle for pinpointing a correlation when ?

research monies are not forthcoming

a causal relationship is of no consequence

variables are vaguely defined

a causal relationship is difficult to prove

43 / 50

Power is_________________?

the most important feature of stratification

all of the above

restricted to a small elite in traditional societies

widely distributed and diffused in industrial societies

44 / 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 segmentation

Market positioning

Product differentiation

45 / 50

The scientific method in the social sciences ?

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

has been found to be totally useless

is hampered by difficulties in attaining objectivity

is as effective as in the natural sciences

46 / 50

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

oligarchy

economic institution

total institution

public institution

47 / 50

In a monopoly, marginal revenue is ?

always equal to price

always greater than price

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

lower than price for all units other than the first

48 / 50

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

marginal cost

average fixed cost

average variable cost

average total cost

49 / 50

Which is the most important crop of the Nile delta ?

Sugarcane

Maize

None of these

Cotton

50 / 50

A reservation wage is the ?

competitive equilibrium wage.

tip necessary to get a waiter to reserve a table

Maximum wage the firm is willing to pay

minimum wage the worker is willing to accept

Provide Your Information

NameEmailPhone Number

Your score is

The average score is 0%