Economics Quiz 78

1 / 50

In Nash equilibrium each player chooses the best strategy ?

Assuming other players move first

that is a credible threat

dominated by the other players

given the strategies of other players

2 / 50

Economic growth can be shown by ?

An inward shift of the production possibility frontier

A decision by the government to produce inside the production possibility frontier

An outward shift of the production possibility frontier

A movement along the production possibility frontier

3 / 50

In a cartel member firms may be given a fixed amount to produce. This is called a ?

Quotient

Factor

Limit

Quota

4 / 50

Investment in agriculture sector is Rs ?

45.1 billion

50.9 billion

49.9 billion

45.9 billion

5 / 50

Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the sellers is the area ?

C + F

6 / 50

The total forest area of Punjab is ?

1.69 million hectares

0.89 million hectares

0.989 million hectares

0.96 million hectares

7 / 50

David Ricardo?s theory in favor of free trade uses the ideal of ?

comparative advantage

absolute advantage

multilateral advantage

mutual advantage

8 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

diffusion

an innovation in agriculture

the invention of pasta machines

9 / 50

Human wants are_______________?

Likely to decrease over time

Limited

Always fixed

Unlimited

10 / 50

The balance of payment is ?

Shortfall in budget

Balance between a nation?s expenditure on imports and its receipts from exports

Total sum a state owned

Total liabilities of a nation

11 / 50

Purchases of government securities in the United States by foreigners is ?

a credit item in the current account

a debit item in the current account

a credit item in the capital account

a debit item in the capital account

12 / 50

Lean production________________?

All of the above

pushes responsibility down the organizational ladder

has as its goal perfection

combines the best features of craft and mass production

13 / 50

Throughout most of humankind?s existence, population grew at a rate of ________ per year?

10%

0.50%

0.00%

14 / 50

Futurist Alvin Toffler called his concept_______________?

myocardial shock

culture shock

static shock

future shock

15 / 50

Suppose the price level falls but because of fixed nominal wage contracts the real wage rises and firms cut back on production This is a demonstration of the ?

classical dichotomy theory of the short-run aggregate supply curve

misperceptions theory of the short-run aggregate supply curve

sticky-wage theory of the short-run aggregate supply curve

sticky-price theory of the short run aggregate supply curve

16 / 50

The most wave of globalization which began in the 1980s has emphasized the outsourcing of ?

manufacturing and blue-collar jobs

agriculture and farming jobs

services and white-collar jobs

natural resource extraction and mining jobs

17 / 50

The length of a business cycle would be measured from ?

trough to peak

peak to trough

the slump to the expansion

peak to peak

18 / 50

Roberto and Thomas live in a university hall of residence Roberto values playing loud music at a value of ?100. Thomas values Pease and quiet at a value of ?150. Which of the following statements is true ?

It is efficient for Roberto to stop playing loud music only if Thomas has the property right to peace and quiet

It is efficient for Roberto to stop playing loud music only if Roberto has the property right to play loud music

It is efficient for Roberto to stop playing loud music regardless of who has the property right to the level of sound

it is efficient for Roberto to continue to play loud music

19 / 50

Governments may contribute to inflationary pressure because of building up large ?

welfare plans

numbers of employees

expenditures

budget deficits

20 / 50

Today?s Catholic Church is classified as a________________?

national state

intergovernmental organization

nongovernmental organization

nationless state

21 / 50

A reduction in interest rates, causes an increases in the monetary base that results in an _________ in the availability of consumer credit and a ________ in the cost of consumer credit?

increase , increase

reduction, increase

reduction, reduction

increase, reduction

22 / 50

If A forms a customs union with C, the value of trade diversion will be ?

$40,000

$10,000

$20,000

23 / 50

Within the circular flow of income, an increase in domestic income will tend to increase ?

exports

inventories

imports

taxes

24 / 50

Constitutions are________________?

blueprints for monarchies

always written

intended to limit governmental power

meant to establish the rule of men

25 / 50

A country?s capital stock is the ?

inflow of investment from abroad

approximated investment minus actual investment

sum of previous gross investment minus depreciation

difference between GDP and capital consumption

26 / 50

Suppose that the demand curve for tin is highly inelastic. If the supply curve of tin decrease and increase cyclically along the demand curve for tin then in this market the size of the price fluctuation will be __________ the size of the quantity fluctuations?

relatively less than

relatively greater then

any of the above

the same as

27 / 50

If a maximum price is set below equilibrium there will be ?

A price increase

Excess demand

A price fall

Excess supply

28 / 50

Country A has the comparative advantage in ?

Wine

Neither wine nor beer

Both wine and beer

Beer

29 / 50

According to Lewis?s model the dual economy grows only when ?

the modern sector increases its output share relative to the traditional sector

modern manufacturing sector is labor intensive

agricultural sector uses modern equipment

agricultural sector hires labor economically

30 / 50

The teenage birthrate_______________?

none of the above

is highest among white teenagers

has declined in the past several years

has soared in the past two years

31 / 50

Structural economists from the United Nations Economic Commission for Latin America (ECLA) emphasized ?

currency devaluation

contractionary monetary and fiscal policies

short term-adjustment with a human face

long-run institutional and structural economic change

32 / 50

The main problem facing societies with a surplus is_____________________?

what to produce how produce it and for whom to produce it

how to get rid of it

how to keep it away from enemies

there is no problem it is divided equally

33 / 50

Industrial Revolution__________________?

created a class of industrial workers

made all social classes equal

eliminated social classes

none of the above

34 / 50

What is called the result of a state?s borrowing from its population, from foreign governments or from international institutions ?

Public debt

Both of them

National debt

None of them

35 / 50

The last stage in the selling process in the __________ stage?

handling objections

follow-up

closing

Approach

36 / 50

The traditional profit-maximizing theory of the firm has been criticized by some economists because ?

firms do not know how to maximize profits.

Both the first and second option

it does not explain monopolistic competition

firms have other aims

37 / 50

The ecosystem is__________________?

a systematic application of the economy

the way living things interact and interrelate with each other and their environments

the way inanimate objects are placed into the natural system

what Hobbes called the ?state of nature?

38 / 50

Rice account for 6.6 percent in value added in agriculture. What is its contribution in GDP ?

22%

1.60%

19%

6.10%

39 / 50

An example of unconscious socialization would be____________________?

child taught to read

child taught to use knife and fork

child absorbing parents? attitudes toward race

correcting child?s use of worlds

40 / 50

In the short term a firm will produce provided the revenue ?

covers revenue

covers variable costs

covers total costs

covers fixed costs

41 / 50

The federal government has increased its responsibilities at the local level because_____________?

excess state revenues

urban influence on the states

the tenth amendment

the states inefficiency

42 / 50

Which of the following statements about trade policy is true ?

A restrictive imports quota increases a country?s net exports

A country?s trade policy has no impact on the size of its trade balance

A restrictive import quota decreases a country?s net exports

None of these answers

43 / 50

According to Karl Marx_______________?

classes are determined by the relationship of a group in society to the means of production

status is also a phenomenon of stratification

classes are the result of different life styles

classes are composed of the have-nots who eventually revolt against the haves

44 / 50

CEO stands for_______________?

clear everybody out

Caribbean Entrepreneurs Office

capital employment outlay

chief executive officer

45 / 50

Unemployment means that ?

at the going wage rate, there are people who want to work but cannot find work.

people are not willing to work at the going wage rate.

there are some people who will not work at the going wage rate.

there is excess demand in the labour market

46 / 50

Which of the following statement about rural and agricultural development is true ?

Rural development is the same as agricultural development

China?s rural population receives little income from nonfarm income

Household nonfarm income is uncorrelated to farm productivity and uncorrelated to farm productivity and household incomes in Kenya

The agrarian community requires a full range of services such as schools merchants banks and so on

47 / 50

Total increases from Rs500 to Rs600 when output increases from 20 to 30 units. Fixed costs are Rs200 Which of the following is true ?

Average fixed cost is Rs10

Marginal cost is Rs20

Variable cost rises by Rs100

Average cost falls

48 / 50

The United States Canada Northern and Western Europe among other areas are________________?

still trying to curb population growth

in the third stage of the demographic transition

in the first stage of the demographic transition

threatened by under population

49 / 50

The term ?rent? as it is used by economists. refers to ?

the profit earned by the owner of any housing unit.

any profit earned by stockholders when they sell their stock

the return to any factor of production that is in fixed supply

the amount paid each year by a tenant for an apartment

50 / 50

An individual learns to be a human being by______________?

cosmic influences

socialization

instincts

in our society watching television

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