Economics Quiz 78

1 / 50

Lean production________________?

combines the best features of craft and mass production

All of the above

pushes responsibility down the organizational ladder

has as its goal perfection

2 / 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

increase, reduction

reduction, reduction

reduction, increase

3 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

chief executive officer

clear everybody out

capital employment outlay

4 / 50

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

a credit item in the current account

a debit item in the capital account

a credit item in the capital account

a debit item in the current account

5 / 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 cost falls

Average fixed cost is Rs10

Variable cost rises by Rs100

Marginal cost is Rs20

6 / 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 continue to play loud music

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 only if Thomas has the property right to peace and quiet

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

7 / 50

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

$40,000

$10,000

$20,000

8 / 50

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

urban influence on the states

the states inefficiency

excess state revenues

the tenth amendment

9 / 50

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

Factor

Limit

Quotient

Quota

10 / 50

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

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

Rural development is the same as agricultural development

China?s rural population receives little income from nonfarm income

11 / 50

Today?s Catholic Church is classified as a________________?

nongovernmental organization

intergovernmental organization

national state

nationless state

12 / 50

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

any profit earned by stockholders when they sell their stock

the profit earned by the owner of any housing unit.

the amount paid each year by a tenant for an apartment

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

13 / 50

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

covers total costs

covers variable costs

covers revenue

covers fixed costs

14 / 50

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

agriculture and farming jobs

natural resource extraction and mining jobs

services and white-collar jobs

manufacturing and blue-collar jobs

15 / 50

The total forest area of Punjab is ?

0.989 million hectares

0.89 million hectares

0.96 million hectares

1.69 million hectares

16 / 50

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

10%

0.50%

0.00%

17 / 50

A country?s capital stock is the ?

inflow of investment from abroad

difference between GDP and capital consumption

sum of previous gross investment minus depreciation

approximated investment minus actual investment

18 / 50

Human wants are_______________?

Likely to decrease over time

Always fixed

Unlimited

Limited

19 / 50

The balance of payment is ?

Shortfall in budget

Total sum a state owned

Total liabilities of a nation

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

20 / 50

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

threatened by under population

in the third stage of the demographic transition

in the first stage of the demographic transition

still trying to curb population growth

21 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to use knife and fork

child absorbing parents? attitudes toward race

child taught to read

22 / 50

Unemployment means that ?

there is excess demand in the labour market

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.

23 / 50

The main problem facing societies with a surplus is_____________________?

there is no problem it is divided equally

how to keep it away from enemies

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

how to get rid of it

24 / 50

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

Approach

handling objections

follow-up

closing

25 / 50

According to Karl Marx_______________?

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

classes are the result of different life styles

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

status is also a phenomenon of stratification

26 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Beer

Both wine and beer

Wine

27 / 50

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

mutual advantage

multilateral advantage

absolute advantage

comparative advantage

28 / 50

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

A price fall

Excess demand

A price increase

Excess supply

29 / 50

The length of a business cycle would be measured from ?

trough to peak

the slump to the expansion

peak to trough

peak to peak

30 / 50

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

firms do not know how to maximize profits.

firms have other aims

Both the first and second option

it does not explain monopolistic competition

31 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

the invention of pasta machines

the discovery of noodles

an innovation in agriculture

32 / 50

Futurist Alvin Toffler called his concept_______________?

static shock

culture shock

myocardial shock

future shock

33 / 50

Which of the following statements about trade policy is true ?

A restrictive import quota decreases a country?s net exports

None of these answers

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

A restrictive imports quota increases a country?s net exports

34 / 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

35 / 50

The ecosystem is__________________?

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

a systematic application of the economy

the way inanimate objects are placed into the natural system

what Hobbes called the ?state of nature?

36 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

that is a credible threat

given the strategies of other players

Assuming other players move first

37 / 50

Constitutions are________________?

blueprints for monarchies

always written

meant to establish the rule of men

intended to limit governmental power

38 / 50

The teenage birthrate_______________?

is highest among white teenagers

has soared in the past two years

has declined in the past several years

none of the above

39 / 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?

any of the above

relatively greater then

the same as

relatively less than

40 / 50

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

1.60%

6.10%

22%

19%

41 / 50

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

exports

inventories

imports

taxes

42 / 50

An individual learns to be a human being by______________?

socialization

cosmic influences

in our society watching television

instincts

43 / 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

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

misperceptions theory of the short-run aggregate supply curve

sticky-price theory of the short run aggregate supply curve

44 / 50

Investment in agriculture sector is Rs ?

49.9 billion

45.9 billion

50.9 billion

45.1 billion

45 / 50

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

numbers of employees

budget deficits

expenditures

welfare plans

46 / 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

47 / 50

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

Both of them

None of them

National debt

Public debt

48 / 50

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

contractionary monetary and fiscal policies

long-run institutional and structural economic change

short term-adjustment with a human face

currency devaluation

49 / 50

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

agricultural sector uses modern equipment

modern manufacturing sector is labor intensive

agricultural sector hires labor economically

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

50 / 50

Industrial Revolution__________________?

created a class of industrial workers

eliminated social classes

made all social classes equal

none of the above

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