Economics Quiz 78

1 / 50

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

Rural development is the same as agricultural development

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

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

2 / 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

3 / 50

The main problem facing societies with a surplus is_____________________?

how to get rid of it

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

there is no problem it is divided equally

how to keep it away from enemies

4 / 50

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

Quota

Factor

Limit

Quotient

5 / 50

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

Excess supply

A price fall

Excess demand

A price increase

6 / 50

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

urban influence on the states

the tenth amendment

excess state revenues

the states inefficiency

7 / 50

An individual learns to be a human being by______________?

in our society watching television

socialization

cosmic influences

instincts

8 / 50

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

firms have other aims

firms do not know how to maximize profits.

Both the first and second option

it does not explain monopolistic competition

9 / 50

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

natural resource extraction and mining jobs

manufacturing and blue-collar jobs

services and white-collar jobs

agriculture and farming jobs

10 / 50

Today?s Catholic Church is classified as a________________?

national state

nationless state

nongovernmental organization

intergovernmental organization

11 / 50

A country?s capital stock is the ?

approximated investment minus actual investment

difference between GDP and capital consumption

inflow of investment from abroad

sum of previous gross investment minus depreciation

12 / 50

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

closing

follow-up

Approach

handling objections

13 / 50

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

a debit item in the current account

a debit item in the capital account

a credit item in the current account

a credit item in the capital account

14 / 50

Futurist Alvin Toffler called his concept_______________?

static shock

myocardial shock

future shock

culture shock

15 / 50

Country A has the comparative advantage in ?

Beer

Wine

Neither wine nor beer

Both wine and beer

16 / 50

The ecosystem is__________________?

the way inanimate objects are placed into the natural system

a systematic application of the economy

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

what Hobbes called the ?state of nature?

17 / 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 regardless of who has the property right to the level of sound

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 continue to play loud music

18 / 50

Industrial Revolution__________________?

made all social classes equal

created a class of industrial workers

eliminated social classes

none of the above

19 / 50

CEO stands for_______________?

clear everybody out

Caribbean Entrepreneurs Office

chief executive officer

capital employment outlay

20 / 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

21 / 50

Investment in agriculture sector is Rs ?

50.9 billion

45.1 billion

49.9 billion

45.9 billion

22 / 50

The balance of payment is ?

Total sum a state owned

Total liabilities of a nation

Shortfall in budget

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

23 / 50

Human wants are_______________?

Always fixed

Likely to decrease over time

Limited

Unlimited

24 / 50

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

numbers of employees

welfare plans

expenditures

budget deficits

25 / 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

26 / 50

Which of the following statements about trade policy is true ?

A restrictive import quota decreases a country?s net exports

A restrictive imports quota increases a country?s net exports

None of these answers

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

27 / 50

Lean production________________?

combines the best features of craft and mass production

All of the above

has as its goal perfection

pushes responsibility down the organizational ladder

28 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

the discovery of noodles

the invention of pasta machines

an innovation in agriculture

29 / 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 ?

sticky-price 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

classical dichotomy theory of the short-run aggregate supply curve

30 / 50

The total forest area of Punjab is ?

0.989 million hectares

0.96 million hectares

0.89 million hectares

1.69 million hectares

31 / 50

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

agricultural sector uses modern equipment

modern manufacturing sector is labor intensive

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

agricultural sector hires labor economically

32 / 50

The teenage birthrate_______________?

none of the above

has soared in the past two years

has declined in the past several years

is highest among white teenagers

33 / 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 amount paid each year by a tenant for an apartment

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

34 / 50

Constitutions are________________?

intended to limit governmental power

meant to establish the rule of men

blueprints for monarchies

always written

35 / 50

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

6.10%

1.60%

22%

19%

36 / 50

Unemployment means that ?

there is excess demand in the labour market

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

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

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

37 / 50

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

comparative advantage

absolute advantage

mutual advantage

multilateral advantage

38 / 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

39 / 50

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

long-run institutional and structural economic change

contractionary monetary and fiscal policies

short term-adjustment with a human face

currency devaluation

40 / 50

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

$10,000

$20,000

$40,000

41 / 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 greater then

any of the above

relatively less than

the same as

42 / 50

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

0.00%

10%

0.50%

43 / 50

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

exports

imports

taxes

inventories

44 / 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?

reduction, reduction

reduction, increase

increase , increase

increase, reduction

45 / 50

The length of a business cycle would be measured from ?

peak to peak

peak to trough

the slump to the expansion

trough to peak

46 / 50

Economic growth can be shown by ?

A movement along the production possibility frontier

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

An inward shift of the production possibility frontier

An outward shift of the production possibility frontier

47 / 50

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

covers revenue

covers total costs

covers fixed costs

covers variable costs

48 / 50

According to Karl Marx_______________?

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

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

49 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

Assuming other players move first

given the strategies of other players

that is a credible threat

50 / 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

None of them

National debt

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