Economics Quiz 78

1 / 50

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

Both of them

National debt

None of them

Public debt

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, reduction

increase , increase

reduction, reduction

reduction, increase

3 / 50

An example of unconscious socialization would be____________________?

child taught to use knife and fork

child taught to read

child absorbing parents? attitudes toward race

correcting child?s use of worlds

4 / 50

Human wants are_______________?

Unlimited

Limited

Always fixed

Likely to decrease over time

5 / 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 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

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

6 / 50

The length of a business cycle would be measured from ?

peak to trough

peak to peak

trough to peak

the slump to the expansion

7 / 50

Country A has the comparative advantage in ?

Both wine and beer

Neither wine nor beer

Wine

Beer

8 / 50

Today?s Catholic Church is classified as a________________?

national state

nationless state

intergovernmental organization

nongovernmental organization

9 / 50

A country?s capital stock is the ?

approximated investment minus actual investment

difference between GDP and capital consumption

sum of previous gross investment minus depreciation

inflow of investment from abroad

10 / 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 restrictive imports quota increases a country?s net exports

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

11 / 50

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

closing

handling objections

Approach

follow-up

12 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

capital employment outlay

clear everybody out

chief executive officer

13 / 50

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

a debit item in the capital account

a debit item in the current account

a credit item in the capital account

a credit item in the current account

14 / 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

15 / 50

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

short term-adjustment with a human face

currency devaluation

long-run institutional and structural economic change

contractionary monetary and fiscal policies

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

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.

18 / 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

19 / 50

The main problem facing societies with a surplus is_____________________?

there is no problem it is divided equally

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

how to keep it away from enemies

how to get rid of it

20 / 50

Constitutions are________________?

meant to establish the rule of men

always written

intended to limit governmental power

blueprints for monarchies

21 / 50

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

modern manufacturing sector is labor intensive

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

agricultural sector uses modern equipment

agricultural sector hires labor economically

22 / 50

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

excess state revenues

the states inefficiency

the tenth amendment

urban influence on the states

23 / 50

According to Karl Marx_______________?

classes are the result of different life styles

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

24 / 50

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

covers variable costs

covers fixed costs

covers revenue

covers total costs

25 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

An inward shift of the production possibility frontier

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

A movement along the production possibility frontier

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?

the same as

relatively greater then

any of the above

relatively less than

27 / 50

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

10%

0.50%

0.00%

28 / 50

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

19%

1.60%

6.10%

22%

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-wage theory of the short-run aggregate supply curve

classical dichotomy 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

30 / 50

The total forest area of Punjab is ?

0.89 million hectares

0.96 million hectares

1.69 million hectares

0.989 million hectares

31 / 50

The teenage birthrate_______________?

has declined in the past several years

has soared in the past two years

none of the above

is highest among white teenagers

32 / 50

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

in the third stage of the demographic transition

in the first stage of the demographic transition

still trying to curb population growth

threatened by under population

33 / 50

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

$20,000

$10,000

$40,000

34 / 50

Investment in agriculture sector is Rs ?

49.9 billion

45.1 billion

50.9 billion

45.9 billion

35 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

myocardial shock

culture shock

static shock

36 / 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 ?

Marginal cost is Rs20

Average fixed cost is Rs10

Variable cost rises by Rs100

Average cost falls

37 / 50

The balance of payment is ?

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

Total liabilities of a nation

Shortfall in budget

Total sum a state owned

38 / 50

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

any profit earned by stockholders when they sell their stock

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

the profit earned by the owner of any housing unit.

the amount paid each year by a tenant for an apartment

39 / 50

Lean production________________?

All of the above

combines the best features of craft and mass production

has as its goal perfection

pushes responsibility down the organizational ladder

40 / 50

An individual learns to be a human being by______________?

in our society watching television

socialization

instincts

cosmic influences

41 / 50

Industrial Revolution__________________?

none of the above

created a class of industrial workers

eliminated social classes

made all social classes equal

42 / 50

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

manufacturing and blue-collar jobs

natural resource extraction and mining jobs

services and white-collar jobs

agriculture and farming jobs

43 / 50

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

A price fall

A price increase

Excess supply

Excess demand

44 / 50

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

budget deficits

expenditures

welfare plans

numbers of employees

45 / 50

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

comparative advantage

mutual advantage

multilateral advantage

absolute advantage

46 / 50

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

Quota

Factor

Quotient

Limit

47 / 50

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

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

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

48 / 50

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

exports

inventories

imports

taxes

49 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

an innovation in agriculture

diffusion

the invention of pasta machines

50 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

Assuming other players move first

that is a credible threat

given the strategies of other players

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