Economics Quiz 78

1 / 50

The teenage birthrate_______________?

is highest among white teenagers

none of the above

has declined in the past several years

has soared in the past two years

2 / 50

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

multilateral advantage

mutual advantage

absolute advantage

comparative advantage

3 / 50

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

6.10%

1.60%

19%

22%

4 / 50

Human wants are_______________?

Unlimited

Limited

Likely to decrease over time

Always fixed

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 fixed cost is Rs10

Marginal cost is Rs20

Average cost falls

Variable cost rises by Rs100

6 / 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 less than

the same as

relatively greater then

7 / 50

Today?s Catholic Church is classified as a________________?

national state

nongovernmental organization

intergovernmental organization

nationless state

8 / 50

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

follow-up

handling objections

Approach

closing

9 / 50

An individual learns to be a human being by______________?

cosmic influences

in our society watching television

socialization

instincts

10 / 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

11 / 50

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

threatened by under population

in the first stage of the demographic transition

still trying to curb population growth

in the third stage of the demographic transition

12 / 50

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

Quotient

Factor

Limit

Quota

13 / 50

In Nash equilibrium each player chooses the best strategy ?

given the strategies of other players

Assuming other players move first

that is a credible threat

dominated by the other players

14 / 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

15 / 50

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

Both the first and second option

it does not explain monopolistic competition

firms do not know how to maximize profits.

firms have other aims

16 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

approximated investment minus actual investment

difference between GDP and capital consumption

inflow of investment from abroad

17 / 50

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

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

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

China?s rural population receives little income from nonfarm income

Rural development is the same as agricultural development

18 / 50

Constitutions are________________?

always written

intended to limit governmental power

meant to establish the rule of men

blueprints for monarchies

19 / 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

status is also a phenomenon of stratification

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

20 / 50

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

covers fixed costs

covers total costs

covers revenue

covers variable costs

21 / 50

Unemployment means that ?

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

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

there is excess demand in the labour market

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

22 / 50

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

agriculture and farming jobs

manufacturing and blue-collar jobs

services and white-collar jobs

natural resource extraction and mining jobs

23 / 50

The main problem facing societies with a surplus is_____________________?

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

there is no problem it is divided equally

how to get rid of it

how to keep it away from enemies

24 / 50

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

agricultural sector uses modern equipment

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

modern manufacturing sector is labor intensive

agricultural sector hires labor economically

25 / 50

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

contractionary monetary and fiscal policies

short term-adjustment with a human face

currency devaluation

long-run institutional and structural economic change

26 / 50

The length of a business cycle would be measured from ?

peak to peak

the slump to the expansion

peak to trough

trough to peak

27 / 50

An example of unconscious socialization would be____________________?

child taught to read

child taught to use knife and fork

correcting child?s use of worlds

child absorbing parents? attitudes toward race

28 / 50

CEO stands for_______________?

chief executive officer

clear everybody out

Caribbean Entrepreneurs Office

capital employment outlay

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 ?

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

sticky-price theory of the short run aggregate supply curve

30 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

myocardial shock

future shock

static shock

31 / 50

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

imports

exports

taxes

inventories

32 / 50

The balance of payment is ?

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

Shortfall in budget

Total sum a state owned

Total liabilities of a nation

33 / 50

Lean production________________?

has as its goal perfection

combines the best features of craft and mass production

pushes responsibility down the organizational ladder

All 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

National debt

Both of them

None of them

35 / 50

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

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

any profit earned by stockholders when they sell their stock

36 / 50

The total forest area of Punjab is ?

1.69 million hectares

0.96 million hectares

0.989 million hectares

0.89 million hectares

37 / 50

The ecosystem is__________________?

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

what Hobbes called the ?state of nature?

a systematic application of the economy

the way inanimate objects are placed into the natural system

38 / 50

Economic growth can be shown by ?

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

A movement along the production possibility frontier

An inward shift of the production possibility frontier

An outward shift of the production possibility frontier

39 / 50

Country A has the comparative advantage in ?

Both wine and beer

Wine

Beer

Neither wine nor beer

40 / 50

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

expenditures

welfare plans

numbers of employees

budget deficits

41 / 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

42 / 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

43 / 50

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

$40,000

$20,000

$10,000

44 / 50

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

a debit item in the capital account

a credit item in the current account

a credit item in the capital account

a debit item in the current account

45 / 50

Investment in agriculture sector is Rs ?

50.9 billion

49.9 billion

45.1 billion

45.9 billion

46 / 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, increase

reduction, reduction

47 / 50

Industrial Revolution__________________?

none of the above

eliminated social classes

made all social classes equal

created a class of industrial workers

48 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

an innovation in agriculture

the invention of pasta machines

diffusion

49 / 50

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

Excess demand

Excess supply

A price fall

A price increase

50 / 50

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

0.00%

0.50%

10%

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