Economics Quiz 78

1 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Wine

Both wine and beer

Beer

2 / 50

CEO stands for_______________?

capital employment outlay

Caribbean Entrepreneurs Office

clear everybody out

chief executive officer

3 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

an innovation in agriculture

the invention of pasta machines

the discovery of noodles

4 / 50

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

covers revenue

covers fixed costs

covers variable costs

covers total costs

5 / 50

Investment in agriculture sector is Rs ?

45.1 billion

50.9 billion

45.9 billion

49.9 billion

6 / 50

Human wants are_______________?

Limited

Likely to decrease over time

Unlimited

Always fixed

7 / 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 continue 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 stop playing loud music only if Roberto has the property right to play loud music

8 / 50

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

firms have other aims

it does not explain monopolistic competition

Both the first and second option

firms do not know how to maximize profits.

9 / 50

Industrial Revolution__________________?

eliminated social classes

made all social classes equal

created a class of industrial workers

none of the above

10 / 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

11 / 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

12 / 50

According to Karl Marx_______________?

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

status is also a phenomenon of stratification

classes are the result of different life styles

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

13 / 50

Lean production________________?

pushes responsibility down the organizational ladder

combines the best features of craft and mass production

has as its goal perfection

All of the above

14 / 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?

15 / 50

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

Quota

Quotient

Limit

Factor

16 / 50

The main problem facing societies with a surplus is_____________________?

how to get rid of it

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

17 / 50

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

comparative advantage

absolute advantage

multilateral advantage

mutual advantage

18 / 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

any profit earned by stockholders when they sell their stock

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

19 / 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

20 / 50

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

Approach

handling objections

closing

follow-up

21 / 50

The total forest area of Punjab is ?

1.69 million hectares

0.89 million hectares

0.96 million hectares

0.989 million hectares

22 / 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

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

23 / 50

Today?s Catholic Church is classified as a________________?

intergovernmental organization

national state

nationless state

nongovernmental organization

24 / 50

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

taxes

exports

inventories

imports

25 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

inflow of investment from abroad

difference between GDP and capital consumption

approximated investment minus actual investment

26 / 50

In Nash equilibrium each player chooses the best strategy ?

that is a credible threat

Assuming other players move first

given the strategies of other players

dominated by the other players

27 / 50

Which of the following statements about trade policy is true ?

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

None of these answers

A restrictive import quota decreases a country?s net exports

A restrictive imports quota increases a country?s net exports

28 / 50

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

1.60%

22%

19%

6.10%

29 / 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

None of them

Both of them

30 / 50

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

10%

0.50%

0.00%

31 / 50

Constitutions are________________?

intended to limit governmental power

always written

meant to establish the rule of men

blueprints for monarchies

32 / 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

33 / 50

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

numbers of employees

welfare plans

budget deficits

expenditures

34 / 50

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

Excess demand

Excess supply

A price increase

A price fall

35 / 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

36 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child absorbing parents? attitudes toward race

child taught to read

child taught to use knife and fork

37 / 50

An individual learns to be a human being by______________?

cosmic influences

instincts

in our society watching television

socialization

38 / 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

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 less than

the same as

relatively greater then

40 / 50

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

$10,000

$40,000

$20,000

41 / 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

42 / 50

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

long-run institutional and structural economic change

short term-adjustment with a human face

currency devaluation

contractionary monetary and fiscal policies

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 ?

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

44 / 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

Average cost falls

Marginal cost is Rs20

Variable cost rises by Rs100

45 / 50

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

a credit item in the current account

a credit item in the capital account

a debit item in the current account

a debit item in the capital account

46 / 50

The teenage birthrate_______________?

has soared in the past two years

has declined in the past several years

none of the above

is highest among white teenagers

47 / 50

Unemployment means that ?

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

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

there is excess demand in the labour market

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

48 / 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

49 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

myocardial shock

culture shock

static shock

50 / 50

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

urban influence on the states

excess state revenues

the states inefficiency

the tenth amendment

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