Economics Quiz 78

1 / 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 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 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

2 / 50

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

multilateral advantage

comparative advantage

absolute advantage

mutual advantage

3 / 50

An individual learns to be a human being by______________?

cosmic influences

instincts

in our society watching television

socialization

4 / 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

the same as

relatively greater then

relatively less than

5 / 50

Unemployment means that ?

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.

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

6 / 50

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

the states inefficiency

the tenth amendment

urban influence on the states

excess state revenues

7 / 50

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

the amount paid each year by a tenant for an apartment

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

the profit earned by the owner of any housing unit.

any profit earned by stockholders when they sell their stock

8 / 50

In Nash equilibrium each player chooses the best strategy ?

that is a credible threat

Assuming other players move first

dominated by the other players

given the strategies of other players

9 / 50

The teenage birthrate_______________?

none of the above

has declined in the past several years

is highest among white teenagers

has soared in the past two years

10 / 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

misperceptions 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

11 / 50

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

Excess demand

A price increase

Excess supply

A price fall

12 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

static shock

culture shock

myocardial shock

13 / 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

14 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

capital employment outlay

clear everybody out

chief executive officer

15 / 50

The main problem facing societies with a surplus is_____________________?

how to get rid of it

how to keep it away from enemies

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

there is no problem it is divided equally

16 / 50

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

threatened by under population

still trying to curb population growth

in the first stage of the demographic transition

in the third stage of the demographic transition

17 / 50

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

covers variable costs

covers revenue

covers total costs

covers fixed costs

18 / 50

Lean production________________?

has as its goal perfection

pushes responsibility down the organizational ladder

All of the above

combines the best features of craft and mass production

19 / 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

A restrictive imports quota increases a country?s net exports

A restrictive import quota decreases a country?s net exports

None of these answers

20 / 50

Today?s Catholic Church is classified as a________________?

national state

intergovernmental organization

nationless state

nongovernmental organization

21 / 50

The balance of payment is ?

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

Total sum a state owned

Total liabilities of a nation

Shortfall in budget

22 / 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

23 / 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

National debt

None of them

24 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to read

child absorbing parents? attitudes toward race

child taught to use knife and fork

25 / 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

26 / 50

Human wants are_______________?

Unlimited

Limited

Always fixed

Likely to decrease over time

27 / 50

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

budget deficits

expenditures

numbers of employees

welfare plans

28 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

the invention of pasta machines

an innovation in agriculture

diffusion

29 / 50

Investment in agriculture sector is Rs ?

49.9 billion

45.1 billion

50.9 billion

45.9 billion

30 / 50

Economic growth can be shown by ?

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

An outward shift of the production possibility frontier

An inward shift of the production possibility frontier

A movement along the production possibility frontier

31 / 50

Industrial Revolution__________________?

created a class of industrial workers

made all social classes equal

none of the above

eliminated social classes

32 / 50

Constitutions are________________?

intended to limit governmental power

always written

blueprints for monarchies

meant to establish the rule of men

33 / 50

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

10%

0.50%

0.00%

34 / 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

35 / 50

The length of a business cycle would be measured from ?

peak to trough

trough to peak

peak to peak

the slump to the expansion

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 ?

Average cost falls

Variable cost rises by Rs100

Average fixed cost is Rs10

Marginal cost is Rs20

37 / 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

38 / 50

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

$40,000

$20,000

$10,000

39 / 50

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

agricultural sector hires labor economically

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

modern manufacturing sector is labor intensive

agricultural sector uses modern equipment

40 / 50

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

1.60%

22%

6.10%

19%

41 / 50

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

firms have other aims

Both the first and second option

it does not explain monopolistic competition

firms do not know how to maximize profits.

42 / 50

According to Karl Marx_______________?

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

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

43 / 50

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

follow-up

Approach

closing

handling objections

44 / 50

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

exports

taxes

inventories

imports

45 / 50

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

Limit

Quotient

Factor

Quota

46 / 50

The ecosystem is__________________?

the way inanimate objects are placed into the natural system

what Hobbes called the ?state of nature?

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

a systematic application of the economy

47 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Both wine and beer

Wine

Beer

48 / 50

The total forest area of Punjab is ?

0.96 million hectares

0.989 million hectares

1.69 million hectares

0.89 million hectares

49 / 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

China?s rural population receives little income from nonfarm income

Rural development is the same as agricultural development

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

50 / 50

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

services and white-collar jobs

natural resource extraction and mining jobs

agriculture and farming jobs

manufacturing and blue-collar jobs

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