Economics Quiz 78

1 / 50

Unemployment means that ?

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

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.

2 / 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

3 / 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 greater then

the same as

relatively less than

4 / 50

The balance of payment is ?

Total liabilities of a nation

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

Shortfall in budget

Total sum a state owned

5 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

the invention of pasta machines

the discovery of noodles

an innovation in agriculture

6 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

clear everybody out

capital employment outlay

chief executive officer

7 / 50

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

$20,000

$10,000

$40,000

8 / 50

The main problem facing societies with a surplus is_____________________?

there is no problem it is divided equally

how to keep it away from enemies

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

how to get rid of it

9 / 50

Human wants are_______________?

Likely to decrease over time

Limited

Always fixed

Unlimited

10 / 50

The length of a business cycle would be measured from ?

trough to peak

peak to trough

peak to peak

the slump to the expansion

11 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

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

12 / 50

A country?s capital stock is the ?

difference between GDP and capital consumption

sum of previous gross investment minus depreciation

approximated investment minus actual investment

inflow of investment from abroad

13 / 50

The total forest area of Punjab is ?

0.989 million hectares

0.96 million hectares

0.89 million hectares

1.69 million hectares

14 / 50

Lean production________________?

All of the above

pushes responsibility down the organizational ladder

has as its goal perfection

combines the best features of craft and mass production

15 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

static shock

myocardial shock

future shock

16 / 50

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

in the first stage of the demographic transition

in the third stage of the demographic transition

still trying to curb population growth

threatened by under population

17 / 50

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

A price increase

Excess demand

A price fall

Excess supply

18 / 50

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

Quota

Quotient

Limit

Factor

19 / 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

firms have other aims

it does not explain monopolistic competition

20 / 50

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

a debit item in the current account

a credit item in the capital account

a debit item in the capital account

a credit item in the current account

21 / 50

According to Karl Marx_______________?

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

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

22 / 50

Country A has the comparative advantage in ?

Beer

Neither wine nor beer

Wine

Both wine and beer

23 / 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

increase, reduction

reduction, increase

reduction, reduction

24 / 50

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

the amount paid each year by a tenant for an apartment

the profit earned by the owner of any housing unit.

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

any profit earned by stockholders when they sell their stock

25 / 50

The ecosystem is__________________?

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

a systematic application of the economy

the way inanimate objects are placed into the natural system

what Hobbes called the ?state of nature?

26 / 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 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 continue to play loud music

27 / 50

An individual learns to be a human being by______________?

cosmic influences

socialization

instincts

in our society watching television

28 / 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 ?

Variable cost rises by Rs100

Marginal cost is Rs20

Average cost falls

Average fixed cost is Rs10

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 ?

classical dichotomy theory of the short-run aggregate supply curve

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

30 / 50

Industrial Revolution__________________?

none of the above

made all social classes equal

created a class of industrial workers

eliminated social classes

31 / 50

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

Public debt

None of them

Both of them

National debt

32 / 50

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

taxes

inventories

imports

exports

33 / 50

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

absolute advantage

multilateral advantage

comparative advantage

mutual advantage

34 / 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

35 / 50

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

1.60%

6.10%

22%

19%

36 / 50

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

numbers of employees

expenditures

budget deficits

welfare plans

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

A restrictive imports quota increases a country?s net exports

38 / 50

Today?s Catholic Church is classified as a________________?

national state

nationless state

intergovernmental organization

nongovernmental organization

39 / 50

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

covers variable costs

covers total costs

covers fixed costs

covers revenue

40 / 50

Constitutions are________________?

meant to establish the rule of men

intended to limit governmental power

blueprints for monarchies

always written

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

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

long-run institutional and structural economic change

currency devaluation

43 / 50

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

closing

Approach

follow-up

handling objections

44 / 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

45 / 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

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

46 / 50

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

services and white-collar jobs

manufacturing and blue-collar jobs

agriculture and farming jobs

natural resource extraction and mining jobs

47 / 50

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

the tenth amendment

excess state revenues

the states inefficiency

urban influence on the states

48 / 50

Investment in agriculture sector is Rs ?

45.1 billion

50.9 billion

45.9 billion

49.9 billion

49 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to read

child taught to use knife and fork

child absorbing parents? attitudes toward race

50 / 50

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

10%

0.50%

0.00%

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