Economics Quiz 78

1 / 50

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

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

agricultural sector uses modern equipment

agricultural sector hires labor economically

modern manufacturing sector is labor intensive

2 / 50

Lean production________________?

pushes responsibility down the organizational ladder

has as its goal perfection

combines the best features of craft and mass production

All of the above

3 / 50

The total forest area of Punjab is ?

0.96 million hectares

1.69 million hectares

0.89 million hectares

0.989 million hectares

4 / 50

CEO stands for_______________?

capital employment outlay

chief executive officer

clear everybody out

Caribbean Entrepreneurs Office

5 / 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?

relatively less than

the same as

any of the above

relatively greater then

6 / 50

Investment in agriculture sector is Rs ?

45.9 billion

49.9 billion

50.9 billion

45.1 billion

7 / 50

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

mutual advantage

absolute advantage

comparative advantage

multilateral advantage

8 / 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

contractionary monetary and fiscal policies

currency devaluation

9 / 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

10 / 50

Human wants are_______________?

Limited

Likely to decrease over time

Unlimited

Always fixed

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

Today?s Catholic Church is classified as a________________?

nongovernmental organization

nationless state

intergovernmental organization

national state

13 / 50

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

A price increase

Excess demand

Excess supply

A price fall

14 / 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

15 / 50

Country A has the comparative advantage in ?

Both wine and beer

Neither wine nor beer

Beer

Wine

16 / 50

Constitutions are________________?

meant to establish the rule of men

always written

intended to limit governmental power

blueprints for monarchies

17 / 50

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

a debit item in the current account

a debit item in the capital account

a credit item in the current account

a credit item in the capital account

18 / 50

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

excess state revenues

the tenth amendment

urban influence on the states

the states inefficiency

19 / 50

The teenage birthrate_______________?

is highest among white teenagers

has soared in the past two years

none of the above

has declined in the past several years

20 / 50

The length of a business cycle would be measured from ?

the slump to the expansion

peak to trough

trough to peak

peak to peak

21 / 50

In Nash equilibrium each player chooses the best strategy ?

dominated by the other players

given the strategies of other players

Assuming other players move first

that is a credible threat

22 / 50

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

any profit earned by stockholders when they sell their stock

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.

23 / 50

Which of the following statements about trade policy is true ?

A restrictive import quota decreases a country?s net exports

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

None of these answers

A restrictive imports quota increases a country?s net exports

24 / 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

25 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

difference between GDP and capital consumption

approximated investment minus actual investment

inflow of investment from abroad

26 / 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

27 / 50

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

budget deficits

expenditures

numbers of employees

welfare plans

28 / 50

The main problem facing societies with a surplus is_____________________?

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

there is no problem it is divided equally

29 / 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.

30 / 50

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

covers fixed costs

covers variable costs

covers revenue

covers total costs

31 / 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

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

32 / 50

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

it does not explain monopolistic competition

Both the first and second option

firms do not know how to maximize profits.

firms have other aims

33 / 50

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

still trying to curb population growth

in the first stage of the demographic transition

threatened by under population

in the third stage of the demographic transition

34 / 50

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

$40,000

$10,000

$20,000

35 / 50

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

closing

follow-up

handling objections

Approach

36 / 50

Futurist Alvin Toffler called his concept_______________?

culture shock

static shock

future shock

myocardial shock

37 / 50

The balance of payment is ?

Total sum a state owned

Total liabilities of a nation

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

Shortfall in budget

38 / 50

The ecosystem is__________________?

a systematic application of the economy

what Hobbes called the ?state of nature?

the way inanimate objects are placed into the natural system

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

39 / 50

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

22%

19%

1.60%

6.10%

40 / 50

Industrial Revolution__________________?

made all social classes equal

none of the above

created a class of industrial workers

eliminated social classes

41 / 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

42 / 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

Average cost falls

Variable cost rises by Rs100

43 / 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 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

44 / 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

45 / 50

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

Factor

Quotient

Quota

Limit

46 / 50

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

0.50%

0.00%

10%

47 / 50

An individual learns to be a human being by______________?

socialization

instincts

in our society watching television

cosmic influences

48 / 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

49 / 50

The popularity of spaghetti in the United States resulted from_______________?

the invention of pasta machines

the discovery of noodles

an innovation in agriculture

diffusion

50 / 50

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

inventories

imports

taxes

exports

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