Economics Quiz 78

1 / 50

Human wants are_______________?

Unlimited

Limited

Likely to decrease over time

Always fixed

2 / 50

Economic growth can be shown by ?

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

A movement along the production possibility frontier

3 / 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

4 / 50

The length of a business cycle would be measured from ?

peak to peak

trough to peak

peak to trough

the slump to the expansion

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

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

National debt

Both of them

7 / 50

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

0.00%

0.50%

10%

8 / 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

there is no problem it is divided equally

how to get rid of it

9 / 50

In Nash equilibrium each player chooses the best strategy ?

that is a credible threat

given the strategies of other players

Assuming other players move first

dominated by the other players

10 / 50

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

a credit item in the capital account

a debit item in the capital account

a debit item in the current account

a credit item in the current account

11 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

the invention of pasta machines

diffusion

an innovation in agriculture

12 / 50

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

Approach

follow-up

handling objections

closing

13 / 50

Investment in agriculture sector is Rs ?

49.9 billion

45.1 billion

45.9 billion

50.9 billion

14 / 50

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

short term-adjustment with a human face

currency devaluation

contractionary monetary and fiscal policies

long-run institutional and structural economic change

15 / 50

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

multilateral advantage

mutual advantage

absolute advantage

comparative advantage

16 / 50

According to Karl Marx_______________?

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

classes are the result of different life styles

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

status is also a phenomenon of stratification

17 / 50

The total forest area of Punjab is ?

0.89 million hectares

0.96 million hectares

0.989 million hectares

1.69 million hectares

18 / 50

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

urban influence on the states

the tenth amendment

excess state revenues

the states inefficiency

19 / 50

An individual learns to be a human being by______________?

cosmic influences

socialization

instincts

in our society watching television

20 / 50

Today?s Catholic Church is classified as a________________?

intergovernmental organization

nongovernmental organization

nationless state

national state

21 / 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

Variable cost rises by Rs100

Average cost falls

22 / 50

Constitutions are________________?

always written

intended to limit governmental power

blueprints for monarchies

meant to establish the rule of men

23 / 50

The teenage birthrate_______________?

has soared in the past two years

is highest among white teenagers

none of the above

has declined in the past several years

24 / 50

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

Quota

Quotient

Limit

Factor

25 / 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?

reduction, increase

increase, reduction

reduction, reduction

increase , increase

26 / 50

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

it does not explain monopolistic competition

firms do not know how to maximize profits.

Both the first and second option

firms have other aims

27 / 50

Futurist Alvin Toffler called his concept_______________?

myocardial shock

future shock

culture shock

static shock

28 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

capital employment outlay

clear everybody out

chief executive officer

29 / 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 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

30 / 50

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

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

the amount paid each year by a tenant for an apartment

31 / 50

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

1.60%

19%

22%

6.10%

32 / 50

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

$20,000

$40,000

$10,000

33 / 50

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

Excess supply

Excess demand

A price fall

A price increase

34 / 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

35 / 50

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

modern manufacturing sector is labor intensive

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

agricultural sector uses modern equipment

agricultural sector hires labor economically

36 / 50

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

covers revenue

covers total costs

covers variable costs

covers fixed costs

37 / 50

Country A has the comparative advantage in ?

Beer

Neither wine nor beer

Both wine and beer

Wine

38 / 50

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

services and white-collar jobs

agriculture and farming jobs

manufacturing and blue-collar jobs

natural resource extraction and mining jobs

39 / 50

The ecosystem is__________________?

what Hobbes called the ?state of nature?

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

40 / 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-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

41 / 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

42 / 50

Industrial Revolution__________________?

eliminated social classes

none of the above

created a class of industrial workers

made all social classes equal

43 / 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 third stage of the demographic transition

in the first stage of the demographic transition

44 / 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.

45 / 50

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

numbers of employees

welfare plans

expenditures

budget deficits

46 / 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

47 / 50

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

taxes

imports

exports

inventories

48 / 50

Lean production________________?

combines the best features of craft and mass production

pushes responsibility down the organizational ladder

All of the above

has as its goal perfection

49 / 50

A country?s capital stock is the ?

approximated investment minus actual investment

inflow of investment from abroad

difference between GDP and capital consumption

sum of previous gross investment minus depreciation

50 / 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

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