Economics Quiz 78

1 / 50

The balance of payment is ?

Total sum a state owned

Shortfall in budget

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

Total liabilities of a nation

2 / 50

Industrial Revolution__________________?

eliminated social classes

made all social classes equal

created a class of industrial workers

none of the above

3 / 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

4 / 50

The total forest area of Punjab is ?

0.96 million hectares

0.989 million hectares

1.69 million hectares

0.89 million hectares

5 / 50

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

in the first stage of the demographic transition

still trying to curb population growth

threatened by under population

in the third stage of the demographic transition

6 / 50

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

a debit item in the capital account

a debit item in the current account

a credit item in the current account

a credit item in the capital account

7 / 50

The length of a business cycle would be measured from ?

peak to trough

peak to peak

trough to peak

the slump to the expansion

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

how to get rid of it

there is no problem it is divided equally

9 / 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

10 / 50

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

Approach

follow-up

handling objections

closing

11 / 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 greater then

any of the above

the same as

relatively less than

12 / 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

classical dichotomy theory of the short-run aggregate supply curve

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

sticky-price theory of the short run aggregate supply curve

13 / 50

The ecosystem is__________________?

a systematic application of the economy

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

what Hobbes called the ?state of nature?

the way inanimate objects are placed into the natural system

14 / 50

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

the states inefficiency

excess state revenues

the tenth amendment

urban influence on the states

15 / 50

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

budget deficits

numbers of employees

welfare plans

expenditures

16 / 50

Human wants are_______________?

Limited

Unlimited

Likely to decrease over time

Always fixed

17 / 50

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

10%

0.00%

0.50%

18 / 50

An example of unconscious socialization would be____________________?

correcting child?s use of worlds

child taught to use knife and fork

child taught to read

child absorbing parents? attitudes toward race

19 / 50

Investment in agriculture sector is Rs ?

49.9 billion

45.9 billion

45.1 billion

50.9 billion

20 / 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

21 / 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 imports quota increases a country?s net exports

A restrictive import quota decreases a country?s net exports

22 / 50

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

Excess supply

A price increase

A price fall

Excess demand

23 / 50

Today?s Catholic Church is classified as a________________?

national state

nongovernmental organization

intergovernmental organization

nationless state

24 / 50

Which of the following statement about rural and agricultural development is true ?

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

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

China?s rural population receives little income from nonfarm income

25 / 50

The popularity of spaghetti in the United States resulted from_______________?

diffusion

the invention of pasta machines

an innovation in agriculture

the discovery of noodles

26 / 50

CEO stands for_______________?

chief executive officer

capital employment outlay

clear everybody out

Caribbean Entrepreneurs Office

27 / 50

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

19%

1.60%

6.10%

22%

28 / 50

The teenage birthrate_______________?

is highest among white teenagers

has declined in the past several years

has soared in the past two years

none of the above

29 / 50

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

absolute advantage

comparative advantage

multilateral advantage

mutual advantage

30 / 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 profit earned by the owner of any housing unit.

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

31 / 50

An individual learns to be a human being by______________?

instincts

in our society watching television

socialization

cosmic influences

32 / 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

33 / 50

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

$40,000

$20,000

$10,000

34 / 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

reduction, increase

increase , increase

reduction, reduction

35 / 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

36 / 50

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

Quotient

Limit

Quota

Factor

37 / 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

Both of them

None of them

38 / 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

39 / 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

40 / 50

Constitutions are________________?

intended to limit governmental power

always written

blueprints for monarchies

meant to establish the rule of men

41 / 50

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

natural resource extraction and mining jobs

manufacturing and blue-collar jobs

agriculture and farming jobs

services and white-collar jobs

42 / 50

Unemployment means that ?

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

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

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

there is excess demand in the labour market

43 / 50

A country?s capital stock is the ?

sum of previous gross investment minus depreciation

inflow of investment from abroad

approximated investment minus actual investment

difference between GDP and capital consumption

44 / 50

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

contractionary monetary and fiscal policies

long-run institutional and structural economic change

currency devaluation

short term-adjustment with a human face

45 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

myocardial shock

static shock

culture shock

46 / 50

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

imports

exports

inventories

taxes

47 / 50

Country A has the comparative advantage in ?

Beer

Wine

Neither wine nor beer

Both wine and beer

48 / 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

modern manufacturing sector is labor intensive

agricultural sector hires labor economically

49 / 50

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

covers variable costs

covers fixed costs

covers revenue

covers total costs

50 / 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

Average cost falls

Average fixed cost is Rs10

Marginal cost is Rs20

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