Economics Quiz 78

1 / 50

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

$40,000

$20,000

$10,000

2 / 50

Investment in agriculture sector is Rs ?

45.1 billion

49.9 billion

45.9 billion

50.9 billion

3 / 50

The ecosystem is__________________?

a systematic application of the economy

what Hobbes called the ?state of nature?

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

the way inanimate objects are placed into the natural system

4 / 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 Thomas has the property right to peace and quiet

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 Roberto has the property right to play loud music

it is efficient for Roberto to continue to play loud music

5 / 50

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

inventories

taxes

exports

imports

6 / 50

Today?s Catholic Church is classified as a________________?

nationless state

nongovernmental organization

national state

intergovernmental organization

7 / 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

China?s rural population receives little income from nonfarm income

The agrarian community requires a full range of services such as schools merchants banks and so on

8 / 50

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

Quotient

Factor

Quota

Limit

9 / 50

The length of a business cycle would be measured from ?

the slump to the expansion

trough to peak

peak to peak

peak to trough

10 / 50

The popularity of spaghetti in the United States resulted from_______________?

the discovery of noodles

an innovation in agriculture

diffusion

the invention of pasta machines

11 / 50

Futurist Alvin Toffler called his concept_______________?

future shock

static shock

culture shock

myocardial shock

12 / 50

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

excess state revenues

the states inefficiency

urban influence on the states

the tenth amendment

13 / 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

reduction, reduction

reduction, increase

increase, reduction

14 / 50

The total forest area of Punjab is ?

0.989 million hectares

0.89 million hectares

0.96 million hectares

1.69 million hectares

15 / 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

16 / 50

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

a debit item in the capital account

a credit item in the current account

a debit item in the current account

a credit item in the capital account

17 / 50

Economic growth can be shown by ?

An outward shift of the production possibility frontier

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

A movement along the production possibility frontier

An inward shift of the production possibility frontier

18 / 50

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

absolute advantage

comparative advantage

multilateral advantage

mutual advantage

19 / 50

CEO stands for_______________?

Caribbean Entrepreneurs Office

chief executive officer

clear everybody out

capital employment outlay

20 / 50

According to Karl Marx_______________?

classes are the result of different life styles

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

status is also a phenomenon of stratification

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

21 / 50

In Nash equilibrium each player chooses the best strategy ?

that is a credible threat

dominated by the other players

given the strategies of other players

Assuming other players move first

22 / 50

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

6.10%

19%

1.60%

22%

23 / 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

24 / 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

25 / 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

26 / 50

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

covers total costs

covers variable costs

covers fixed costs

covers revenue

27 / 50

Human wants are_______________?

Always fixed

Limited

Likely to decrease over time

Unlimited

28 / 50

Industrial Revolution__________________?

eliminated social classes

none of the above

made all social classes equal

created a class of industrial workers

29 / 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

30 / 50

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

0.00%

0.50%

10%

31 / 50

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

Approach

handling objections

closing

follow-up

32 / 50

The teenage birthrate_______________?

none of the above

has declined in the past several years

has soared in the past two years

is highest among white teenagers

33 / 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

34 / 50

Constitutions are________________?

intended to limit governmental power

meant to establish the rule of men

blueprints for monarchies

always written

35 / 50

An example of unconscious socialization would be____________________?

child taught to read

correcting child?s use of worlds

child taught to use knife and fork

child absorbing parents? attitudes toward race

36 / 50

A country?s capital stock is the ?

approximated investment minus actual investment

inflow of investment from abroad

sum of previous gross investment minus depreciation

difference between GDP and capital consumption

37 / 50

An individual learns to be a human being by______________?

in our society watching television

instincts

cosmic influences

socialization

38 / 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 import quota decreases a country?s net exports

A restrictive imports quota increases a country?s net exports

None of these answers

39 / 50

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

the profit earned by the owner of any housing unit.

any profit earned by stockholders when they sell their stock

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

the amount paid each year by a tenant for an apartment

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 ?

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

41 / 50

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

expenditures

budget deficits

numbers of employees

welfare plans

42 / 50

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

National debt

None of them

Public debt

Both of them

43 / 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

44 / 50

The balance of payment is ?

Shortfall in budget

Total liabilities of a nation

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

Total sum a state owned

45 / 50

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

A price fall

Excess supply

A price increase

Excess demand

46 / 50

Unemployment means that ?

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

there is excess demand in the labour market

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

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

47 / 50

Lean production________________?

combines the best features of craft and mass production

All of the above

pushes responsibility down the organizational ladder

has as its goal perfection

48 / 50

Country A has the comparative advantage in ?

Neither wine nor beer

Wine

Beer

Both wine and beer

49 / 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?

the same as

relatively greater then

any of the above

relatively less than

50 / 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

in the third stage of the demographic transition

threatened by under population

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