Economics Quiz 86

1 / 50

For the United States empirical studies indicate that over the past two hundred years the cost of international transportation relative to the value of U.S imports has ?

Any of the above

increased

Decreased

Not changed

2 / 50

The base of all of the following fuels is organic materials except that of ?

Natural gas

Uranium

Coal

Petroleum

3 / 50

With whom would you associate the following quote? The business of business is business? ?

Alfred Marshal

Milton Friedman

Karl Marx

Adam smith

4 / 50

A student chooses to study because the marginal benefit is greater than the ______________ cost?

average

total

marginal

expected

5 / 50

The rise of social classes is almost always associated with the development of__________________?

the state

international trade

totalitarianism

democracy

6 / 50

The precautionary demand for money is ?

An idle because

Directly related to interest rates

An active balance

Inversely related to income

7 / 50

What is the second cattle producing country ?

United States

Argentina

India

China

8 / 50

Complete currency pass through arises when a 10 percent depreciation in the value of the dollar causes U.S?

export prices to fall by 10 percent

import prices to fall by 10 percent

export prices to rise by 10 percent

import prices to rise by 10 percent

9 / 50

Raising taxes and increasing welfare payments ?

improves efficiency at the expense of equity.

Proves that there is such a thing as a free lunch

reduces market power

improves equity at the expense of efficiency.

10 / 50

For a price ceiling to be binding constraint on the market the government must set it ?

above the equilibrium price

below the equilibrium price

precisely at the equilibrium price

at any price because all price ceilings are binding constraints

11 / 50

What country had the largest area of forest ?

Brazil

United States

Canada

Russia

12 / 50

Which of the following is not rated by credit rating agencies ?

Government securities

Debentures and bonds

Commercial paper

13 / 50

The Phrase ?twin deficits? refers to ?

a country?s trade deficit and its net capital outflow deficit

the equality of a country?s saving deficit and its investment deficit

The fact that if a country has a trade deficit, its trading partners must also have trade deficits

A country?s trade deficit and its government budget deficit

14 / 50

Which country in the World is leading in jute production ?

India

Thailand

None of these

Brazil

15 / 50

Any combination of products inside the production possibility frontier is ?

Allocatively inefficient

X inefficient

Productively inefficient

Consumer inefficient

16 / 50

New classical economists advocate reducing welfare payments to people who are unemployed or single parents. The economic reasoning used was that this would ?

reduce poverty

reduce unemployment

help small businesses

weaken the power of trade unions

17 / 50

If people are made unemployed because of a fall in aggregate demand this is known as ?

Frictional unemployment

Cyclical unemployment

Seasonal unemployment

Structural unemployment

18 / 50

The gas-guzzler tax that is placed on new vehicles that are very fuel inefficient is an example of ?

an attempt to internalize a positive externality

an attempt to internalize a negative externality.

an application of the Coase theorem

a tradeable pollution permits.

19 / 50

Which method of child care is best for children ?

Being cared for by the biological mother even if she would rather work outside the house

Being in a day-care center with other children of the same age

Spending at least 20 hours with a person other than the mother

We do not really know

20 / 50

How much wood the forest sector provides ?

3.5 million hectares

5.5 million hectares

4.5 million hectares

2.5 million hectares

21 / 50

Studying interaction within a human family would occur on a____________?

macrosocial level

microscopic level

microsocial level

macroscopic level

22 / 50

What is the density of population in Pakistan total population of Pakistan ?

41.00%

42.60%

38.60%

32.50%

23 / 50

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market ?

One vase will be sold, and consumer surplus is Rs5.

One vase will be sold, and consumer surplus is Rs30.

Three vases will be sold, and consumer surplus is Rs80

Two vases will be sold, and consumer surplus is Rs5.

24 / 50

Organized family-planning programs and the demand for birth control resulting from urbanization, modernization, economic development and increased education have contributed to ?

The demographic transition from stage 3 to stage 2

increases in the ratio of labor to capital

a decline in fertility

an increase in the dependency ratio

25 / 50

When an economy first begins to grow more slowly ?

Inflation is likely to increase

Investment in equipment is likely to increase

Stock levels are likely to increase

GDP increase

26 / 50

Which is most likely to cause a more even distribution of income ?

An increase in indirect taxes

An increase in progressive taxation

An increase in managers salaries

An increase in the rate of inflation

27 / 50

What is Dumping ?

Sale of goods in large quantities with high quality

Sale of goods in large quantities and at a low price

Sale of goods in large quantities with high price

Sale of goods in large quantities with low quality

28 / 50

Policy makers are said to ?accommodate? an adverse supply shock if they ?

respond to the adverse supply shock by increasing aggregate demand, which further raises prices

fail to respond to the adverse supply shock and allow the economy to adjust on its own.

respond to the adverse supply shock by decreasing aggregate demand which lower prices

respond to the adverse supply shock by decreasing short run aggregate supply

29 / 50

Concerning the hypothesis that there has occurred a long run deterioration in the developing countries terms of trade empirical studies provide ?

overwhelming opposition to the deterioration hypothesis

overwhelming support for the deterioration hypothesis

mixed evidence that does not substantiate the deterioration hypothesis

None of the above

30 / 50

Of which item?s chief exporter is Indonesia ?

Wheat

Silver

Sugar

Gold

31 / 50

A ghetto tends to contain________________?

residents who make up an economic underclass

all of the above

slums

a concentration of one racial group in an area

32 / 50

If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?

Rs50

Rs100

Rs650

Rs500

33 / 50

Marx,s view of social class is that______________?

talented people will always rise to the top

religion helps fight social inequality

the bourgeoisie will eventually triumph

private ownership of the means of production perpetuates class divisions

34 / 50

Property is defined in terms of rights of_________________?

Ownership

production

consumption

distribution

35 / 50

A form of industry structure characterized by a few firms, each large enough to influence market price is ?

monopolistic competition

oligopoly

perfect competition

monopoly

36 / 50

What was the total inflow of irrigation water in 2001-2 ?

76.9 MAF

86.9 MAF

91 MAF

100.9 MAF

37 / 50

Julian simon ?

assumed the classical view of technological change 6

used the second law of thermodynamics to assume that technological progress is costless

assumed that population growth causes technological progress

supported the Club of Rome?s Limits to Growth for estimating technical change

38 / 50

What is the density of population in Pakistan according to census of 1998 ?

185 persons per square KM

150 persons per square KM

158 persons per square KM

164 persons per square KM

39 / 50

Human infants in order to become successful adults need______________?

body contact

all of the above

social interaction

learning

40 / 50

The most common form of religious behavior is__________________?

tithing

mana

prayer

taboo

41 / 50

The term prospectus refers to______________?

Document describing chief features of something for participants

Both of them

Formal summary of proposed project

None of them

42 / 50

The concept of opportunity cost ?

Would be relevant if we eliminated poverty

Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.

is relevant only for a capitalist economy like the United States.

Suggests all our wants can be achieved.

43 / 50

Which of the following policy actions by a central bank is likely to increase the money supply ?

Increasing the refinancing rate

Buying government bonds in open market operations

Increasing reserve requirements

All of these will increase the money supply

44 / 50

The institutional framework developed in 1947 to promote trade liberalization is known sa?

the World Bank

the WTO

the GATT

the IMF

45 / 50

What is referred by cost push inflation ?

Decreased production costs drive prices down

increased production costs drive prices down

increased production costs drive prices up

Decreased production costs drive prices up

46 / 50

An increase in price all other things unchanged leads to ?

An extension of demand

Shift demand inwards

A contractions of demand

Shift demand outwards

47 / 50

There is inequality among the Siriono of Bolivia in that_________________?

none of the above

the elder females make all the group,s rules

there is a priestly caste

the families of the best hunters are permitted to hoard food

48 / 50

According to Oskar Lange?s model socialist enterprises should produce where ?

total revenue equals total cost

marginal revenue equals average cost

The monopoly profit maximization rule applies

Product price equals marginal cost

49 / 50

Feminist theory bas borrowed much of the ideas of________________?

the ideology that tries to rationalize women ,s low position in society

The Feminine Mystique

psychology

conflict and Marxist theories

50 / 50

The formula to calculate economic growth from 2001 to 2002 is given by ?

[(GDP2002 + GDP2001)/GDP2001]100

[(GDP2001 ? GDP2002]100

[(GDP2002 ? GDP2001) GDP2001]100

[(GDP2002 ? GDP2001)/GDP2001]100

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