0% 0 Economics Quiz 89 1 / 50 Refer to Figure 1 The labour fouce is ? 92.3 million 134.0 million 98.0 million None of theses answers 2 / 50 Which of the following statements best describes the outcome under monopolistic competition ? It is efficient because the right amount of output is produced, but not efficient in that the output produced is produced at a cost above minimum average total cost It is efficient because entry is free and economic profits are eliminated in the long run. It is not efficient because too little output is produced but is efficient in that the output produced is produced at minimum average total cost. It is not efficient because too little output is produced and the output that is produced is produced at a cost above minimum average total cost 3 / 50 The largest group to Which a person belongs is______________? triad primary family society 4 / 50 in long-run equilibrium in a competitive market, firms are operating at ? zero economic profit their efficient scale the minimum of their average-total-cost curves all of these answers are correct 5 / 50 In the market for real output, the initial effect of an increase in the money supply is to ? shift the aggregate demand curve to the right shift the aggregate demand curve to the left shift the aggregate supply curve to the right shift the aggregate supply curve to the left 6 / 50 A problem with laissez-faire economic policy is that there is___________________? no profit motives responsiveness to demand no provision for public goods no flexibility 7 / 50 The term ?ecclesia? means_______________? a universal religion a member of the clergy a book of the Bible a state religion 8 / 50 Most ideologies consist of________________? ideas derived exclusively from ancient Greece ideas that have been in existence for centuries a set of complex algebraic expressions a body of doctrines beliefs and symbols 9 / 50 Which of the following crops is/are Cash Crop ? Jute Cotton Tea All of above 10 / 50 Expansionary monetary policy ? usually has no effect on a currency?s exchange value tends to lead to a depreciation of a nation?s currency tends to lead to a depreciation of the currencies of other nations tends to lead to an appreciation of a nation?s currency 11 / 50 According to William Baumol under oligopolistic competition among large, high tech business firms. innovation has ? maintained the relationship between firms and their clients replaced price as the important limited the expansion of firms created stationary economies of scale 12 / 50 In which country are diamonds abundantly found ? South Africa Russia Australia Canada 13 / 50 The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer? an increase in the quantity supplied of a decrease in the quantity supplied of a decrease in the supply of an increase in the supply of 14 / 50 Microeconomics is not concerned with the behavior of ? firms Consumers aggregate demand industries. 15 / 50 Primary group are basic to the development of____________________? law personality social change politics 16 / 50 The resources in an economy are ? Constantly decreasing Fixed at any moment Constantly increasing Able to be transferred easily between industries 17 / 50 Mariam earns more than Seamus and she came by her income fairly and honestly which of the following political philosophies would argue against the redistribution of income from Mariam to Seamus ? all of these answers none of these answers libertarianism utilitarianism 18 / 50 Increases in real GNP per capita occur when ? government programs direct resources away from investment goods to consumer goods. the rate of growth of real GNP is greater than the rate of growth of population tariffs and quotas prevent dollars from leaving the country the level of consumption expenditures rises relative to the level of saving 19 / 50 The role of _______ is to direct one nation?s savings into investments of another nation? merchandise trade flows services flows current account flows capital flows 20 / 50 Economic theory predicts that a currency depreciation will least lead to an improvement in the home country?s trade balance when ? home demand for imports is elastic and foreign export demand is inelastic home demand for imports is inelastic and foreign export demand is inelastic home demand for imports is elastic and foreign export demand is elastic home demand for imports is inelastic and foreign export demand is elastic 21 / 50 The way in which government spending is supposed to reduce investment is by increasing ? overseas investment incomes imports interest rates 22 / 50 If marginal cost is positive and falling ? Total cost is increasing at an increasing rate Total cost is falling Total cost is increasing at a falling rate Total cost is falling at a falling rate 23 / 50 According to the model of aggregate supply and aggregate demand in the long run an increase in the money supply should cause ? prices to rise and output to remain unchanged Price to fall and output to remain unchanged Prices to fall and output to fall Prices to rise and output to rise 24 / 50 Depression is a drastic decline in a national of international economy It?s characteristic is ? Decreasing business activity All of these Falling prices Unemployment 25 / 50 In 1980 the U.S imposed export quotas on grain sold to the Soviet Union in response to its armed invasion of Afghanistan if other nations do not increase grain exports to the soviets all the following would likely occur except? Grain prices would rise in the Soviet union Export revenues would decrease for U.S producers Grains prices would rise in the united States Consumer surplus would decrease for the soviets 26 / 50 If workers get a real wage increase this will likely ____ and _____? encourage the use of more capital in the long run, reduce demand for all inputs encourage the use of less capital, reduce demand for all inputs encourage the use of more capital increase demand for all inputs encourage the use of less capital reduce demand for all inputs 27 / 50 ?Soft ?money is_________________? money given after the election none of the above money used to purchase air time money promised for campaigns 28 / 50 The media present gender roles_____________? stereotypically realistically idealistically according to Victorian model 29 / 50 Which of the following financial market securities would probably pay the highest interest rate ? An investment funds with portfolio of corporate bonds issued by blue chip companies A bond issued by a blue-chip company A government bond issued by the government of France. A bond issued by a startup company 30 / 50 Achieved status would be especially important in_______________? ancient Egypt 19th century India none of the above feudal Europe 31 / 50 In the long run, the Phillips curve will be vertical at the natural rate of unemployment if ? the long-run aggregate demand curve is horizontal at the natural rate of inflation The long run supply curve is horizontal at the natural rate of inflation the long run aggregate demand curve is vertical at potential GDP the long run aggregate demand curve is vertical at potential GDP 32 / 50 The gains from international trade are closely related to ? The labor theory of value All of the above The fact that a country must lose from trade How much the autarky price differs from international terms of trade change 33 / 50 _______ is the general term for a buying and selling process that is supported by electronic means? Web commerce Electronic commerce Internet commerce Computer commerce 34 / 50 The Sapir-Whorf hypothesis ? emphasizes the difficulty of understanding another culture as its participants understand it all of the above is the product of a distinct world view? may well be unintelligible as translated in some languages 35 / 50 For the United States suppose the annual interest rate on government securities equals 8 percent while the annual inflation rate equals 4 percent, For Switzerland the annual interest rate on government securities equal 10 percent while the annual inflation rate equals 7 percent the above variables would cause investment funds to flow from ? the United States to Switzerland causing the dollar to appreciate the United States to Switzerland causing the dollar to depreciate Switzerland to the United States causing the franc to depreciate Switzerland to the United States causing the franc to appreciate 36 / 50 ASEAN refers to the ? Association of South East Argo Nations Alliance of South Eastern African Nations Association of South East Asian Nations Alliance of South East Asian Neighbors 37 / 50 In making which of the following statements is an economist acting more like a scientist ? The rate of inflation should be reduced because it robs the elderly of their savings. The unemployment rate should be reduced because unemployment robs individuals of their dignity. A reduction in unemployment benefits will reduce the unemployment benefits will reduce the unemployment rate. The state should increase subsidies to universities because the future of our country depends on education. 38 / 50 The mark is imposed on goods or wrappers to show that the articles bearing this mark belong to a particular trader. What is this mark called ? Trade Mark Insignia Patent mark Identification mark 39 / 50 Engineers for the All-Terrain Bike Company have determined that a 15% increase in all inputs will cause a 15% increase in output Assuming that input prices remain constant, you correctly deduce that such a change will cause ________ as output increases? average costs to decrease average costs to increase marginal costs to increase average costs to remain constant 40 / 50 What is the contribution of forestry to the agriculture sector ? 1.4 3.4 2.4 0.40% 41 / 50 The failure of the League of Nation______________? illustrated that national interest is more important than collective security or moral opposition to aggression was due to Marxism-Leninism was due to the Republican Senate,s opposition occurred after President Wilson,s stroke 42 / 50 If your company were to make a product such as a suit of clothes and sold that product to a retailer your company would have sold to the __________ merket? business reseller government service 43 / 50 Economics is the study of ? the best way to run society Consumption decisions Production technology how society decides what how and for whom to produce 44 / 50 __________ has the advantage of being high in selectivity low cost; immediacy; and interactive capabilities? Outdoor Radio Direct Mail Online 45 / 50 The attitude of some Americans toward the minorities in their midst shows_______________? the importance of culture cultural superiority culture shock cultural relativity 46 / 50 An increase in the Pakistan?s government budget deficit ? decreases Pakistan?s net exports and increase Pakistan?s net capital outflow Increase Pakistan?s net exports and decrease Pakistan?s net capital outflow Increase Pakistan?s net exports and Pakistan?s net capital outflow the same amount decreases Pakistan?s net exports and Pakistan?s net Capital outflow the Pakistan?s same amount 47 / 50 According to the classical economists the economy ? requires fine tuning to reach full employment will never be at full employment is self-correcting. can never deviate from full employment 48 / 50 If a depositor puts Rs100 in a bank amount that earns 4 percent interest compounded annually, how much will be in the account after five years ? Rs 123.98 Rs 104.00 Rs 121.67 Rs400.00 49 / 50 85% of the world?s population lives in developing countries and receives about _____ of the world?s income? 10% 30% 20% 40% 50 / 50 To maximise growth without making a loss a firm should produce the highest output where ? Average cost equals marginal cost Marginal revenue equals marginal cost Average revenue equals marginal cost Average revenue equals average cost Provide Your Information Your score is The average score is 0% LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on facebook Facebook Share on twitter Twitter Share on whatsapp WhatsApp PrevEconomics Quiz 88 Economics Quiz 90Next
