Economics MCQs

Page No. 387

Which of the following was not a classical economist ?


aAdam Smith

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bThomas R. Malthus

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cJohn Stuart Mill

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dJohn Maynard Keynes

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View Answer John Maynard Keynes

During the 1980s and 1990s a period of economic conservative governments in much of West and Japan, a leading approach among development economists was ?


a neoclassicism

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bMarxism

✓


c Rostow’s model

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d classical appraoch

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View Answer neoclassicism

Surplus labor theories assume that ?


aLDCs are overpopulated

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b labor contributes nothing to output in LDCs

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c the marginal products of labor is closed to zero in LDCs

✓


d urban unemployment is high in LDCs

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View Answer the marginal products of labor is closed to zero in LDCs

The Vicious circle theory states that ?


a growing government assistance create addiction to welfare programs

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b low income levels create pressure for money creation

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c low income levels create pressure for cheap imports

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dlow per capita incomes creates low savings that keep incomes low

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View Answer low per capita incomes creates low savings that keep incomes low

According to the supply side of the vicious circle theory of development a country is poor because ?


a technology levels do not allow for self sufficiency

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bit was previously too poor to save and investit was previously too poor to save and invest

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c underemployment is too widespread

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dresource allocation is poor

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View Answer it was previously too poor to save and invest

One criticism of Rostow’s theory of economic growth is that ?


a much available data contradicts his thesis about the takeoff stage

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b there is no explanation of why growth occurs after takeoff

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c his hypothesis of the stages of growth is difficult to test empirically

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d All of the above are correct

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View Answer All of the above are correct

Suppose that the firms collude and become a cartel The best level of output for the cartel as a whole is ___________ the price equals __________ and profits total __________?


a2 million barrels per day, $100, $60 million

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b4 million barrels per day, $80, $160 million

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c6 million barrels per day, $60, $60 million

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d 8 million barrels per day, $40, $20 million

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View Answer 4 million barrels per day, $80, $160 million

Poor developing countries typically impose __________ tariffs than rich advanced nations on imports?


a lower

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bhigher

✓


c about the same height

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dNone of the above

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View Answer higher

Membership in the World Trade Organization for china ?


ahas been a matter of low priority for the Chinese government

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b was achieved in the early 1950s

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chas been opposed by a number of labor and human rights organizations in other countries

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dhas had negligible effect on trade between china and the United States

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View Answer has been opposed by a number of labor and human rights organizations in other countries

The pattern of economic growth describes the phenomenon of countries moving up in technological development by following the patterns of countries ahead of them in the development process ?


a flying geese

✓


bimport substitution

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cexport orientation

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d commodity expansion

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View Answer flying geese

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