79. Which of the following statements about industrial countries is TRUE? A. The

Question

79. Which of the following statements about industrial countries is TRUE? A. The economies of industrial countries do not depend on one another. B. The economies of industrial countries are interdependent C. Powerful industrial countries can afford to ignore the economic policies of other countries D. Economic conditions in an industrial country are unique to that country and cannot spread to others E. The flow of funds from one industrial country to another is highly restricted.
146. Which of the following is not one of the conclusions of the world bank study on globalization in the Asian tiger countries? A. The gap between rich countries and globalized developing countries has shrunk. B. Income inequality has not increased C. Multinational corporations have less power D. Economic growth has increased with globalization E. Poverty has been reduced
10. A market is in equilibrium when A. The price is low B. The government imposes price controls C. Equilibrium price equals equilibrium quantity. D. The demand and supply curves intersect E. The price is high
22. An effective price ceiling on gasoline means that A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. 79. Which of the following statements about industrial countries is TRUE? A. The economies of industrial countries do not depend on one another. B. The economies of industrial countries are interdependent C. Powerful industrial countries can afford to ignore the economic policies of other countries D. Economic conditions in an industrial country are unique to that country and cannot spread to others E. The flow of funds from one industrial country to another is highly restricted.
146. Which of the following is not one of the conclusions of the world bank study on globalization in the Asian tiger countries? A. The gap between rich countries and globalized developing countries has shrunk. B. Income inequality has not increased C. Multinational corporations have less power D. Economic growth has increased with globalization E. Poverty has been reduced
10. A market is in equilibrium when A. The price is low B. The government imposes price controls C. Equilibrium price equals equilibrium quantity. D. The demand and supply curves intersect E. The price is high
22. An effective price ceiling on gasoline means that A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. 79. Which of the following statements about industrial countries is TRUE? A. The economies of industrial countries do not depend on one another. B. The economies of industrial countries are interdependent C. Powerful industrial countries can afford to ignore the economic policies of other countries D. Economic conditions in an industrial country are unique to that country and cannot spread to others E. The flow of funds from one industrial country to another is highly restricted.
146. Which of the following is not one of the conclusions of the world bank study on globalization in the Asian tiger countries? A. The gap between rich countries and globalized developing countries has shrunk. B. Income inequality has not increased C. Multinational corporations have less power D. Economic growth has increased with globalization E. Poverty has been reduced
10. A market is in equilibrium when A. The price is low B. The government imposes price controls C. Equilibrium price equals equilibrium quantity. D. The demand and supply curves intersect E. The price is high
22. An effective price ceiling on gasoline means that A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. 146. Which of the following is not one of the conclusions of the world bank study on globalization in the Asian tiger countries? A. The gap between rich countries and globalized developing countries has shrunk. B. Income inequality has not increased C. Multinational corporations have less power D. Economic growth has increased with globalization E. Poverty has been reduced
10. A market is in equilibrium when A. The price is low B. The government imposes price controls C. Equilibrium price equals equilibrium quantity. D. The demand and supply curves intersect E. The price is high
22. An effective price ceiling on gasoline means that A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. A. The price is low B. The government imposes price controls C. Equilibrium price equals equilibrium quantity. D. The demand and supply curves intersect E. The price is high
22. An effective price ceiling on gasoline means that A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. A. A shortage of cars will result B. The lines at gas stations will disappear C. People will be able to drive more D. Long lines occur at gas stations E. People will quit driving
29. Price elasticity of demand is a measure of the A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
31. Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded. A. Absolute change in price B. Percentage change in the prices of two products C. Percentage change in price times the percentage change in quantity demanded D. Degree of consumer responsiveness to changes in price E. Extent of competition in the market
A. 20 percent increase in the quantity demanded B. 2 percent decrease in the quantity demanded C. 0.2 percent decrease in the quantity demanded D. 20 percent decrease in the quantity demanded E. 2 percent increase in the quantity demanded.

Explanation / Answer

ANSWER TO 79. ( B)

All Economies are interdependent in the modern world. The highly developed countries are rich because they depend on each other for capital , resources and trade.

Their economics, politics and Financial systems affect each other as has been demonstrated by the recent depression of 2007.

ANSWER TO 146 (B)

One of the main features of growth in LDC’s over the last 20 years has been the marked growth of income inequality in countries like China and India. Due to globalization a few Chinese and India Investors and business men have gone global and amassed great wealth.

ANSWER TO 10. ( D)

This is the universal principle in economics that equilibrium occurs when D=S

ANSWER TO 22. ( D)

Price ceiling is not necessarily at the equilibrium level where producer sand suppliers are able to meet the costs. Therefore, it implies shortage of supply and increase in artificial demand.

ANSWER TO 29. (D)

We know that price affects quantity demanded. But how much quantity will be affected when price changes a little. To measure this we use the concept of elasticity. Price elasticity measures the extent of responsiveness of quantity demanded to changes in price-levels.

Answer to 31 ( B)

E= Change in Q/ Change in P * 100.

Therefore 0.2*10   = 2 % . Q will decline by 2%

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