Part 1

Part 1

  1. What might create a monopoly? (Points : 4)
  2. a key resource is owned by a single firm.
  3. the government gives  a single firm the exclusive right to produce a good or service.
  4. a single firm can produce output at a lower cost than a larger number of producers.
  5. all of the above
  6. Market power is the ability _____. (Points : 4)
  7. to set prices and quantities sold
  8. of capitalists to exploit the working classes
  9. to set prices
  10. all of the above
  11. Which of the items below are examples of monopolistic competition, also known as imperfect competition? (Points : 4)
  12. patent, copyright, and trademark
  13. professional licensing and labor unions
  14. local shops and restaurants
  15. all of the above
  16. none of the above
  17. In what kind of market is a firm unable to influence the price of its output? (Points : 4)
  18. price maker
  19. monopoly
  20. imperfect monopoly
  21. perfectly competitive
  22. When the quantity sold of a good changes significantly in response to changes in price, its demand is _____. (Points : 4)
  23. identical to his supply curve
  24. identical to marginal cost
  25. highly elastic
  26. highly inelastic
  27. When a firm’s marginal revenues are higher than its marginal cost, (Points : 4)
  28. it is operating below its optimal capacity
  29. it is operating above its optimal capacity
  30. it is operating at its optimal capacity
  31. all of the above
  32. The primary goal of a firm is to _____. (Points : 4)
  33. minimize cost
  34. maximize revenue
  35. maximize profit
  36. all of the above
  37. Which of the following most nearly approximates a perfectly competitive market? (Points : 4)
  38. products with brand names that are sold in many different stores
  39. commodities, like wheat, rice, and gold
  40. products that are very close substitutes for each other, like Coke and Pepsi
  41. all of the above
  42. Profit equals _____. (Points : 4)
  43. total revenue minus total cost
  44. total revenue minus marginal cost
  45. marginal revenue minus marginal cost
  46. gross revenue minus depreciation
  47. Marginal cost is _____. (Points : 4)
  48. a small cost that does not affect a firm’s profit significantly
  49. the cost of increasing the margin between cost and price
  50. the cost of producing the next unit of output
  51. all of the above
  52. A good that is non-excludable and non-rival in consumption is called a(n): (Points : 4)
  53. public good
  54. commodity
  55. oligopoly good
  56. monopoly good
  57. The “Prisoner’s Dilemma” illustrates: (Points : 4)
  58. The lack of cooperation among firms in a competitive market
  59. The lack of cooperation among firms in a monopolistic market
  60. The lack of cooperation between a monopoly and its customers
  61. why, in an oligopoly market, cooperation is difficult to achieve even when it is mutually beneficial
  62. Advertising is a natural feature of  _____. (Points : 4)
  63. monopolistic competition
  64. perfect competition
  65. public good
  66. monopoly
  67. A cartel arrangement is likely to be successful for its members only if it can _____. (Points : 4)
  68. let members produce at full capacity and sell all of their output to the other cartel members
  69. monitor the cartel members and enforce the arrangement
  70. get the government to pass antitrust legislation
  71. do all of the above
  72. A single firm that can supply a good or service to an entire market at a smaller cost than two or more firms could is called a: (Points : 4)
  73. Natural monopoly
  74. Competitive monopoly
  75. Cartel
  76. Artificial monopoly
  77. The theory of comparative advantage concludes that _____. (Points : 4)
  78. each individual should engage in that activity, in which he or she is more effective than anyone else
  79. each individual should engage in a large number of economic activities, and not ‘put of one’s eggs in one basket’
  80. each individual should pursue a career doing what he or she does best
  81. each individual should strive to be self-reliant
  82. Price gouging might be the result of: (Points : 4)
  83. A sudden increase in demand
  84. A sudden decrease in demand
  85. A sudden increase in supply
  86. A surplus
  87. A negative externality occurs when _____. (Points : 4)
  88. a person’s action harm others, and that person does not bear the cost that others bear
  89. a person breaches the social contract
  90. a person’s actions create benefits that other persons benefit from, but do not pay for
  91. a person ceases activities that are external to the economic processes, in which that person engages
  92. Transaction costs include _____. (Points : 4)
  93. fees charged by brokers
  94. transportation and communication costs
  95. legal, accounting, and regulatory costs
  96. all of the above
  97. Legal prohibitions against price gouging _____. (Points : 4)
  98. are necessary for the smooth operation of a market economy
  99. are price floors that lead to surpluses
  100. are price ceilings that lead to shortages
  101. prevent price discrimination
  102. OPEC is an example of _____. (Points : 4)
  103. cartel
  104. oligopoly
  105. both of the above
  106. none of the above
  107. As you become more educated, you provide your environment with a ________ (Points : 4)
  108. positive externality
  109. negative externality
  110. consumer surplus
  111. producer surplus
  112. Which good is considered to have an “inelastic” demand? (Points : 4)
  113. Gasoline at a specific gas station in a populated city
  114. Cocaine or heroin
  115. Rolex watches
  116. Toyota vehicles
  117. Fireworks display, national defense, and fire protection most closely fit the definition of what kinds of goods, from the perspective of economics? (Points : 4)
  118. scarce goods
  119. uncertain goods
  120. natural monopoly goods
  121. public goods
  122. The tragedy of the commons occurs when _____ (Points : 4)
  123. supply exceeds demand.
  124. property rights to a scarce resource are not assigned or not enforced.
  125. free riders are excluded from consuming a resource.
  126. individuals steal from each other.

Part 2

  1. Economics studies _____. (Points : 5)
  2. How society manages its scarce resources
  3. Social Welfare
  4. Ethical use of resources
  5. Protection of workers’ rights
  6. All other things being equal, a decrease in supply results in a(n)_____. (Points : 5)
  7. increase in equilibrium price and a decrease in equilibrium quantity
  8. increase in equilibrium quantity and a decrease in equilibrium price
  9. decrease in equilibrium quantity and a decrease in equilibrium price
  10. decrease in demand
  11. In one hour, a person can fix 4 flat tires or type 200 words. The opportunity cost of fixing ONE flat tire is _____. (Points : 5)
  12. 200 words
  13. 4 flat tires
  14. 1 word
  15. 50 words
  16. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as _____. (Points : 5)
  17. quantity demanded
  18. demand
  19. supply
  20. quantity supplied
  21. Public goods are _____. (Points : 5)
  22. excludable but not rival in consumption
  23. rival in consumption but not excludable
  24. excludable and rival in consumption
  25. neither excludable nor rival in consumption
  26. In a free market economy, government is needed when _____. (Points : 5)
  27. property right are not assigned to individuals
  28. the market fails to allocate resources efficiently
  29. a single supplier has a substantial influence on the market price.
  30. all of the above apply
  31. All other things being equal, an increase in demand results in a(n) ______. (Points : 5)
  32. increase in equilibrium price and a decrease in equilibrium quantity
  33. increase in equilibrium quantity and a decrease in equilibrium price
  34. decrease in equilibrium quantity and a decrease in equilibrium price
  35. increase in equilibrium price and an increase in equilibrium quantity
  36. In a free market, a shortage of a product always leads to: (Points : 5)
  37. Increases in price
  38. Decreases in price
  39. No change in price
  40. Any of the above
  41. Price discrimination is most likely practiced by a(n) _____. (Points : 5)
  42. monopoly
  43. oligopoly
  44. monopolistic firm
  45. perfectly competitive firm
  46. Rival pricing strategies and collisions are typically found in a(n) _____. (Points : 5)
  47. monopoly
  48. oligopoly
  49. monopolistic competition
  50. perfectly competition
  51. Most products purchased in our daily lives are found in this market: (Points : 5)
  52. monopoly
  53. oligopoly
  54. monopolistic competition
  55. perfect competition
  56. When the government is involved in regulating the prices sellers are allowed to charge, this often leads to_____. (Points : 5)
  57. unemployment, inflation, and recession
  58. deceptive advertising
  59. price gouging
  60. the quantity of goods available being less than the equilibrium quantity
  61. A price imposed by the government below an equilibrium price is called a ____ . (Points : 5)
  62. price ceiling
  63. price floor
  64. price carpet
  65. price surplus
  66. A tax on imports is called a: (Points : 5)
  67. sales tax
  68. corporate tax
  69. trade tax
  70. tariff
  71. Profit-maximizing firms produce extra units of output up to the point where: (Points : 5)
  72. marginal revenue equals marginal cost
  73. marginal revenue exceeds marginal cost
  74. marginal revenue is less than marginal cost
  75. any of the above
  76. In the United States, anti-trust laws might not allow: (Points : 5)
  77. black markets
  78. underground economy
  79. mergers of big and dominant companies like Coca-Cola and PepsiCo
  80. too much competition in a specific market.
  81. Higher oil prices tend to: (Points : 5)
  82. increase the prices of many different products
  83. increase the prices of farm products only
  84. increase prices in the airline industry only
  85. increase the prices of public transportation only
  86. When doing research, Economists: (Points : 5)
  87. follow the scientific method: observation, theory, and more observation
  88. cannot use experiments, as they are often done in areas like Physics and Chemistry.
  89. have to use whatever data the world happens to give them
  90. all of the above.
  91. Economic models_____. (Points : 5)
  92. must completely describe every aspect of the economy in order to be useful
  93. are simplified abstract representations of reality
  94. avoid the use of assumptions wherever possible
  95. are ideals that economics agents aspire to achieve
  96. A few industry-dominating firms acting as a collective monopoly is known as a: (Points : 5)
  97. a trading bloc
  98. a market
  99. a cartel
  100. an industry
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