Econ

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hurricanekaty
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86041
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Econ
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2011-05-16 18:58:29
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Econ
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Economics Final Exam Spring 2011
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  1. The United States placed a limit on the number of cars that can be brought into the country for sale. This is an example of?

    A. a tarriff
    B. an import quota
    C. a voluntary export restraint
    D. a voluntary export restraint
    B. an import quota
    (this multiple choice question has been scrambled)
  2. According to the law of comparitive advantage, a country should?

    A. specialize and export goods with the highest opportunity cost.
    B. specialize and export goods with the lowest production cost.
    C. specialize and export goods with the lowest opportunity cost.
    D. specialize and export goods with the lowest average cost.
    C. specialize and export goods with the lowest opportunity cost.
    (this multiple choice question has been scrambled)
  3. Which of the followingis a treaty to eliminate all trade barriers between Canada, Mexico, and the US?

    A. NAFTA
    B. CARICOM
    C. APEC
    D. MERCOSUR
    A. NAFTA
    (this multiple choice question has been scrambled)
  4. What is the European Union?

    A. a union of the six countries of the Common Market
    B. a pact between Europe and the US reguarding tariffs
    C. a regional trade organization of European nations
    D. a political amalgan of European and Asian countries
    C. a regional trade organization of European nations
    (this multiple choice question has been scrambled)
  5. What is an infant industry?

    A. an industry that has tariff protection
    B. a young or developing industry
    C. an industry making products for infants and children
    D. an inefficient but necessary industry
    B. a young or developing industry
    (this multiple choice question has been scrambled)
  6. When the exchange rates are allowed to be determined by supply and demand, they are called which if the following?

    A. fixed
    B. indirect
    C. flexible
    D. direct
    C. flexible
    (this multiple choice question has been scrambled)
  7. What does it mean when an economist says that an area specializes in producing certain products?

    A. They produce only goods for which they have an export market.
    B. They use their resources to produce a limited range of goods.
    C. They produce only certain goods rather than everything they need.
    D. They use the money from their exports to buy food and fuel.
    C. They produce only certain goods rather than everything they need.
    (this multiple choice question has been scrambled)
  8. What country is the world's largest exporter of services?

    A. Great Britain
    B. United States
    C. Japan
    D. Germany
    B. United States
    (this multiple choice question has been scrambled)
  9. How do countries protect their domestic economy from excessive influence by multinational corporations?

    A. by developing their internal economies
    B. by raising the price of goods provided by the multinationals
    C. by requiring the multinational to export a certain percentage of its product
    D. by limiting the supplies of the multinational corporation
    D. by limiting the supplies of the multinational corporation
    (this multiple choice question has been scrambled)
  10. What is a currency system in which each country tries to keep the value of its currency constant against one another called?

    A. a fixed exchange rate system
    B. a floating currency exchange
    C. a flexible exchange rate system
    D. a constant pricing system
    A. a fixed exchange rate system
    (this multiple choice question has been scrambled)
  11. What happen's when a nation's currency depreciates?

    A. Its trade decreases
    B. Its trade increases
    C. Its products become expensive to other nations
    D. Its product becomes cheaper to other nations
    D. Its product becomes cheaper to other nations
    (this multiple choice question has been scrambled)
  12. When a nation imports more than it exports, economists say it has which of the following?

    A. a balance of trade
    B. a trade surplus
    C. a trade deficit
    D. a national difference
    C. a trade deficit
    (this multiple choice question has been scrambled)
  13. The main source of funding for your school probably comes from?

    A. state sales tax
    B. payroll taxes
    C. local property taxes
    D. federal income taxes
    C. local property taxes
    (this multiple choice question has been scrambled)
  14. Which of the following is NOT tax exampt?

    A. the convenience store on the corner
    B. the homeless shelter in your neighborhood
    C. the federal military base near your home
    D. your family's church
    A. the convenience store on the corner
    (this multiple choice question has been scrambled)
  15. What happens to they money that your employer withholds from your paycheck?

    A. Your employer sends it to the federal government to help pay your income tax bill.
    B. Your employer retunrs it to you at the end of the year.
    C. Your employer holds it in case you damage his property.
    D. Your employers holds it until you leave your job and then retunrs it to you.
    A. Your employer sends it to the federal government to help pay your income tax bill.
    (this multiple choice question has been scrambled)
  16. What is the major source of tax revenue for local governments?

    A. sales taxes
    B. income taxes
    C. property taxes
    D. inheritance taxes
    C. property taxes
    (this multiple choice question has been scrambled)
  17. What is an entitlement?

    A. a social welfare program spending funds over which legislators have direct control
    B. a social welfare program providing payments that the government receives for certain services
    C. a social welfare program providing benefits to people who meet certain eligibility requirements
    D. a social welfare program paying bills for government spending such as supplies and utilities
    C. a social welfare program providing benefits to people who meet certain eligibility requirements
    (this multiple choice question has been scrambled)
  18. Which of the following is one reason the federal government collects income taxes as a person earn?

    A. so that the government can pay bills as they come due.
    B. so that taxpayers can qualify for refunds of excess tax.
    C. so that they money can be put aside as its needed
    D. so that people don't realize exactly how much they're paying.
    A. so that the government can pay bills as they come due.
    (this multiple choice question has been scrambled)
  19. What do Social Security taxes pay for?

    A. benefits to those who are unemployed
    B. benefits to older citizens, surving family members of wage earners, and people with certain disabilities.
    C. benefits to federal workers and military personnel
    D. transportation and training expenses for low-income people
    B. benefits to older citizens, surving family members of wage earners, and people with certain disabilities.
    (this multiple choice question has been scrambled)
  20. Who generally bears most of a sales tax when the demand for the good taxed in inelastic?

    A. the wholesaler
    B. the retailer
    C. the producer
    D. the consumer
    D. the consumer
    (this multiple choice question has been scrambled)
  21. What do taxes collected under the Federal Insurance Corperation Act (FICA) fund?

    A. Medicare and Medicaid
    B. Social Security and Medicare
    C. Medicaid and Supplemental Sercurity Income
    D. Social Security and Medicaid
    B. Social Security and Medicare
    (this multiple choice question has been scrambled)
  22. The Dow Jones Industrial Average consists of

    A. 500 different stocks
    B. 60 stocks
    C. The top-selling 250 stocks
    D. 30 stocks
    D. 30 stocks
    (this multiple choice question has been scrambled)
  23. The interest rate the bond issuer pays to the bondholder is called the?

    A. vaule rate
    B. discount rate
    C. coupon rate
    D. maturity rate
    C. coupon rate
    (this multiple choice question has been scrambled)
  24. An accurate statement about bonds would be that...?

    A. they are usually a low-risk investment
    B. they are generally held for 3 or 6 months
    C. they are insured by the FDIC
    D. they entitle the holder to share a ownership in a corperation
    A. they are usually a low-risk investment
    (this multiple choice question has been scrambled)
  25. The main advantage of diversification in an investment policy is that it

    A. increases investors' access to their money
    B. guarantees a fixed rate of return on an investment
    C. reduces risk to investors
    D. offsets the effects on inflation on investment
    C. reduces risk to investors
    (this multiple choice question has been scrambled)
  26. What is the largest income for banks?

    A. special accounts such as NOW accounts
    B. fees charged to customers for accounts
    C. money deposited in savings acocunts
    D. the interest they recieve from loans
    D. the interest they recieve from loans
    (this multiple choice question has been scrambled)
  27. What happens when you make a purchase using a credit card?

    A. The credit card issuer pays the store.
    B. They money is immediataly deducted from your account.
    C. The amount of the purchase is deducted from a prepaid account.
    D. The place where you made the purchase receives the money within 24 hours.
    A. The credit card issuer pays the store.
    (this multiple choice question has been scrambled)
  28. What happens during a bank run?

    A. States charter more banks than needed.
    B. More customers withdraw money than the bank has on hand.
    C. The gov't orders a bank to close.
    D. The price of gold suddenly increases.
    B. More customers withdraw money than the bank has on hand.
    (this multiple choice question has been scrambled)
  29. What were greenbacks?

    A. Privately issued currency used by the Union
    B. Copper coins used by the Confederacy
    C. Paper currency used by the Confederacy
    D. Commodity money used by the Union
    D. Commodity money used by the Union
    (this multiple choice question has been scrambled)
  30. What did the federalists believe about banking?

    A. They believed that The banking system was already sufficient
    B. They believed that An international banking system would be best
    C. They believed that a Centralized banking system was necessary
    D. They believed that Gov'ts should own and run the nation's banks.
    C. They believed that a Centralized banking system was necessary
    (this multiple choice question has been scrambled)
  31. What is the purpose of the Federal Deposit Insurance Corporation (FDIC)?

    A. to make sure customers don't lose money if a bank fails
    B. to make sure banks charge a fair amount of interest on loans
    C. to make sure that they gov't has enough gold to cover its expences
    D. to make sure banks don't fail
    A. to make sure customers don't lose money if a bank fails
    (this multiple choice question has been scrambled)
  32. Labor Unions arose largely in response to the

    A. goal of many firms to hire and retain the most highly skilled workers
    B. 1938 Fair Labor Standards Act, which banned child labor
    C. practice of featherbedding in the railroad industry
    D. dangerous working conditions and long hours of factory jobs in the 1800s
    D. dangerous working conditions and long hours of factory jobs in the 1800s
    (this multiple choice question has been scrambled)
  33. Which of the following jobs are expected to grow significantly?

    A. manufacturing jobs
    B. agricultural workers' jobs
    C. computer-related jobs
    D. police and firefighter jobs
    C. computer-related jobs
    (this multiple choice question has been scrambled)
  34. When did labor unions begin to gain some legal rights in the United States?

    A. 1950s
    B. 1920s
    C. 1900s
    D. 1930s
    D. 1930s
    (this multiple choice question has been scrambled)
  35. According to economic theory, what happens to job opportunities in low-paying jobs when the minimum wage goes up?

    A. the quantity of labor demanded goes down
    B. job opportunities become more interesting
    C. the jobs available become easier to get
    D. the quantity of labor demanded goes up
    A. the quantity of labor demanded goes down
    (this multiple choice question has been scrambled)
  36. What is collective bargaining?

    A. union and company representatives meeting to negotiate a new labor contract
    B. an organization of workers represnting several different occupations
    C. a situation in which the rights of labor have been set aside
    D. an agreement to allow everyone to be part of the labor negotiating process
    A. union and company representatives meeting to negotiate a new labor contract
    (this multiple choice question has been scrambled)
  37. Approximately what percentage of U.S. workers belong to labor unions?

    A. 25 percent
    B. 13 percent
    C. 42 percent
    D. 9 percent
    B. 13 percent
    (this multiple choice question has been scrambled)
  38. Corporations are defined as "entities" because they

    A. may merge in various ways
    B. have a legal identity seperate from those of their owners.
    C. require a certificate of corporation
    D. sell about 90 percent of the products sold in the U.S.
    B. have a legal identity seperate from those of their owners.
    (this multiple choice question has been scrambled)
  39. In a publically held corporation

    A. stocks are not usually traded at stock exchanges
    B. stockholders rarely trade their stocks
    C. family members are excluded from holding stock
    D. a large number if stockholders can buy and sell stock
    D. a large number if stockholders can buy and sell stock
    (this multiple choice question has been scrambled)
  40. If a general partnership fails, who is responsible for the debts?

    A. no one
    B. only the most senior general partner
    C. anyone who works for the partnership
    D. all of the partners
    D. all of the partners
    (this multiple choice question has been scrambled)
  41. What are organizations that are in the bussiness of benefiting society and operate like a bussiness called?

    A. nonprofit organizations
    B. producer cooperatives
    C. trade associations
    D. limited partnerships
    A. nonprofit organizations
    (this multiple choice question has been scrambled)
  42. What are the money and other valuables that belong to a corporation on partnership called?

    A. ownership
    B. assets
    C. liabilities
    D. liens
    B. assets
    (this multiple choice question has been scrambled)
  43. What is a fringe benefit?

    A. a cash payment for casual work
    B. an accounting term meaning profits
    C. a payment other that wages or salaries
    D. a bussiness other than sales or marketing
    C. a payment other that wages or salaries
    (this multiple choice question has been scrambled)
  44. What are royalties?

    A. fees paid to celebrities for using their names
    B. a percentage of a franchise's earnings paid to the parent company
    C. a percentage of profits paid to the government
    D. fees paid to law firms and accountants
    B. a percentage of a franchise's earnings paid to the parent company
    (this multiple choice question has been scrambled)
  45. What is the major difference between a corporation and other kinds of bussinesses?

    A. a corporation has officers who are responsible for the bussiness
    B. a corporation is not resposible for its debts if it fails
    C. a corporation is much larger than other kinds of bussinesses
    D. a corporation has a seperate entity apart from that of the owners and workers
    D. a corporation has a seperate entity apart from that of the owners and workers
    (this multiple choice question has been scrambled)
  46. Why is it easier for a partnership to borrow money and hold good employees than it is for a sole propietorship to do so?

    A. The more limited acess to a partners personal fundsmake the bussiness more careful
    B. The large number of partners means that people are easier to get along with
    C. The large number of partners makes it more likely that the bussiness will be a success
    D. A partnership has more personal stability and access to more money.
    D. A partnership has more personal stability and access to more money.
    (this multiple choice question has been scrambled)
  47. A joining of two or more bussinesses that are involved in different stages of producing the same good or service is called which of the following?

    A. conglomeration
    B. horizontal merger
    C. cooperative
    D. verticle merger
    D. verticle merger
    (this multiple choice question has been scrambled)
  48. If a general partnership fails, who is responsible for the debts?

    A. anyone who works for the partnership
    B. no one
    C. only the most senior general partner
    D. all of the partners
    D. all of the partners
    (this multiple choice question has been scrambled)
  49. What percentage of bussinesses are sole proprietorships?

    A. 25%
    B. 40%
    C. 75%
    D. 60%
    C. 75%
    (this multiple choice question has been scrambled)
  50. What was the cheif effect of the Sherman Antitrust Act?

    A. John D. Rockerfeller formed the Standard Oil Trust as a protected natural monopoly.
    B. The federal gov't repealed regulations that controlled the airline and trucking industires.
    C. Microsoft required personal computer manufacturers to include its web browser with the Microsoft Windows operating syster
    D. The federal government won the power to prevent monopolies and mergers that interefered with trade between states.
    D. The federal government won the power to prevent monopolies and mergers that interefered with trade between states.
    (this multiple choice question has been scrambled)
  51. What is the definition of an oligopoly?

    A. two to four firms producing 70 percent to 80 percent of the output
    B. eight to ten firms producing 60 percent to 70 percent of the output
    C. eight to ten firms producing 90 percent of the output
    D. one firm producing 95 percent of the output
    A. two to four firms producing 70 percent to 80 percent of the output
    (this multiple choice question has been scrambled)
  52. Which of the following is a product that is considered a commodity?

    A. automobiles
    B. apples
    C. writing paper
    D. feed corn for cattle
    D. feed corn for cattle
    (this multiple choice question has been scrambled)
  53. Which of the following industries have been deregulated in recent years?

    A. steel
    B. airlines
    C. low-cost housing
    D. pharmaceuticals
    B. airlines
    (this multiple choice question has been scrambled)
  54. How does a natural monopoly function?

    A. The government supplies all buyers with the product
    B. Imperfect competition makes it difficult for firms to do bussiness
    C. A single firm supplies all the output
    D. A few firms are in perfect competition
    C. A single firm supplies all the output
    (this multiple choice question has been scrambled)
  55. When the government deregulates a product or service, what happens to it?

    A. Government control over the industry is stopped
    B. The product or service is available to more people
    C. Some government regulations over the industry are eliminated
    D. The product or service becomes cheaper
    C. Some government regulations over the industry are eliminated
    (this multiple choice question has been scrambled)
  56. What happens to a monopolistically competitive firm that begins to charge an excessive price for its product?

    A. Consumers will boycott the product
    B. The governement will regulate the price
    C. Consumers will substitute a rival's product
    D. The firm will go out of bussiness
    C. Consumers will substitute a rival's product
    (this multiple choice question has been scrambled)
  57. What is a monopolistic competition?

    A. a very few companies selling identical products
    B. many companies selling similar but not ientical products
    C. one company selling several different products under different names
    D. one company selling the identical product under different names
    B. many companies selling similar but not ientical products
    (this multiple choice question has been scrambled)
  58. What is one kind of monopoly that the U.S. goverment usually permits?

    A. professional sports leagues
    B. certain kinds of medications
    C. low-price gasoline
    D. the telephone company
    A. professional sports leagues
    (this multiple choice question has been scrambled)
  59. What kind of market runs most efficiently when one large firm supplies all of the output?

    A. perfect competition
    B. a network
    C. a natural monopoly
    D. certain kinds of medications
    C. a natural monopoly
    (this multiple choice question has been scrambled)
  60. A shortage will develope when

    A. the government provides subsidies to producers
    B. the equilibrium quantity supplied is lower than the actual quantity supplies
    C. the market price is below the equilibrium price
    D. the quantity supplied of a good is greater than the quantity demanded of that good
    C. the market price is below the equilibrium price
    (this multiple choice question has been scrambled)
  61. Which of these is most likely to lead directly to a black market?

    A. equilibrium
    B. a supply shock
    C. rationing
    D. a price floor
    C. rationing
    (this multiple choice question has been scrambled)
  62. The price ceiling that was used to control the price of housing in New York City and other cities was called which of the following?

    A. rent abatement
    B. rent control
    C. housing control
    D. equilibrium price
    B. rent control
    (this multiple choice question has been scrambled)
  63. What is the name of the smallest amount that can be paid to most workers for an hour of work?

    A. minimum wage
    B. equilibrium price
    C. supply cost
    D. price floor
    A. minimum wage
    (this multiple choice question has been scrambled)
  64. What is it called when the gov't uses some tool other than money to allocate goods?

    A. supply management
    B. resource allocation
    C. disequilibrium
    D. rationing
    D. rationing
    (this multiple choice question has been scrambled)
  65. What happens to a market in equilibrium when there is an increase in supply?

    A. Excess supply means that producers will make less of the good
    B. Undersupply means that the good will become very expensive.
    C. Quantity demanded will exceed quantity supplied, so the price will drop
    D. Quantity supplied will exceed quantity demanded, so the price will drop
    D. Quantity supplied will exceed quantity demanded, so the price will drop
    (this multiple choice question has been scrambled)
  66. Why did the U.S. gov't use rationing for some foods and consumer goods during World War II?

    A. to keep sellers from raising prices on necessary goods
    B. because English gov't had also decided on rationing
    C. to garuntee each civilian a minimum standard of living in wartime
    D. to earn more money to support the military
    C. to garuntee each civilian a minimum standard of living in wartime
    (this multiple choice question has been scrambled)
  67. What happens when the supply of a nonperishable good is greater than the consumer wants to buy?

    A. the good becomes a luxary
    B. either the good remains unsold or the price drops
    C. either the good is saved for later or the price is raised
    D. the good is discarded
    B. either the good remains unsold or the price drops
    (this multiple choice question has been scrambled)
  68. When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

    A. equilibrium
    B. supply and demand
    C. excess demand
    D. price floor
    A. equilibrium
    (this multiple choice question has been scrambled)
  69. Any resources that are made by humans and used to create other goods and services are called

    A. services
    B. production
    C. labor
    D. capital
    D. capital
    (this multiple choice question has been scrambled)
  70. The resources used to make all goods and services are the

    A. opportunity costs
    B. production possibilities
    C. factors of production
    D. production trade-offs
    C. factors of production
    (this multiple choice question has been scrambled)
  71. The purpose of a production possibilites graph is to

    A. make it possible to increase an economy's output
    B. show alternatives ways to use an economys resources
    C. enable a country to mobilize war
    D. keep an enconomy from having nonproductive workers
    B. show alternatives ways to use an economys resources
    (this multiple choice question has been scrambled)
  72. An efficient economy is one that

    A. makes the least costly use of its resources
    B. makes the best use of all its goods and services
    C. uses its resources to make the most goods and services
    D. has very few people who do not work for a living
    C. uses its resources to make the most goods and services
    (this multiple choice question has been scrambled)
  73. The law of increasing costs means that when an economy increases the production of one item

    A. the actual cost of making the item goes down
    B. the production cost will increase also
    C. the opportunity cost goes up
    D. the actual cost goes up but the opportunity cost goes down
    C. the opportunity cost goes up
    (this multiple choice question has been scrambled)
  74. The governement of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a

    A. guns or butter issue
    B. decision at the margin
    C. global trade-off
    D. basic economic decision
    A. guns or butter issue
    (this multiple choice question has been scrambled)
  75. The opportunity cost of a decision can be examined by using a

    A. factors of production chart
    B. graph of increasing costs
    C. global trade-off grid
    D. production possibilities graph
    D. production possibilites graph
    (this multiple choice question has been scrambled)
  76. What is the opportunity cost of a decision?

    A. the best possible way that the question could have been decided
    B. the series of alternative decisions that could have been made
    C. the different ways that a different person might have made the decision
    D. the most desirable alternative given up for the decision
    D. the most desirable alternative given up for the decision
    (this multiple choice question has been scrambled)
  77. What is the struggle among various producers for the consumers business called?

    A. incentive
    B. socialism
    C. self-regulation
    D. competition
    D. competition
    (this multiple choice question has been scrambled)
  78. What is one of the most important advantages of a free market?

    A. it protects the less fortunate
    B. it is easy to regulate
    C. it encourages growth
    D. it can change rapidly
    C. it encourages growth
    (this multiple choice question has been scrambled)
  79. Which of the following was a free market philosopher?

    A. Vladamir Lenin
    B. Adam Smith
    C. Karl Marx
    D. Friedrich Engles
    B. Adam Smith
    (this multiple choice question has been scrambled)
  80. What is the product market?

    A. the market in which income recieved for supplying land, labor, or capital
    B. the market in which payments are recieved for selling products to consumers
    C. the market in which firms purchase the factors of production from households
    D. the market in which households purchase the goods and services that firms produce
    D. the market in which households purchase the goods and services that firms produce
    (this multiple choice question has been scrambled)
  81. What incentive do manufacturers have to sell their products?

    A. pleasing the consumer
    B. putting others out of bussiness
    C. making profits on sales
    D. popularity of the product
    C. making profits on sales
    (this multiple choice question has been scrambled)
  82. In what kind of economy does the gov't make all the decisions?

    A. free enterprise
    B. centrally planned
    C. laissez faire
    D. socialist
    B. centrally planned
    (this multiple choice question has been scrambled)
  83. What is the function of an economic system?

    A. to give all producers the same access to consumers
    B. to make sure all the people have equal access to goods
    C. to produce and distrubute goods and services
    D. to make sure people are paid for their labor
    C. to produce and distrubute goods and services
    (this multiple choice question has been scrambled)
  84. Who was the leader that introduced communism and central planning to the former soviet union?

    A. Friedrich Engels
    B. Vladimir Lenin
    C.Karl Marx
    D. Joesph Stalin
    B. Vladimir Lenin
    (this multiple choice question has been scrambled)
  85. When a consumer is able and willing to buy a good or service, he or she creates which of the following?

    A. allocation
    B. demand
    C. consumption
    D. elasticity
    B. demand
    (this multiple choice question has been scrambled)
  86. What determines the price and quantity produced of most goods?

    A. the availibility of substitutes for the goods
    B. the interaction of supply and demand
    C. the quality of the goods that are produced
    D. the consumers perception of nesessity
    B. the interaction of supply and demand
    (this multiple choice question has been scrambled)
  87. What are inferior goods?

    A. goods that no one wants to buy
    B. goods for which demand falls when income rises
    C. goods that are not well produced
    D. goods for which demand rises when income falls
    B. goods for which demand falls when income rises
    (this multiple choice question has been scrambled)
  88. What determines how a change in prices will affect total revenue for a company?

    A. the consumers incomes
    B. the company's pricing policy
    C. values of elasticity
    D. elasticty of demand
    D. elasticty of demand
    (this multiple choice question has been scrambled)
  89. What kind of system is the United States economy based on?

    A. centralized
    B. production
    C. market
    D. cause and effect
    C. market
    (this multiple choice question has been scrambled)
  90. Ceteris paribus, or "all other things held constant," is an assuption that has which of the following effects on a demand schedule?

    A. it is accurate no matter what changes occur
    B. it considers the effects of all possible changes on demand
    C. it is accurate only at one price level
    D. it takes only prices into account
    D. it takes only prices into account
    (this multiple choice question has been scrambled)
  91. On what kinds of goods do gov'ts generally place price ceilings?

    A. those that aren't necessry but have become customary
    B. those that are essential and cheap
    C. those that are essential but too expensive for some consumers
    D. those that are cheap but become more expensive without the ceiling
    C. those that are essential but too expensive for some consumers
    (this multiple choice question has been scrambled)
  92. What happens when wages are set above the equilibrium level by law?

    A. Firms hire more workers but for fewer hours than they would at the equilibrium wage.
    B. Firms employ more workers than they would at the equilibrium wage.
    C. Firms tend to try to break the law and hire people at equilibrium level.
    D. Firms employ fewer workers than they would at the equilibrium wage.
    D. Firms employ fewer workers than they would at the equilibrium wage.
    (this multiple choice question has been scrambled)
  93. If the supply of a good is inelastic,

    a. producers will not change their quantity supplied
    by much if the market doubles
    b. a small increase in price will lead producers to sharply increase thier quantity supplied
    c. producers will have diminishing marginal returns of labor
    d. producers will increase their quantity supplied in response to sharp drops in the market price
    a. producers will not change their quantity supplied by much if the market doubles
  94. Which of the following is a fixed cost for a store?

    A. inventory
    B. short-term workers
    C. advertising
    D. rent
    D. rent
    (this multiple choice question has been scrambled)
  95. What factor has the greatest influence on elasticity and inelasticity of supply?

    A. financing
    B. time
    C. profit
    D. labor
    B. time
    (this multiple choice question has been scrambled)
  96. When the selling price of a good goes up, what is the relationship to the quantity supplied?

    A. There is no relationship between the two
    B. The profit made on each item goes down
    C. It becomes practical to produce more goods
    D. The cost of production goes down
    C. It becomes practical to produce more goods
    (this multiple choice question has been scrambled)
  97. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?

    A. sell the goods now and try to invest the money instead of resupplying
    B. store the goods until the price rises
    C. store the good indefinitely reguardless of when the price rises
    D. sell the goods now but try to get the higher price for them
    B. store the goods until the price rises
    (this multiple choice question has been scrambled)
  98. What is the effect on import restrictions on prices?

    A. They cause prices to drop
    B. They often cause prices to rise steeply and then drop
    C. They cause prices to rise
    D. They usually do not have any lasting effect on price
    C. They cause prices to rise
    (this multiple choice question has been scrambled)
  99. What kind of table lists the quantity of a good that a person will buy at different prices?

    A. market demand curve
    B. market demand schedule
    C. demand curve
    D. demand schedule
    D. demand schedule
    (this multiple choice question has been scrambled)
  100. What shows the quantities of products demanded at each price by all consumers in a market?

    A. a market demand schedule
    B. an elasticity and consumption list
    C. a schedule of consumer prices
    D. a market pricing list
    C. a schedule of consumer prices
    (this multiple choice question has been scrambled)

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