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Econ 202 Final Exam Practice

24 Questions  I  By Homegurl081990
ECON 202 Final Exam Practice
Practice Test for final exam.

  
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Question Excerpt

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1.  A market situation in which there are a few large firms is called
A.
B.
C.
D.
2.  In an oligopolistic market, each firm
A.
B.
C.
D.
3.  An oligopoly is a market situation in which
A.
B.
C.
D.
4.  The most common reason for the existence of oligopolies is
A.
B.
C.
D.
5.  Monopolies and oligopolies both erect barriers to entry through the use of
A.
B.
C.
D.
6.  Suppose an industry has total sales of $25 million per year.  The two largest firms have sales of $6 million each, the third largest firm has sales of $2million, and the fourth largest firm has sales of $1 million.  The four-firm concentration ratio for this industry is
A.
B.
C.
D.
7.  Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $50, the game is a
A.
B.
C.
D.
8.  The two basic types of government regulation are
A.
B.
C.
D.
9.  Which type of regulation applies to all firms in the economy, as opposed to only covering specific industries?
A.
B.
C.
D.
10.  Which type of regulation applies to all firms in the economy, as opposed to only covering specific industries?
A.
B.
C.
D.
11.  The first antitrust law in the United States was the
A.
B.
C.
D.
12.  The primary antitrust statute in the United States is the
A.
B.
C.
D.
13.  Which of the following would most likely promote competitive pricing of products?
A.
B.
C.
D.
14.  The Federal Trade Commision regulates which of the following?
A.
B.
C.
D.
15.  The Federal Trade Commission Act was designed to
A.
B.
C.
D.
16.  The regulatory agency most concerned with false advertising is the
A.
B.
C.
D.
17.  Which antitrust act was passed to protect independent retailers from "unfair discrimination" by chain stores?
A.
B.
C.
D.
18.  All of the following are exempt from antitrust laws EXCEPT
A.
B.
C.
D.
19.  Which of the following is NOT exempt from antitrust laws?
A.
B.
C.
D.
20.  The act of selling an item in slightly altered forms at different prices and to different groups of consumers is known as
A.
B.
C.
D.
21.  The primary measure of monopoly power is called the
A.
B.
C.
D.
22.  The Sudsy Soda Company will not sell its soft drinks to a restaurant unless that business also buys paper cups from Sudsy.  This requirement is an example of
A.
B.
C.
D.
23.  The market demand curve for labor
A.
B.
C.
D.
24.  An industry's equilibrium wage rate is extablished
A.
B.
C.
D.
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