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Econ Final

43 Questions  I  By Abbeytraylor
Econ Final

  
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Question Excerpt

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1.  When firms have the ability to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is: 
A.
B.
C.
D.
2.  Market failure: 
A.
B.
C.
D.
3.  Which of the following is a form of government intervention? 
A.
B.
C.
D.
4.  The goal of antitrust laws is to: 
A.
B.
C.
D.
5.  All of the following are examples of natural monopolies except: 
A.
B.
C.
D.
6.  If a natural monopoly was broken into several smaller competing firms: 
A.
B.
C.
D.
7.  If a natural monopoly was forced to break up into several small competitive firms, then the: 
A.
B.
C.
D.
8.  According to the text, what type of market failure provides the best case for government regulation? 
A.
B.
C.
D.
9.  If a natural monopoly is forced to use marginal cost pricing, which of the following is not true? 
A.
B.
C.
D.
10.  Which of the following is not a regulatory option when the government is trying to prevent market failure in the case of a natural monopoly? 
A.
B.
C.
D.
11.  If the government regulated a natural monopolist to achieve price efficiency without subsidies or price discrimination, the monopolist would: 
A.
B.
C.
D.
12.  A major drawback of providing subsidies to private companies that are natural monopolies is that: 
A.
B.
C.
D.
13.  Output regulation forces the natural monopolist to produce at an output: 
A.
B.
C.
D.
14.  When market outcomes improve after government regulation is enforced: 
A.
B.
C.
D.
15.  Government failure occurs when: 
A.
B.
C.
D.
16.  Braden and Brendon considered starting a new skydiving company. Once they read the government regulations they would have to comply with, they changed their minds. This is an example of: 
A.
B.
C.
D.
17.  When the regulatory process itself becomes a drag on economic growth, society experiences: 
A.
B.
C.
D.
18.  In cost-benefit analysis, regulatory intervention can be justified if the: 
A.
B.
C.
D.
19.  Which of the following markets has not been subject to substantial deregulation? 
A.
B.
C.
D.
20.  In the real world, the choice is between: 
A.
B.
C.
D.
21.  As an individual earns additional income, the marginal utility of income tends to: 
A.
B.
C.
D.
22.  Campbell loves to work. He does not receive any enjoyment from leisure time. The last dollar that he earns each year means just as much to him as the first dollar. Which of the following best describes the shape of Campbell's labor supply curve? 
A.
B.
C.
D.
23.  Workers typically require higher wages in order to work additional hours because of the: 
A.
B.
C.
D.
24.  The substitution effect of wages states that a decreased wage rate: 
A.
B.
C.
D.
25.  Higher wage rates allow a person to reduce the hours worked without losing income. This is known as the: 
A.
B.
C.
D.
26.  Kip will work less hours if his salary increases. For Kip, the ___________ effect must outweigh the __________ effect. 
A.
B.
C.
D.
27.  The determinants of the market supply of labor include all of the following except: 
A.
B.
C.
D.
28.  The elasticity of labor supply does not depend on: 
A.
B.
C.
D.
29.  The demand for labor and other factors of production typically declines in a recession because those factors: 
A.
B.
C.
D.
30.  Students who major in computer science are paid a lot more when they graduate than those who major in philosophy because the: 
A.
B.
C.
D.
31.  When the MPP of labor is zero, ceteris paribus: 
A.
B.
C.
D.
32.  The marginal revenue product of labor is equal to: 
A.
B.
C.
D.
33.  Marginal physical product diminishes as additional workers are hired because: 
A.
B.
C.
D.
34.  As marginal physical product diminishes, marginal revenue product: 
A.
B.
C.
D.
35.  A competitive firm should continue to hire workers until the MRP is equal to: 
A.
B.
C.
D.
36.  As labor productivity increases, which of the following shifts in the labor market should occur? 
A.
B.
C.
D.
37.  Other things being equal, which of the following would increase the market demand for labor? 
A.
B.
C.
D.
38.  If the demand for hair gel increases, the effect on the hair gel manufacturing job market will be to: 
A.
B.
C.
D.
39.  When there are more qualified applicants than job openings, this indicates that the: 
A.
B.
C.
D.
40.  Republicans argue that labor demand is ________, so ________ jobs will be lost when the minimum wage is raised: 
A.
B.
C.
D.
41.  The proportion of total income received by a particular group is called the groups: 
A.
B.
C.
D.
42.  If the area between the diagonal line of absolute equality and the Lorenz curve is greater for the United States than for Japan, we can conclude that the: 
A.
B.
C.
D.
43.  If the percentage of income paid in taxes increases as income rises, then the tax system is: 
A.
B.
C.
D.
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