Take our quiz to help you learn about economic policy! Read chapters 12 to 15 of Case, Fair, and Oster's 'Principlies of Economics' and answer the following questions. The aim of this quiz is to help EC1040 students with their economic policy revision for the JF summer exam. There is a one hour time limit and 25-30 questions. You will not be able to go back and review your answers after each question, so make sure and check your answer while you're answering it!When you get your results, explanations for each answer will be given to help you to improve your score. Best of luck!
Household
Buyer
Producer
Consumer
Industry
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Patent
Sole ownership of necessary resources
Start-up costs are too high
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The Competition Authority
The Federal Trade Commission
Libo-Cop
The Monopoly Police
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The alcohol content of beer
The ability of beer drinkers to pay attention
The share of industry output in sales or employment accounted for by the top firms
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True
False
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Rule of reason
Monopoly
Pure genius
Price discrimination
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The condition that exists when some markets in an economy are in simultaneous equilibrium.
Process of examining the equilibrium conditions in individual markets and for households and firms separately.
The condition in which the economy is producing what people want at least possible cost.
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Dominant strategy
Collusion
Tacit collusion
Perfect competition
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An object looking different when you're sitting down
Products differ in ways that make them better for some and worse for others
A product difference that appears to make it better for everyone
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A two-firm monopoly
A board game
A two-firm oligopoly
A ten-firm oligopoly
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Unemployment would increase
Housing prices would fall
The demand curve for the housing market would shift to the left
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The Nutty Professor
Prohibiting attempted monopolies
Taking down barriers to entry
Outlawing price discrimination
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Nash theory
Game theory
Mind theory
Firm theory
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Monopoly
Oligopoly
Perfect Competition
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Buying a dress on Grafton St.
Buying a meal on an airplane
Only newsagents selling naggins of vodka
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Efficient market
The Industrial Revolution
Rawlsian justice
Pareto Efficiency
Rent-seeking behaviour
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Network Externalities
Price discrimination
Barrier to entry
Ownership of a scarce factor of production
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There was a major technological advance
The supply curve for the mobile phone industry would shift to the right
Demand for household phones would increase
Demand for mobile phones would increase
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Externalities
Monopoly
Diminishing marginal utility
Imperfect information
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The three forces model
The six forces model
The four forces model
The five forces model
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Threatening markets
Entry markets
Barrier markets
Contestable markets
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It means there is less choice
Bad nightclubs will be forced to close
It leads to a better choice
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