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Economics Final Paper MCQs

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Question;1. Which statement is true?a. Today more workers in the U.S. are members of labor unions than any time in our historyb. Today labor unions are weaker than any time in the last 100 yearsc. No major labor union has called a strike since the 1940?sd. Labor unions are relatively strong in the public (government) sector.2. Exclusive union strategy involvesa. Increasing the demand for the final product, thereby increasing the demand for laborb. Restricting the supply of union laborc. Setting job standards and entry qualifications for membersd. Organizing all workers and bargaining for a wagee. Negotiating only after a strike has been called3. An example of an exclusive union would be a. The Internal Brotherhood of the Teamstersb. The Communications Workers of Americac. The American Medical Association4. In which one of these years was labor union membership the highest?a. 1940b. 1960c. 1980d. 19905. Which of the following laws stated that attempts to monopolize conspiracies in restraint of trade, and conspiracies to monopolize were illegal?a. The Federal Trade Commission Actb. The Clayton Actc. The Sherman Antitrust Actd. All of the Choicese. None of the Choices6. Until the passage of the Airline Deregulation Act of 1978, the Civil Aeronautics Board controlled all of the following Except?a. Faresb. Assigned routesc. Profitsd. Entry into the industry7. The Clayton Act prohibitedA. interlocking directoriesB. all forms of monopolyC. foreign control of US corporationsD. False and deceptive advertising8. Which statement is true?a. Microsoft is subject to American antitrust laws but not those of Europe, Asia, or elsewhereb. Microsoft has never been involved in anti -trust suitc. The European Commission fined Microsoft over 600 billion for its anticompetitive behaviord. Microsoft has always gone out of its way to be helpful to its competitors9. A monopolist operated at the minimum point of her ATC curvea. Only in the short runb. Only in the long runc. In both the short and long rund. In neither the short nor the long run10. Which of the following is characteristic of a monopoly?a. The absence of political powerb. Close substitutes products c. The ability to make an economic profit in the long rund. Operating at peak efficiency11. The firm will charge a price ofa. 8b. 9.65c. 10.d. 12.e. 1612. Statement I Only natural monopolies are legal in the U.S. Statement II: Large firms generally operate at peak efficiencyA. Statement I is true and statement II is falseB. Statement II is true and statement I is falseC. Both statements are trueD. Both statements are false13. The nation?s largest bank has assets overa. 2.5 billionb. 25 billionc. 250 billiond. 800 billione. 1.8 trillion14. Which statement is true?A. Our money supply is fixed by law and can be raised by only a very small percentage each year?b. Our money supply is backed by goldc. Credit cards are form of moneyd. Money makes an excellent store of value during times of inflatione. One of the basic jobs of money is a standard of value15. The first bankers werea. goldsmithsb. printersc. storekeepers d. innkeeperse. blacksmiths16. Suppose you had no money in your checking account and your bank granted you overdraft privileges. You then went out and charges $20 on your debit card. How much would your bank charge you in fees for using your overdraft privileges?A. 0b. 5c. 15d. 35e. 5017. Statement I: John Maynard Keynes called the hoarding of money at very low interest rates ? liquidity trap?Statement II Since the late 1990?s Japan has been caught in a liquidity trap a. Statement I is true and Statement II is falseb. Statement II is true and statement I is falsec. Both statements are trued. Both statements are false18. Banks can a. Create money but not destroy moneyb. destroy money but not create moneyc. create and destroy moneye. neither create nor destroy money19. The Federal Open Market Committee is made up of all of the following, except a. The board of governorsb. the chairman of the board of governorsc. the president of the U.S. d. the president of the Federal Reserve Bank of NYe. The presidents of four Federal Reserve other than the NY Bank20. The Federal Reserve Systema. has regional Federal Reserve Banks that make most of the decisionsb. makes decisions subject to the approval of the Presidentc. makes its major policy decisions in its Open Market Committeed. makes decisions subject to the approval of Congress21. With economic development comes each of the following excepta. a decline in the birth rateb. an increase in the stock of capitalc. rising per capita GDPd. a declining wage rate22. Our educational standards todaya. are the highest in historyb. are much higher than they were 50 years agoc. are the same as they were 50 years agod. are much lower than they were 50 years ago23. Brazil should be classified as a (N)a. Very poor LDCb. Middle rank LDCC. NICD. Industrial country24. The most important reason for our slow rate of productivity growth over the last three decades(of those listed below) isa. lagging business salesb. foreign importsc. our low saving rated. high tax rates25. Structural Unemployment occurs whena. workers have quit one job and are looking for a better oneb. high school graduates enter the labor market every Junec. The business cycle is in a downturn and people are laid offd. the people without jobs have skills that don?t match the available job openings26. Unemployment caused by economic decline or recession is calleda. frictional unemployment b. cyclical unemployment c. natural unemploymentd. necessary unemployment e. structural unemployment27. The recession of 2001 was caused bya. the events of 9/11b. a decline in consumer spendingc. a decline in investment spendingd. the war in Iraq28. A budget deficit is the a. annual excess of government spending over revenue raised by taxes, fees and chargesb. shortfall of Social Security collections toward payment of benefitsc. amount by which tax revenues and borrowed funds fall short of government expenditures.d. excess of tax revenues over expenditurese. amount by which tax revenues exceed borrowed funds29. The consumer price index is created bya. Calculating the cost of a basket of consumer goods typically bought by an American family in any year as a percentage of their cost in a base year.b. the Congressional Budget Officec. averaging the price increases for all consumer goods in the GDP and Adding 100d. dividing nominal dollar consumer expenditures by base year consumer expenditures30. Statement I: When equilibrium GDP and fill employment GDP are equal, there is no inflationary gap and deflationary gap.Statement II: Equilibrium GDP is an ideal goal that can never be attaineda. Statement I is true and statement II is falseb. Statement II is true and statement II is falsec. Both statements are trued. Both statements are false31. When government expenditures in a given year are less than tax receipts there exitsa. a budget deficitb. public revenuec. full- employment taxationd. a budget surplus32. As price rises, the quantity _____rises.a. demandedb. suppliedc. demanded and supplied33. If the MPC were.85, what change in government spending (in billions of dollars) would be required to cause the equilibrium level to fail by 100?a. A decrease of 25b. a decrease of 50c. a decrease of 75d a decrease of 100e a decrease of 125.34. When a price is $8a. Quantity demanded is greater than quantity supplied and therefore price must fall to get to equilibrium priceb. Quantity demanded is greater than quantity supplied and therefore price must rise to get to equilibrium pricec. Quantity supplied is greater than quantity demanded and therefore price must fall to get to equilibrium priced. Quantity supplied is greater than quantity demanded and therefore price must rise to get to equilibrium price35. Usury is considered the changing ofa. higher interest rates than people are willing to payb. lower interest rates than people are willing to payc. unconscionably high interest ratese. extremely low rates of interest36. The present value of a dollar rises asa. the interest rate declines and the number of years you wait for your money declinesb. the interest rate rises and the number of years you wait for your money rises.c. The interest rate declines and the number of years you wait for your money risesd. the interest rate rises and the number of years you wait for your money declines37. In economics we say the amount of land is a. fixedb. variablec. both fixed and variabled. neither fixed nor variable38. Which is not determined by supply and demand?a. the wage rateb. the interest ratec. rentd. profits39. Which of the following is false?a. The supply of land is fixedb. When the demand for a plot of land risen its supply will risec. Land is most efficiently used in citiesd. The rent on a particular piece of land is based on the MRP schedule of the highest bidder40. If you knew that interest rates would be rising, then you would predict that the present value of $1 received 5 years from nowa. Would be higherb. would be about the samec. would be lowerd. could be higher or lower41. Changes in rent on a plot of land are chiefly due to a. changes in demandb. changes in supplyc. changes in both demand and supplyd. changes in neither supply nor demand42. The horizontal dotted line isa. A price ceilingb. A price floorc. Either a price ceiling or nor a price floord. Neither a price ceiling nor a price floor43. These lenders avoid using the term ?interest?, but their borrowers still do pay a charge for borrowing money, This would be considered______lending.a. Islamic b. paydayc. fringed. sub-prime44. ______ sees the entrepreneur as an exploiter of labora. Joseph Schumpeterb. Frank Knightc. Henry Georged. Karl Marx45. A more equal distribution of incomea. might hurt the incentive to workb. would not hurt there incentive to workc. would be opposed by nearly all Americansd. Would hurt the poor46. Between 1994 and 2005 our Welfare rollsa. declined substantially every yearb. declined slightly every yearc. declined most yearsd. rose most years47. Who expressed this view? ? unlike the present period, (black) inner-city communities prior to 1960 exhibited the features of social organization including a sense of community, positive neighborhood identification, and explicit norms and sanctions against aberrant behavior?a. Charles Murrayb. William Julius Wilsonc. Mickey Kausd. Lisabeth Schorre. Celia Dugger48. According to Darity and Myersa. black men are becoming increasingly marginal to our economyb. the basic cause of poverty is welfare dependencyc. the best solution to poverty is the negative income taxd. as our economy continues to expand black poverty will decline49. The percentage share of income of the bottom quintile on curve x is a. 0b. 5c. 10d. 15e. 2050. The percentage of people living in poverty in 2006 in the U.S was _____a. 6b. 11.7c. 12.3d. 15.251. Child poverty isA. Much more of a problem in France, Germany, and Japan than it is in the U.S.B. Less of a problem in the U.S. than in Canada, Britain, or ItalyC. More of a problem in Sweden, Denmark, and Ireland than it is in the U.S. D. Much more of a problem in the U.S. than in virtually all other industrialized countries52. Statement I: Social Security payments help mostly the poor Statement II: Poverty may be defined as a relative concept and as an absolute concepta. Statement I is true and statement II is falseb. Statement II is true and statement I is falsec. Both Statements are trued. Both statements are false53. Compared to their levels in 199 the poverty line has___ and the minimum hourly wage has_____.a. gone up, gone upb. stayed the same, stayed the samec. gone up, stayed the samed. stayed the same, gone up54. In which year was the poverty rate the lowest?A. 1960b. 1973c. 1984d. 1993e. 200655. Which statements is true?a. Most economists support rent control lawsb. usury laws and rent control are price ceilingsc. Usury laws have never had any effect because they are set well above interest rates.d. None of the choices56. If price were set by the government at 3, there would be a price ______ that would be a price_______ that would cause a _____of_______units.a. Floor, surplus,12b. Floor, shortage, 12c. Ceiling, surplus 14d. Ceiling, shortage, 1457. Sue Ann Buchanan can make $800,000 on the pro tennis tour, but would be willing to do it for $ 200,000. Her economic rent isa. 200,000b. 600,000c. 800,000d. 1,000,00058. Despite their fantastic employment gains, African American men earn ___ % of what white men earn.a. 65b.55c. 60d. 7659. Since 1996, productivity growth has ___ and real wages have ____a. risen, risenb. fallen, fallenc. risen, fallend. fallen, risen60. Which statement is false?a. The minimum wage has not kept up with the rate of inflationb. the average real hourly earnings fell steadily from 1973 to 1993c. Workers with some High School diplomasd. It is harder for a middle class student to get a college degree because since 1979, the cost of going has gone up twice as fast as the rate of inflation.

 

Paper#56749 | Written in 18-Jul-2015

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