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ECON Book Final Part 2

History

KG - 12th Grade

Used 4+ times

ECON Book Final Part 2
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16 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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Based on an analysis of the infographic, why do changes in supply due to input costs affect the price of the products?

As input costs rise for butter, supply goes up, which would result in lower prices for butter in order for companies to avoid tax penalties
As input costs rise for steel, supply goes down, which would result in higher prices for steel in order for companies to maintain profits
As input costs decrease for butter, supply goes down, which would result in lower prices for butter in order for companies to pay employee wages
As input costs decrease for steel, supply goes up, which would result in lower prices for steel in order for companies to pay dividends to shareholders

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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Which of the following would represent a government imposing a price ceiling in the rental housing market?

The government encourages tenants to buy rental insurance in order to be prepared in case of housing emergencies
The government limits the amount of rent that a landlord can charge in order to maintain reasonable housing prices.
The government requires landlords to submit detailed paperwork on the cost of each of their rentals in order to monitor housing costs
The government forces cities to designate a fixed number of rental units in order to ensure that there is enough housing available for its residents

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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"When you raise the price of employment, guess what happens? You get less of it."
—John Boehner, Speaker of the House of Representatives, February 2013

The speaker would argue against a minimum wage because it

decreases the demand for workers
increases the equilibrium wage rate
sets minimum wages below the equilibrium rate
decreases the supply of workers

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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"In 1890, Congress passed the Sherman Antitrust Act, which outlawed mergers and monopolies that limit trade between states." 
How did the legislation mentioned in the excerpt affect the operations of businesses in the United States?

It increased the overall level of competition
It increased the barriers to entry for all new firms
It decreased the costs of production for new firms
It decreased the excess supply of goods in many markets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which factor allows firms in an oligopoly to set their own prices?

Only a few firms control the majority of the market
Each firm supplies a differentiated product
High barriers to entry keep competitors from entering the market
Government regulations allow such firms to set their own prices

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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Which of the following factors would likely result in the emergence of a monopolistically competitive market?

New firms enter a market and provide close substitutes to existing products
Existing firms take advantage of economies of scale to lower costs
A few firms begin to dominate the market and set their own prices
Firms begin to drop out of a market because of the inability to compete

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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What is the result of one firm controlling an entire market?

The firm is able to keep out competitors by keeping entry costs high
The firm is able to control regulation of its industry
The firm is able to control demand for the products it offers
The firm is able to set prices in a noncompetitive manner

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