Reference no: EM133519732

Question

1. The U.S. has decided to impose a 15% tax on cheese that is imported from the European Union.

This will protect the domestic cheese industry
This will increase the price of domestic cheese
This will reduce the number of imports from the European Union
All of the above

2. The U.S. government passed laws about work conditions in order to provide its work force with an alternative for forming unions, these laws cover

paid parental leave for workers.
employment insurance and regulation of workers' pensions.
minimum wage and overtime.
All of the above

3. The ______________market is a typical example of Perfect Competition.

Wine
Wheat
Automobile
Labor

4. In Perfect Competition, all firms in a market

have the same revenue structure.
have the same cost structure.
make the same profit.
charge the same price.

5. Discrimination in labor markets arises if __________________, as measured by education, receive different pay because of their _________.

workers with the same skill levels; race or gender
workers with different skill levels; race or gender
workers with no experience; marital status or race
workers with experience; marital status or race

6. The formula for marginal cost is: ____________ .

TC/ Q
AC/ Q
ΔC / ΔQ
ΔC / ΔQ

7. Through the process of exit, monopolistically competitive firms remaining in the market

are no longer earning losses as demand will increase due to firms exiting.
are no longer earning zero economic profits.
will each have positive economic earnings.
will each have ongoing negative earnings.

8. Currently there is a trend in international trade that economist call splitting up the value chain, the value chain:

Is a calculated value of all the exports in the chain
Products are produced in one factory and assembled in another factor in the same country
Describes how products are produced in stages
Subtracting the value of all the inputs from imported items to determine the cost of goods

9. The slope of the production possibility frontier is determined by the _______ of expanding production of one good, measured by how much of the other good would be lost.

comparative advantage
opportunity cost
absolute advantage
relative cost

10. Refer to the above figure. Profits for this firm are positive

only for all points less than B.
only at points B and C.
for points between B and C.
for all points less than B and greater than C.

11. Literary, musical, graphics and other audio-visual works are examples of works that are eligible for _____________ protection. This form of legal protection prevents reproduction of these original works.

Trade secrets
Copyright
Patent
Trademark

12. About one-third of immigrants coming into the U.S, over the age of 25, lack a high school diploma. As a result, the:

Demand curve for skilled labor will shift left, lowering salaries.
Supply curve for skilled labor will shift right, raising salaries.
Supply curve for unskilled labor will shift right, lowering wages.
Demand curve for unskilled labor will shift left, raising wages.

13. Oligopolistic firms that are operating in a highly competitive setting may face which of the following temptations?

To cooperate to mutually decide what price to charge and quantity to produce
To cooperate to act as a single monopoly and to then generate and divide up monopoly like profits
To cooperate to act as a single monopoly and limit additional competition
Both a and b

14. Productive efficiency means

marginal cost is rising.
producing without waste, which will show as a point on the production possibility frontier.
producing what society wants.
plenty of available resources.

15. The total revenue of a perfectly competitive firm is calculated by

multiplying average revenue by price.
dividing price by quantity.
multiplying price by quantity.
multiplying quantity by average total cost.