02 Jun Question 1. Which statement is true?
Question
1. Which statement is true?
a. Today more workers in the U.S. are members of labor unions than any time in our history
b. Today labor unions are weaker than any time in the last 100 years
c. No major labor union has called a strike since the 1940’s
d. Labor unions are relatively strong in the public (government) sector.
2. Exclusive union strategy involves
a. Increasing the demand for the final product, thereby increasing the demand for labor
b. Restricting the supply of union labor
c. Setting job standards and entry qualifications for members
d. Organizing all workers and bargaining for a wage
e. Negotiating only after a strike has been called
3. An example of an exclusive union would be
a. The Internal Brotherhood of the Teamsters
b. The Communications Workers of America
c. The American Medical Association
4. In which one of these years was labor union membership the highest?
a. 1940
b. 1960
c. 1980
d. 1990
5. 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 Act
b. The Clayton Act
c. The Sherman Antitrust Act
d. All of the Choices
e. None of the Choices
6. Until the passage of the Airline Deregulation Act of 1978, the Civil Aeronautics Board controlled all of the following Except?
a. Fares
b. Assigned routes
c. Profits
d. Entry into the industry
7. The Clayton Act prohibited
A. interlocking directories
B. all forms of monopoly
C. foreign control of US corporations
D. False and deceptive advertising
8. Which statement is true?
a. Microsoft is subject to American antitrust laws but not those of Europe, Asia, or elsewhere
b. Microsoft has never been involved in anti -trust suit
c. The European Commission fined Microsoft over 600 billion for its anticompetitive behavior
d. Microsoft has always gone out of its way to be helpful to its competitors
9. A monopolist operated at the minimum point of her ATC curve
a. Only in the short run
b. Only in the long run
c. In both the short and long run
d. In neither the short nor the long run
10. Which of the following is characteristic of a monopoly?
a. The absence of political power
b. Close substitutes products
c. The ability to make an economic profit in the long run
d. Operating at peak efficiency
11.
The firm will charge a price of
a. 8
b. 9.65
c. 10.
d. 12.
e. 16
12. Statement I Only natural monopolies are legal in the U.S.
Statement II: Large firms generally operate at peak efficiency
A. Statement I is true and statement II is false
B. Statement II is true and statement I is false
C. Both statements are true
D. Both statements are false
13. The nation’s largest bank has assets over
a. 2.5 billion
b. 25 billion
c. 250 billion
d. 800 billion
e. 1.8 trillion
14. 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 gold
c. Credit cards are form of money
d. Money makes an excellent store of value during times of inflation
e. One of the basic jobs of money is a standard of value
15. The first bankers were
a. goldsmiths
b. printers
c. storekeepers
d. innkeepers
e. blacksmiths
16. 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. 0
b. 5
c. 15
d. 35
e. 50
17. 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 false
b. Statement II is true and statement I is false
c. Both statements are true
d. Both statements are false
18. Banks can
a. Create money but not destroy money
b. destroy money but not create money
c. create and destroy money
e. neither create nor destroy money
19. The Federal Open Market Committee is made up of all of the following, except
a. The board of governors
b. the chairman of the board of governors
c. the president of the U.S.
d. the president of the Federal Reserve Bank of NY
e. The presidents of four Federal Reserve other than the NY Bank
20. The Federal Reserve System
a. has regional Federal Reserve Banks that make most of the decisions
b. makes decisions subject to the approval of the President
c. makes its major policy decisions in its Open Market Committee
d. makes decisions subject to the approval of Congress
21. With economic development comes each of the following except
a. a decline in the birth rate
b. an increase in the stock of capital
c. rising per capita GDP
d. a declining wage rate
22. Our educational standards today
a. are the highest in history
b. are much higher than they were 50 years ago
c. are the same as they were 50 years ago
d. are much lower than they were 50 years ago
23. Brazil should be classified as a (N)
a. Very poor LDC
b. Middle rank LDC
C. NIC
D. Industrial country
24. The most important reason for our slow rate of productivity growth over the last three decades(of those listed below) is
a. lagging business sales
b. foreign imports
c. our low saving rate
d. high tax rates
25. Structural Unemployment occurs when
a. workers have quit one job and are looking for a better one
b. high school graduates enter the labor market every June
c. The business cycle is in a downturn and people are laid off
d. the people without jobs have skills that don’t match the available job openings
26. Unemployment caused by economic decline or recession is called
a. frictional unemployment
b. cyclical unemployment
c. natural unemployment
d. necessary unemployment
e. structural unemployment
27. The recession of 2001 was caused by
a. the events of 9/11
b. a decline in consumer spending
c. a decline in investment spending
d. the war in Iraq
28. A budget deficit is the
a. annual excess of government spending over revenue raised by taxes, fees and charges
b. shortfall of Social Security collections toward payment of benefits
c. amount by which tax revenues and borrowed funds fall short of government expenditures.
d. excess of tax revenues over expenditures
e. amount by which tax revenues exceed borrowed funds
29. The consumer price index is created by
a. 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 Office
c. averaging the price increases for all consumer goods in the GDP and Adding 100
d. dividing nominal dollar consumer expenditures by base year consumer expenditures
30. 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 attained
a. Statement I is true and statement II is false
b. Statement II is true and statement II is false
c. Both statements are true
d. Both statements are false
31. When government expenditures in a given year are less than tax receipts there exits
a. a budget deficit
b. public revenue
c. full- employment taxation
d. a budget surplus
32. As price rises, the quantity _____rises.
a. demanded
b. supplied
c. demanded and supplied
33. 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 25
b. a decrease of 50
c. a decrease of 75
d a decrease of 100
e a decrease of 125.
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