Week 11 final exam – economics

Some of the questions have a image involved.  I have attached those images with the quesiton number as the file name.


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 (image involved)

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


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.


34.When a price is $8 (image attached)

a. Quantity demanded is greater than quantity supplied and therefore price must fall to get to equilibrium price

b. Quantity demanded is greater than quantity supplied and therefore price must rise to get to equilibrium price

c. Quantity supplied is greater than quantity demanded and therefore price must fall to get to equilibrium price

d. Quantity supplied is greater than quantity demanded and therefore price must rise to get to equilibrium price

35. Usury is considered the changing of

a. higher interest rates than people are willing to pay

b. lower interest rates than people are willing to pay

c. unconscionably high interest rates

e. extremely low rates of interest


36. The present value of a dollar rises as

a. the interest rate declines and the number of years you wait for your money declines

b. 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 rises

d. the interest rate rises and the number of years you wait for your money declines


37. In economics we say the amount of land is 

a. fixed

b. variable

c. both fixed and variable

d. neither fixed nor variable


38. Which is not determined by supply and demand?

a. the wage rate

b. the interest rate

c.  rent

d. profits


39. Which of the following is false?

a. The supply of land is fixed

b. When the demand for a plot of land risen its supply will rise

c. Land is most efficiently used in cities

d. The rent on a particular piece of land is based on the MRP schedule of the highest bidder


40. If you knew that interest rates would be rising, then you would predict that the present value of $1 received 5 years from now

a.  Would be higher

b. would be about the same

c. would be lower

d. could be higher or lower


41. Changes in rent on a plot of land are chiefly due to 

a. changes in demand

b. changes in supply

c. changes in both demand and supply

d. changes in neither supply nor demand


42.The horizontal dotted line is (image attached)

a. A price ceiling

b. A price floor

c. Either a price ceiling or nor a price floor

d. Neither a price ceiling nor a price floor

43. 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. payday

c. fringe

d. sub-prime


44. ______ sees the entrepreneur as an exploiter of labor

a. Joseph Schumpeter

b. Frank Knight

c. Henry George

d. Karl Marx


45. A more equal distribution of income

a. might hurt the incentive to work

b. would not hurt there incentive to work

c. would be opposed by nearly all Americans

d. Would hurt the poor


46. Between 1994 and 2005 our Welfare rolls

a. declined substantially every year

b. declined slightly every year

c. declined most years

d. rose most years


47. 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 Murray

b. William Julius Wilson

c. Mickey Kaus

d. Lisabeth Schorr

e.  Celia Dugger


48. According to Darity and Myers

a. black men are becoming increasingly marginal to our economy

b. the basic cause of poverty is welfare dependency

c. the best solution to poverty is the negative income tax
d. as our economy continues to expand black poverty will decline


 49. The percentage share of income of the bottom quintile on curve x is (image attached)

a. 0

b. 5

c. 10

d. 15

e. 20

50.  The percentage of people living in poverty in 2006 in the U.S was _____

a. 6

b. 11.7

c. 12.3

d. 15.2

51. Child poverty is

A. 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 Italy

C. 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 countries


52. Statement I: Social Security payments help mostly the poor 

Statement II: Poverty may be defined as a relative concept and as an absolute concept

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

53. Compared to their levels in 199 the poverty line has___ and the minimum hourly wage has_____.

a. gone up; gone up

b. stayed the same; stayed the same

c. gone up; stayed the same

d. stayed the same; gone up


54. In which year was the poverty rate the lowest?

A. 1960

b. 1973

c. 1984

d. 1993

e. 2006

55. Which statements is true?

a. Most economists support rent control laws

b. usury laws and rent control are price ceilings

c. Usury laws have never had any effect because they are set well above interest rates.

d. None of the choices


56. 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. (image attached)

a. Floor, surplus ,12

b. Floor, shortage, 12

c. Ceiling, surplus 14

d. Ceiling, shortage , 14

57. 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 is

a. 200,000

b. 600,000

c. 800,000

d. 1,000,000

58. Despite their fantastic employment gains, African American men earn ___ % of what white men earn.

a. 65


c. 60

d. 76


59. Since 1996, productivity growth has ___ and real wages have ____

a. risen; risen

b. fallen; fallen

c. risen; fallen

d. fallen; risen


60. Which statement is false?

a. The minimum wage has not kept up with the rate of inflation

b. the average real hourly earnings fell steadily from 1973 to 1993

c. Workers with some High School diplomas

d. 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.

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