Percent of Chinese Families Owning Household Appliances Year Color TV Air Telephones Automobiles
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1 Mid-Term Review Test Multiple Choice 1. To arrive at an economic decision, a decision-making grid may be used to evaluate a. productivity. c. alternative choices of action. b. only durable goods. d. only capital goods. Percent of Chinese Families Owning Household Appliances Year Color TV Air Telephones Automobiles Sets Conditioners What does this table show about China s standard of living? a. It is falling. b. It is rising. c. It is staying about the same. d. It rose from 1985 to 1990 and then fell. To take an example,... One man draws out the wire, another straightens it, a third cuts it, a fourth points it;...and [the making of] a pin is, in this manner, divided into about eighteen distinct operations. Adam Smith, The Wealth of Nations, In this passage, Adam Smith is describing the basic economic concept of a. paradox of value. c. division of labor. b. utility. d. opportunity cost. The study of economic theory is not defensible on aesthetic grounds it hardly rivals in elegance the mathematics or physics our sophomores learn. The theory is studied only as an aid in solving real problems, and it is good only in the measure that it performs this function. George J. Stigler, "Monopolistic Competition in retrospect," in Five Lectures on Economic Problems, London: Longmans, Green and Co., 1949, p According to this author, a good economic theory is one that a. is as elegant as a theory in mathematics or physics. b. helps solve real problems. c. includes mathematics. d. is aesthetically sound. 5. A market economy a. does not provide for everyone's basic needs. b. limits the choices of goods and services available. c. permits extensive government intervention. d. offers a high degree of certainty for its workers.
2 6. A merger of corporations involved in different steps of manufacturing or marketing is known as a a. multinational merger. c. vertical merger. b. horizontal merger. d. conglomerate. 7. According to the illustration, what is the least common form of business organization in the United States? a. proprietorships c. corporations b. partnerships d. joint ventures 8. Which of the following is an example of the government playing an indirect role in the economy? a. public utility regulation. c. court systems. b. police and fire protection. d. libraries. In the 20th century, the Soviet Union collapsed because its command-and-control economy couldn t keep up with the West s free market. In the 21st century, the same fate will befall companies whose CEOs [chief executive officers] attempt to control everything. In a world that is becoming ever more chaotic and dependent on brainpower, teams at the top will make more sense than a single outrageously paid CEO who sits behind a buck stops here plaque. Source: The Global Corporation Becomes the Leaderless Corporation, Business Week, August 30, The author of this passage believes that global corporations should have a. no clear leader. c. leadership teams. b. Soviet-style leadership. d. lower paid leaders.
3 10. Based on this graph, how many Beanie Babies were demanded at a price of $6 before they became a fad? a. 100 c. 300 b. 200 d What does the movement shown on this graph represent? a. a change in demand b. the inverse relationship between price and quantity demanded c. the inverse relationship between price and marginal utility d. diminishing marginal utility Quantity Demanded Price Old Demand Curve New Demand Curve $ The change from the old demand curve to the new demand curve shown in the table represents a a. movement upward along the demand curve. b. movement downward along the demand curve. c. shift of the demand curve to the left.
4 d. shift of the demand curve to the right. 13. A market structure in which one firm has a monopoly because of its location is a a. natural monopoly. c. technological monopoly. b. geographic monopoly. d. government monopoly. Quantity of Softballs Supplied by All Firms in the Market Price Firm X Firm Y Firm Z $ ,000 $ $ $ $ $ Based on the table, what is the market supply of softballs at a price of $7? a. 1,000 c. 600 b. 200 d. 800 Number of Workers Production Schedule Fixed Variable Product Marginal Product* Marginal $50 $0 $ $ , ,080 1, *All figures in terms of output per day. 15. Based on the table, what is the variable cost of the third worker? a. $270 c. $90 b. $5.00 d. $ Rent payments and property taxes would be counted as a. total cost. c. fixed costs. b. variable costs. d. marginal costs.
5 17. What does the movement from b to b' on the graph represent? a. an increase in quantity supplied c. a decrease in supply b. a decrease in quantity supplied d. an increase in supply
6 18. In the graphs, which curve represents the worst case yield for soybean farmers? a. DD c. S 1 S 1 b. SS d. S 2 S Perfect competition is characterized by a. a large number of buyers and sellers. b. diverse products. c. sellers acting together to set prices. d. uninformed buyers and sellers. 20. Which letter in the illustration represents the proper location for the Clayton Antitrust Act? a. W c. Y b. X d. Z
7 Mid-Term Review Test Answer Section 1. ANS: C PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: C PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, page ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: C PTS: 1 DIF: Challenging REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, page ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: C PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: D PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, page ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: C PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: C PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: D PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: D PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: A PTS: 1 DIF: Challenging REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page 186
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