1) AFL-CIO stands for:
A.American Federation of Labor-Congress of Industrial Organizations.
B.American Federation of Labor-Committee for Industrial Opportunity.
C.Assembly of Factory Laborers-Congress of Industrial Organizations.
D.Assembly of Factory Laborers-Committee for Industrial Opportunity.
2) The table below shows the quantity of gold bars (Qb) in thousands, the extraction
cost for each thousand bars (in millions of dollars), and user cost of each thousand bars
(in millions of dollars) facing the OZ Mining Company this year.
If the price of a bar of gold is $30,000 this year, how many bars (in thousands) should
OZ extract and sell?
A.2
B.3
C.4
D.5
3) The pursuit through government of a transfer of wealth at someone else’s expense
refers to:
A.logrolling.
B.rent-seeking behavior.
C.the paradox of voting.
D.the median-voter model.
4) It may be misleading to label a trade deficit as unfavorable or adverse because:
A.the multiplier does not apply to a trade deficit.
B.a trade deficit increases a nation’s aggregate output and employment.
C.a nation’s consumers benefit from a trade deficit during the period it occurs.
D.a trade deficit precludes inflation.
5)
refer to the above diagram. at output level q total variable cost is:
a.0beq
b.bcde
c.0cdq
d.0afq
6) which of the following industries most closely approximates pure competition?
a.agriculture
b.farm implements
c.clothing
d.steel
7)
Refer to the above data. If there is neither a union nor a minimum wage, we can
conclude that this firm:
A.”purchases” labor in purely competitive labor market.
B.is a monopsonist.
C.faces a perfectly inelastic labor supply curve.
D.has a perfectly elastic labor demand curve.
8) the united states’ most important trading partner in terms of dollar volume is:
a.mexico.
b.canada.
c.germany.
d.china.
9) the demand for commodity x is represented by the equation p = 10 – 0.2q and supply
by the equation p = 2 + 0.2q.
refer to the above information. the equilibrium quantity is:
a.10
b.20
c.15
d.30
10)
In the above curve, a decline in the tax rate from c to b would:
A.greatly increase tax revenue.
B.greatly decrease tax revenue.
C.leave tax revenue about the same as before.
D.shift the curve to the left.
11) (Advanced analysis) Answer the next question(s) on the basis of the following data
for a private closed economy. The letters Y, C, S, and I are used to represent real GDP,
consumption, saving, and investment respectively.
The equation representing the consumption schedule for the above economy is:
A.C = Y – .6S.
B.Y = C + S.
C.C = 60 + .4Y.
D.C = 60 + .6Y.
12) Because of the free-rider problem:
A.the market demand for a public good is overstated.
B.the market demand for a public good is nonexistent or understated.
C.government has increasingly yielded to the private sector in producing public goods.
D.public goods often create moral hazard and adverse selection problems.
13) which of the following is the largest contributor to the growth of labor productivity
in the united states?
a.technological advance
b.education and training of labor
c.economies of scale
d.improved resource allocation