16 of50

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

Question

17 of50

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

Question

18 of50

The ______________market is a typical example of Perfect Competition.

	Wine
	Wheat
	Automobile
	Labor

Question

19 of50

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.

Question

20 of50

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

Question

21 of50

The formula for marginal cost is: ____________ .

	TC/ Q
	AC/ Q
	C / Q
	C / Q

Question

22 of50

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.

Question

23 of50

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

Question

24 of50

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

Question

25 of50

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.

Question

26 of50

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

Question

27 of50

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.

Question

28 of50

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

Question

29 of50

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.

Question

30 of50

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.