5- All of the following are associated with a mixed economy except a. some public influence over the workings of free markets. b. public ownership mixed in with private property. c. public ownership of the society's productive resources. d. different countries blending the state and market sectors in different ways. 6- How does the United States compare to other advanced, industrialized economies on the issue of openness? a. The U.S. economy is completely closed. b. The U.S. economy is at the low end of openness. c. The U.S. economy is above average in openness. d. The U.S. economy is among the most open. e. The U.S. economy is the most open of any economy. 18- Which of the following is an example of the effect of a price floor? a. Scalping of Super Bowl tickets b. Surplus cheese c. The New York city housing shortage d. Black markets e. Milk shortages 21- A 10 percent increase in the price of restaurant meals, which most consumers consider to be a luxury, will most likely a. increase the purchase of meals by 10 percent. b. increase the purchase of meals by less than 10 percent. c. decrease the purchase of meals by more than 10 percent. d. decrease the purchase of meals by less than 10 percent. 31- Throughout history, governments have used price controls to a. protect buyers. b. protect sellers. c. serve the "public interest." d. All of these responses are correct. 36- The private firm's optimal decisions are made on the basis of a. rate of growth in total profit. b. average cost and average revenue figures. c. impact on market share. d. marginal cost and marginal revenue figures. 38- Whenever average cost exceeds marginal cost, a. average cost is rising. b. average cost is falling. c. marginal cost is rising. d. marginal cost is falling. 39- In arriving at the quantity of output and price of its product, a company a. chooses either output or price, and customer demand determines the other. b. has no control over either quantity or price. c. makes two decisions by setting both optimal output and optimal price. d. generally leaves both quantity and price decisions to customer. 44. Bonds can be risky investments because a. bondholders are paid from whatever remains after stockholders have been paid what the corporation owes them. b. if the corporation loses its assets, the bondholders may not receive payment on their investments. c. the general price level may fall. d. the voting power of an individual bondholder may be more apparent than real. 99- An airline is considering adding a flight from Chicago to Sioux Falls. Revenue from the flight is expected to be $3,000. The total cost of the flight is $5,500, and the variable cost is $2,000. Should the airline add this flight? a. No, the revenue ($3,000) is below the cost ($5,500). b. No, the addition to profit is very small and not worth the effort. c. Yes, profit increases by $1,000 ($3,000 $2,000). d. Yes, profit increases by $3,000. 100- A firm is producing 2,500 units at its optimal output, with average variable cost per unit of $4 and average fixed cost per unit of $2.50. If sells its output at $8 per unit, total profit is a. $10,000. b. $3,750. c. $1,500. d. $20,000