1. Firms that had virtual monopoles, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the

A) National Football League in the 1950s.

B) American Tobacco Company

C) International Nickel Company

D) General Molars Company

E) Standard Oil Company.

2. Which of the following is false?

A) The basis for monopoly in the automobile industry would most likely be economies of scale.

B) The DeBeers Diamond Company is NOT a natural monopoly.

C) Big business has a great deal of economic and political power

D) The average American CEO pulls down 25 to 40 times the earrings of the average worker.

3. if the marginal Pike cost were $21 output would be

A) 1.

B) 2.

C) 3.

D) 4.

E) 5.

4. The marginal revenue that would be derived from the production of a second unit is

A) $17.

B) $19

C) $21.

D) $23.

E) $25.

5. For a monopolist, the price of the product

A) always equals the marginal revenue

B) is always less than the marginal revenue

C) exceeds the marginal revenue

D) always equals the marginal cost of the product

6. Monopoly profit

A) equals (price - ATC) times quantity sold

B) equals vice times quantity sold.

C) exists only in the shod run

D) exists because no entry barriers exist

7. Which of the following is NOT a characteristic of a monopoly?

A) A great deal of political power

B) No close substitute products

C) The ability to make an economic profit in the long run

D) Operating at the lowest point on the ATC curve

8. If the firm is maximizing ports or minimizing losses. It is producing ____ units of output and charging a price of ______.

A) 50 units. $10

B) 50 units, 518 40

C) 60 units. $12

D) 60 units. $16 80

9. A monopoly firm selling moustache wax to vain men in a steal town is currently maximizing profits by charging a price of $5. It follows that the margins cost of moustache wax

A) is greater than $5.

B) is equal to $S.

C) is less than $S.

D) is none of the choices.

10. The monopolist often charges his customers _____ prices and provides_____ service than he would if he had competitors.

A) higher, better

B) higher, poorer

C) lower, better

D) lower, poorer

11. Statement 1 Deregulating the airlines, trucking, and long - distance phone calling has led to lower prices for consumers.

Statement 2- It would be fair to say that, basically, deregulation has been very successful.

A) Statement I is hue and statement II is false.

B) Statement II is we and statement I is false.

C) Both statements are true.

D) Both statements are false.

12. The greatest damage caused by the corporate scandals of the last few years was to

A) the employees of those companies

B) the U.S. Treasury, which was bilked out of billions of tax dollars

C) the customers of those companies

 D) the public trust in financial markets

13. Each of the following statements is true except

A) Most of the world's largest corporate mergers took place between American firms

B) There have been more large mergers in the U.S. in the communications industry than in any other industry.

C) The corporate scandals in recent years were all caused by no more than half a dozen cooks.

D) The most important piece of antitrust legislation is the Sherman Antitrust Act

14. With of the following is stated that attempts to monopolize. Conspiracies in restraint of trade, and conspiracies to monopoize were legal?

A)The Federal Trade Commission Act

B) The Clayton Act

C) The Sherman Antitrust Act

D) AIl of the choices.

E) None of the choices.

15. In general we could say that the decade of the 1980s was a time of

A) more regulation

B) less regulation

C) little change in decree of regulation

16. Tie clayton Act of 1914

A) outlawed all mergers

B) aboished the Sherman Act 1898.

C) outlawed specific business practices that discouraged competition

D)Reduced the federal  government's antitrust authority.

17. With statement is true?

A) The Federal Trade Commission Act is the most important antitrust law on the books

B) The most important antitrust legislation was passed in the last three decades.

C)The clayton Act outlawed interlocking directories

D)None is true

18. Statement I The trend of billon-dollar mergers and takeovers of the last 15 years has been almost exclusively limited to U.S. firms

Statement II The 1999 merger between Exxon and Mobil companies was subject to antitrust regulation by the U.S. Justice Department and the European Commission

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

19. Which is the most accurate statement?

A) We have never had corporate corruption until around the year 2000

B)If You asked the average American if he believed all corporate officers were honest he would answer "yes"

C)Enron is the only large corporation that was caught up in finical scandal since the 1980s

D)Although it may be year before we know the full damaged incurred, it seems very likely that corporate finical scandals of recent years will end up costing those corporation  and the public billion of dollars.

20. Which one of the industries listed below has had the largest mergers during the last 5 years,

A) Steel manufacturing

B) Automobile production

C) Communication

D)Tracking

21. You are most likely to be union member if you

A) Live in a right to work state

B) live in south

C) are a government employ

D)work in retailing

E) work for a foreign - owned auto plant

22. The spit between AFL and the CIO in 1935 had to with

A) Whether unions were to be organized along craft lines or industry lines.

B) Whether the union were to pursue political goals or economical goals

C) communist influence in the American labor movement.

D) corruption in the American labor movement.

23. The amount of work time lost because of strikes has been declining fairly steadily since

A) 1950.

B) 1960

C) 1970.

D) 1990

24. Why were there so few strikes from 1942 - 1945?

A) Unions  were too weak to strike.

B ) Union members were afraid that their employers would move their factories to other countries.

c)It was considered unpatriotic to strike while we were at full scale war

D) Labor leader were afraid that strike would face financially weak employers out of business

25. which statement is true about labor union in United states

A)They have always been very popular.

B) They did not gain widespread acceptance until the 1940s

C) they have never gained widespread acceptance.

D) none of these statement are true  about unions in the U S.

26. statement I. The untitled Food and Commercial workers have been successful in organizing union at wal- mart store around the country.

statement II. Because Wal-Mart  employee pay and benefits were about $10-14 hour less than those at competing California super markets these competing supermarket chains demanded wage and other concessions from their employees to be able to completer with wal-mart

A) Statement I is true and statement ii is false.

B) Statement II is true and Statement I is false.

C) Bothe statements are true.

D) Both statements are false.

27. In what decades did labor unions gain the most members?

A) The 1910s and 1920s

B) The 1930s and 1940s

C) The 1950s and 1960s

D) The 1970s and 1980s

28. which statement is true?

A) Most collective bargaining negotiations end in strikes.

B) The two key provisions in a collective bargaining agreement are (1) wages and hours and (2) job security and seniority

C) Most strikes have disrupted our economy.

D) None of these statements is true

29. Collective bargaining agreements in the United States generally

A) are negotiated for only a 1-year period

B) are very detailed and specify wages levels and hinge benefits for a period of 2-3 years

C) cover wages only.

D) are negotiated for only a 6-month period.

30. Each of these is a craft union except

A) the plumber's union.

B) the textile workers' union.

C) the musicians union

D) the air traffic controllers' union.

31. Winner-take-all markets may be applied to the

A) winnings of those who hit the lottery.

B) winnings of gamblers

C) the luck of those who inherit trims of dollars.

D) the compensation of CEOs of large corporations.

32. Among these countries, which has the highest hourly wage and fringe benefits in manufacturing?

A) Germany

B) Japan

C) The U S

D) Canada

33 Sue Ann Buchman, can make $800.000 on the pro tennis tour but willing to do it for $200,000. Her economic rent is

A) $200,000

B)$600,000

C) $800,000.

D)$ 1,000,000

34. Which statement is true?

A) Most people would put in a maximum workweek of 48 hours no matter what the pay.

B) As one's income rises, eventually the income effect outweighs the substitution effect.

C) As one's income rises, eventually the substitution effect outweighs the income effect.

D) The "backward bending" supply curve is not really backward bending.

35. Suppose your economics professor earns an equal annual salary of $40,000. The professor loves teaching and would not quit her job if her pay were reduced to $15,000 per year. Your professor is earning annual economic rent of

A) $40,000.

B) $25,000.

C) $55,000.

D) $15,000

36. In general output per hour rises at _____ real wages.

A) a much higher rate than

B) a somewhat higher rate than

C) about the same rate as

D) a somewhat lower rate than

E) a much lower rate than

37. About 1 out of every ______ workers earns less than $9 an hour.

A) 2

B) 4

C) 7

D) 10

38. Real wages have fallen since 1973 for all the following reasons except

A) millions of high paying manufacturing jobs have migrated to low wage countries.

B) the slowing down of productivity growth.

C) the introduction of a Canadian style national health care system in the United States.

D) the switch from high paying manufacturing jobs to lower paying service sector jobs.

39. Which statement is false?

A) Differences in wage rates are partially explained by differences in productivity.

B) In general, when output per labor-hour increases, real wages rise by a larger percentage.

C) The demand for labor in a particular market is the sum of all the firms MRP curves.

D) If you are earning $20,000 a year today and you were to earn $40,000 a year 10 years from now, your money wages have increased.

40. Which of the following is not true about the theory of the dual labor market?

A) It is a class theory of employment.

B) The dividing line between the primary and secondary markets is whether you have a college degree.

C) Jobs in the secondary market pay better than those in the primary market.

D) This theory does not take into account the huge middle level of occupations-nursing, social work, and non-college-graduate positions in insurance, banking, and retailing.