1.In order to provide its workforce with an alternative to forming a union, the U.S. government passed laws about work conditions, namely,

A)overtime and all of the above

B)minimum wage and employment insurance

C)paid parental leave for workers

D)regulation of workers' pensions

2.Once the U.S. government opened its domestic markets to international trade, the competition from imported cars, steel, and other products caused demand for similar U.S. goods to

A.)decline, causing workers to call upon governments to pass indexed wage protection laws

B)fall, leading to lower output, fewer workers, and overall decline in union membership

C)continually increase leading to an overall increase in union membership

D)rise, but laws made it difficult for new workers to become union members

3.Which of the following is the most appropriate response of public policy to a negative externality like pollution?

A)encourage high standards of public education to increase innovation capability of youth

B)modernize, update, and restore homes in run-down neighborhoods to decrease littering

C)assist the private party creating the negative externality to receive more social benefits

D)find ways to account for the social costs of the negative externality in economic decisions

4.Why did Gordon Gould have to endure a lengthy legal battle in order to receive a patent for his innovative laser idea concocted in 1957?

A)by 1957, several other scientists had filed patents ahead of him, but none of their laser inventions worked

B)by 1957, his laser technology overlapped previous laser patents

C)he delayed applying to patent his idea, mistakenly believing he needed to have a working laser to apply

D)by 1957, his laser was no longer the inspiration of a single person

5.A ____________________would lead a large greenhouse gas emitter to reduce emissions by less.

A)higher pollution tax

B)lower pollution tax

C)flat charge

D)pollution tax

6.Which of the following will need to strike some balance between economic output and environmental quality as a prominent climate change priority?

A)command-oriented countries

B)every country

C)countries with high-incomes

D)market-oriented countries

7.The result of regulatory capture is that government price regulation can often become a way for existing competitors to work together to

A)limit competition

B)reduce output

C)all of the above

D)keep prices high

8.Why would a competition regulator need details relating to how firms are competing to cut prices, raise output levels, or build a high quality reputation?

A)to block mergers that would reduce competition and harm consumers

B)to permit competitive mergers to proceed, as well as all of the above

C)to build a statistical model to estimate the likely outcome of a merger

D)to be able to determine and specify how competition occurs in an industry

9.In the 1980s, the FTC followed guidelines stipulating that, should a proposed merger result in an HHI between 1,000 and 1,800 then it would

A)scrutinize the proposal prior to doing a above

B)probably approve the proposal

C)make a case-by-case decision on the proposal

D)probably challenge the proposal

10.When entry occurs in a monopolistically competitive industry,

A)a smaller quantity will be demanded at any given price

B)the marginal revenue curve will shift to the left

C)price is equal to marginal revenue gained by society

D)marginal costs to society exceed the price people are willing to pay