Questions from General Economics

Q: In order to compare the price of gasoline in the 1970s with

In order to compare the price of gasoline in the 1970s with the price in any other year, you have to adjust for a) the availability of oil. b) the price of oil. c) overall inflation. d) unemployme...

Q: The value of a sports franchise to a city’s economy depends greatly

The value of a sports franchise to a city’s economy depends greatly on a) the sale of memorabilia to citizens. b) the degree to which non-ticket-based sales increase. c) the degree to which restaur...

Q: When there is only one employer in a city, the model

When there is only one employer in a city, the model that economists use is one for a) monopoly. b) monopsony. c) perfect competition. d) monopolistic competition.

Q: 1. The impact of a new Walmart on a community’s consumers

1. The impact of a new Walmart on a community’s consumers is a) significantly positive for those that get lower prices b) somewhat negative for those that prefer a personal touch (if stores offerin...

Q: The argument that casinos have little economic impact on a community is

The argument that casinos have little economic impact on a community is based on the notion of a) supply. b) demand. c) opportunity cost. d) local substitution.

Q: This chapter suggests that many economists generally a) accept the

This chapter suggests that many economists generally a) accept the notion that a human life is worth the value of the chemicals that can be extracted from it. b) argue that a human life is worth the...

Q: 1. Between 1998 and 2007 the real minimum wage a

1. Between 1998 and 2007 the real minimum wage a) rose rapidly. b) rose slowly. c) fell steadily. d) fell rapidly.

Q: The tax brackets have higher tax rates for more taxable income.

The tax brackets have higher tax rates for more taxable income. This makes the federal income tax a) proportional. b) regressive. c) progressive. d) integrative.

Q: Deficits cannot occur in a) defined benefit plans.

Deficits cannot occur in a) defined benefit plans. b) defined contribution plans. c) entitlement budgets. d) state and local budgets.

Q: 1. The fundamental value of a share of stock is based

1. The fundamental value of a share of stock is based on the present value of expected future a) dividends. b) revenues. c) profits. d) costs.