Economics

2nd Quarterly Assessment

Name: ______

Class Period: ______

Directions: Circle the answer that best answers the following questions.

  1. A ______may start a price war in order to get a larger share of the market.
  1. Perfect Competitor
  2. Oligopolist
  3. Monopolist
  4. Economist
  1. A monopoly based on ownership or control of a manufacturing method is a ______monopoly.
  1. Natural
  2. Geographic
  3. Technological
  4. Government
  1. The theoretically ideal situation of ______is characterized by a large number of well-informed independent buyers and sellers who exchange identical products.
  1. Oligopoly
  2. Monopoly
  3. Perfect competition
  4. Monopolistic competition
  1. Social Security, welfare, unemployment compensation, and aid for people with handicapping conditions are examples of ______payments for which the government receives neither goods nor services in return.
  1. Compensation
  2. Transfer
  3. Closed
  4. Grant-in-aid
  1. The study of labor is part of ______, the branch of economics that deals with the economy as a whole, including employment, GDP, inflation, economic growth, and the distribution of income.
  1. Macroeconomics
  2. Microeconomics
  3. Fiscal policy
  4. Labor Economics
  1. A law making it illegal to force workers to join a union as a condition for employment was a provision of ______.
  1. The Wagner Act
  2. The Clayton Act
  3. The Taft-Hartley Act
  4. The NLRA
  1. The National Labor Relations Act established ______.
  1. Right to Work Laws
  2. The right to have non union shops
  3. The right of unions to collective bargaining
  4. The minimum wage act
  1. The ______is an annual plan for outlining proposed revenues and expenditures for the coming year.
  1. Federal contrivance
  2. Annual authorization
  3. Federal budget
  4. Annual stratagem
  1. The largest category of federal spending is ______.
  1. Transportation
  2. National defense
  3. Medicare
  4. Social security
  1. Historically, the federal budget was characterized by a remarkable amount of ______spending, or spending in excess of revenues collected.
  1. Deficit
  2. Surplus
  3. Shortage
  4. Discretionary
  1. The ______is a situation in which the employer agrees to hire only union members.
  1. Union shop
  2. Closed shop
  3. Agency shop
  4. Trade shop
  1. The ______is an agreement that does not require a worker to join a union as a condition to get or keep a job, but does not require the worker to pay union dues to help pay collective bargaining costs.
  1. Agency shop
  2. Union Shop
  3. Trade shop
  4. Collective Shop
  1. Under extreme circumstances, the government may resort to ______, a temporary takeover of operations, to allow the government to negotiate with the union.
  1. Arbitration
  2. Injunction
  3. Expropriation
  4. Seizure
  1. The market structure that has all the conditions of perfect competition EXCEPT for identical products is ______.
  1. Oligopoly
  2. Monopolistic competition
  3. Monopoly
  4. Perfect Competition
  1. When sizable deviations from one or more of the conditions required for perfect competition take place ______occur.
  1. Profits
  2. Market success
  3. Market failures
  4. Oligopolistic competitions
  1. When the factors of production do not move to markets where returns are highest, the economy faces the problem of ______.
  1. Resource immobility
  2. Externalities
  3. Resource allocation
  4. Rationing
  1. The ______provision is a requirement that new spending proposals or tax cuts must be offset by reductions elsewhere.
  1. Crowding-out
  2. Exponential
  3. Appropriations
  4. Pay-as-you-go
  1. The largest category of spending by local governments is ______.
  1. Higher education
  2. Elementary and Secondary education
  3. Public welfare
  4. Highways
  1. The ______is the total amount borrowed from investors to finance deficit spending by the federal government.
  1. Consumer debt
  2. Deficit spending
  3. Investor debt
  4. Federal debt
  1. The traditional theory of ______includes the explanation that the supply and demand for a worker’s skills and/or services determines the wage or salary.
  1. Wage determination
  2. Negotiated wages
  3. Labor mobility
  4. Labor signaling
  1. The category of ______labor includes workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training.
  1. Unskilled
  2. Professional
  3. Skilled
  4. Semi-skilled
  1. A ______is a wage, fringe benefit, or work rule given up when labor contracts are renegotiated.
  1. Wage rate
  2. Giveback
  3. Minimum wage
  4. Set-aside contract
  1. Many activities generate some kind of ______, or unintended side effect that either benefits or harms a third party not involved in the activity that caused it.
  1. Externality
  2. Profit
  3. Dividend
  4. Revenue
  1. The ______Act sought to do away with restraints and monopolies that hindered competition or made competition impossible.
  1. Sherman Antitrust
  2. Clayton Antitrust
  3. Federal Trade Commission
  4. Robinson-Patman
  1. In the case of a ______, it makes sense to let the firm expand to take advantage of lower production costs, and then regulate its activities so that it cannot take advantage of the consumer.
  1. Natural Monopoly
  2. Perfect Monopoly
  3. Oligopoly
  4. Geographic Monopoly
  1. Identify four ways in which your tax dollars are used by state and local governments and explain the importance of those services in your daily life?

______