Economics
2nd Quarterly Assessment
Name: ______
Class Period: ______
Directions: Circle the answer that best answers the following questions.
- A ______may start a price war in order to get a larger share of the market.
 
- Perfect Competitor
 - Oligopolist
 - Monopolist
 - Economist
 
- A monopoly based on ownership or control of a manufacturing method is a ______monopoly.
 
- Natural
 - Geographic
 - Technological
 - Government
 
- The theoretically ideal situation of ______is characterized by a large number of well-informed independent buyers and sellers who exchange identical products.
 
- Oligopoly
 - Monopoly
 - Perfect competition
 - Monopolistic competition
 
- 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.
 
- Compensation
 - Transfer
 - Closed
 - Grant-in-aid
 
- 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.
 
- Macroeconomics
 - Microeconomics
 - Fiscal policy
 - Labor Economics
 
- A law making it illegal to force workers to join a union as a condition for employment was a provision of ______.
 
- The Wagner Act
 - The Clayton Act
 - The Taft-Hartley Act
 - The NLRA
 
- The National Labor Relations Act established ______.
 
- Right to Work Laws
 - The right to have non union shops
 - The right of unions to collective bargaining
 - The minimum wage act
 
- The ______is an annual plan for outlining proposed revenues and expenditures for the coming year.
 
- Federal contrivance
 - Annual authorization
 - Federal budget
 - Annual stratagem
 
- The largest category of federal spending is ______.
 
- Transportation
 - National defense
 - Medicare
 - Social security
 
- Historically, the federal budget was characterized by a remarkable amount of ______spending, or spending in excess of revenues collected.
 
- Deficit
 - Surplus
 - Shortage
 - Discretionary
 
- The ______is a situation in which the employer agrees to hire only union members.
 
- Union shop
 - Closed shop
 - Agency shop
 - Trade shop
 
- 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.
 
- Agency shop
 - Union Shop
 - Trade shop
 - Collective Shop
 
- Under extreme circumstances, the government may resort to ______, a temporary takeover of operations, to allow the government to negotiate with the union.
 
- Arbitration
 - Injunction
 - Expropriation
 - Seizure
 
- The market structure that has all the conditions of perfect competition EXCEPT for identical products is ______.
 
- Oligopoly
 - Monopolistic competition
 - Monopoly
 - Perfect Competition
 
- When sizable deviations from one or more of the conditions required for perfect competition take place ______occur.
 
- Profits
 - Market success
 - Market failures
 - Oligopolistic competitions
 
- When the factors of production do not move to markets where returns are highest, the economy faces the problem of ______.
 
- Resource immobility
 - Externalities
 - Resource allocation
 - Rationing
 
- The ______provision is a requirement that new spending proposals or tax cuts must be offset by reductions elsewhere.
 
- Crowding-out
 - Exponential
 - Appropriations
 - Pay-as-you-go
 
- The largest category of spending by local governments is ______.
 
- Higher education
 - Elementary and Secondary education
 - Public welfare
 - Highways
 
- The ______is the total amount borrowed from investors to finance deficit spending by the federal government.
 
- Consumer debt
 - Deficit spending
 - Investor debt
 - Federal debt
 
- 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.
 
- Wage determination
 - Negotiated wages
 - Labor mobility
 - Labor signaling
 
- The category of ______labor includes workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training.
 
- Unskilled
 - Professional
 - Skilled
 - Semi-skilled
 
- A ______is a wage, fringe benefit, or work rule given up when labor contracts are renegotiated.
 
- Wage rate
 - Giveback
 - Minimum wage
 - Set-aside contract
 
- 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.
 
- Externality
 - Profit
 - Dividend
 - Revenue
 
- The ______Act sought to do away with restraints and monopolies that hindered competition or made competition impossible.
 
- Sherman Antitrust
 - Clayton Antitrust
 - Federal Trade Commission
 - Robinson-Patman
 
- 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.
 
- Natural Monopoly
 - Perfect Monopoly
 - Oligopoly
 - Geographic Monopoly
 
- 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?
 
______
