31. A perfectly inelastic demand curve is: a. horizontal. b. downward sloping. c

Question

31. A perfectly inelastic demand curve is:

a. horizontal.

b. downward sloping.

c. upward sloping.

d. vertical.

32. A trade-off involves weighing costs and benefits.

a. true

b. false

33. A perfectly elastic demand curve is:

a. horizontal.

b. downward sloping.

c. upward sloping.

d. vertical.

34. The second most important thing I’ve learned in class this term is:

a. despair is not an option

b. Donald J. Trump’s hair is real

c. the use of cheese for skyscraper construction

d. none of the above

35. T or F: Virtually any news item has important economic dimensions and consequences.

36. T or F: When studying economics, always think in terms of historical context.

37. This popular Asian country is populated by 1.3 billion people, has the world’s second largest economy, and uses a language that’s been in continuous use for nearly 5,000 years:

a. Kentucky

b. California

c. Spain

d. China

38. T or F: The top priority in my life right now should be my education and an internship experience. Without these, the job market is going to kick my butt!

39. Which of the following is a key side effect generated by the use of price ceilings?

a. black markets

b. products with too high of quality

c. an excess supply of a good

d. too many resources artificially channeled into the production of a good

40. Which of the following is NOT one of the four basic principles for understanding individual choice?

a. Resources are scarce.

b. The real cost of something is the money that you must pay to get it.

c. “How much?” is a decision at the margin.

d. People usually take advantage of opportunities to make themselves better off.

41. A hot mixture of pan drippings, flour, and water is commonly known as:

a. interest rates and expected future real GDP.

b. interest rates and current real GDP.

c. inflation and expected future real GDP.

d. gravy.

42. The example we used in class when discussing the inefficiency of quantity quotas was:

a. Uber

b. General Electric

c. AT&T

d. the KSU marching band

43. The term we learned in class signifying a key method of non-price competition is:

a. excess supply chain management

b. arbitrage

c. swashbuckling

d. product differentiation

44. When discussing market failure and the role of regulation in class, which company/product did we use as an example?

a. Pabst Blue Ribbon

b. JetBlue

c. Blue Bell

d. Blue Apron

45. Governments may place relatively high sales taxes on goods such as alcohol and tobacco because:

a. such taxes are a significant source of revenue

b. such goods exhibit inelastic demand

c. such taxes may discourage use of these products

d. all of the above

46. When discussing the cost of higher education in class, which country did we cite as an example of one that offers free college for qualifying students?

a. USSR

b. Rhodesia

c. Czechoslovakia

d. Germany

47. Which of the following is not an example of market failure we discussed in class?

a. externalities

b. public goods

c. fungible goods

d. common pool resources

e. equity

48. T or F: As we discussed in class, the real reason why the US has lost jobs to China is the “most favored nation” (MFN) trading status granted to China by the US back in the 1980s.

49. The dude we talked about in class who coined the expression “invisible hand” and promoted self-interest and competition in his famous book “The Wealth of Nations” is:

a. Abu Bakr al-Baghdadi

b. Ali Khamenei

c. Donald J. Trump

d. Adam Smith

50. When studying for your final exams and attempting to allocate your limited time among several subjects in order to maximize your course grades (recall, we talked about this example during the first week of class), you’re almost unconsciously engaging in a form of:

a. fraud

b. miscellaneous serendipity

b. mitosis

d. marginal analysis

Explanation / Answer

31. d. vertical.

32. a. true

33.a. horizontal.

34. d. none of the above

35. TRUE

36. False

37. d. China

38. TRUE

39. a. black markets

40. b. The real cost of something is the money that you must pay to get it.

41. b. interest rates and current real GDP.

42. b. General Electric

43. d. product differentiation

44. b. JetBlue

45. d. all of the above

46. d. Germany

47.d. common pool resources

48. False

49. d. Adam Smith

50. d. marginal analysis

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