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1951EconomicsMedium

Thomas is a monopolist in the production of your textbook because?

AThomson is a very large company

BThomson is a natural monopoly,

CThomson has a legally protected exclusive right to produce this textbook

DThomson owns a key resource in the production of textbooks.

Correct answer

C. Thomson has a legally protected exclusive right to produce this textbook

Explanation

The correct answer is Thomson has a legally protected exclusive right to produce this textbook.

1952EconomicsMedium

Many East Asian countries are growing very quickly because?

AThey save and invest an unusually high percentage of their GDP

BThey have always been wealthy and will continue to be wealthy, which is known as the “snowball effect”

CThey have enormous natural resources.

DThey are imperialists and have collected wealth from previous victories in war

Correct answer

A. They save and invest an unusually high percentage of their GDP

Explanation

The correct answer is They save and invest an unusually high percentage of their GDP.

1953EconomicsMedium

Which of the following was not a classical economist?

AJohn Maynard Keynes

BAdam Smith

CJohn Stuart Mill

DThomas R. Malthus

Correct answer

A. John Maynard Keynes

Explanation

The correct answer is John Maynard Keynes.

1954EconomicsMedium

In which capacity does a person stand to gain from deflation?

AAs a debtor

BAs a pensioner

CAs an equity-holder

DAs an entrepreneur

Correct answer

B. As a pensioner

Explanation

The correct answer is As a pensioner.

1955EconomicsMedium

Productivity can be increased by?

Araising minimum wages.

Brestricting trade with foreign countries.

Cimproving the education of workers

Draising union wages.

Correct answer

C. improving the education of workers

Explanation

The correct answer is improving the education of workers.

1956EconomicsMedium

Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called?

Aconvenience products

Bcustom products

Cspecialty products

Dshopping products

Correct answer

C. specialty products

Explanation

The correct answer is specialty products.

1957EconomicsMedium

A conglomerate merger is a merger of?

Afirm producing complementary products

Bfirms producing the same product

Cfirms producing unrelated products.

Dfirms at various stages in production process.

Correct answer

C. firms producing unrelated products.

Explanation

The correct answer is firms producing unrelated products..

1958EconomicsMedium

Which of the following statements is False?

AIn a contestable market forces will guarantee that the firms produce efficiently or be driven out of business

BFor a market to be contestable, the product must be produced with a labor-intensive technology

CIn a contestable market, economic profits cannot persist in the long run.

Dparticipants in a contestable market are continuously faced with competition or the threat of competition because entry is cheap

Correct answer

B. For a market to be contestable, the product must be produced with a labor-intensive technology

Explanation

The correct answer is For a market to be contestable, the product must be produced with a labor-intensive technology.

1959EconomicsMedium

The most advanced form of regional cooperation is exhibited by________?

AAfrica

BThe Middle East

CThe Pacific Rim

DEurope

Correct answer

D. Europe

Explanation

The correct answer is Europe.

1960EconomicsMedium

Which of the following country did not experience large capital flights from 1976 to 1984?

AVenezuela

BArgentina

CMexico

DCanada

Correct answer

D. Canada

Explanation

The correct answer is Canada.

Thomas is a monopolist in the production of your textbook because?

AThomson is a very large company

BThomson is a natural monopoly,

CThomson has a legally protected exclusive right to produce this textbook

DThomson owns a key resource in the production of textbooks.

Correct answer

C. Thomson has a legally protected exclusive right to produce this textbook

Explanation

The correct answer is Thomson has a legally protected exclusive right to produce this textbook.

Many East Asian countries are growing very quickly because?

AThey save and invest an unusually high percentage of their GDP

BThey have always been wealthy and will continue to be wealthy, which is known as the “snowball effect”

CThey have enormous natural resources.

DThey are imperialists and have collected wealth from previous victories in war

Correct answer

A. They save and invest an unusually high percentage of their GDP

Explanation

The correct answer is They save and invest an unusually high percentage of their GDP.

Which of the following statements is False?

AIn a contestable market forces will guarantee that the firms produce efficiently or be driven out of business

BFor a market to be contestable, the product must be produced with a labor-intensive technology

CIn a contestable market, economic profits cannot persist in the long run.

Dparticipants in a contestable market are continuously faced with competition or the threat of competition because entry is cheap

Correct answer

B. For a market to be contestable, the product must be produced with a labor-intensive technology

Explanation

The correct answer is For a market to be contestable, the product must be produced with a labor-intensive technology.