### The theory of the communists may be summed up in a single

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1. If the demand curve is QD = 100 – 10P and there is a \$1 price increase, then the elasticity of demand at P = 2 is

A. -0.25

B. -0.75

C. -0.50

D. -0.30

2. If the absolute value of a demand elasticity is less than 1, then

A. the demand is inelastic, and a price rise will reduce the total revenue

B. the demand is inelastic, and a price rise will increase the total revenue

C. the demand is elastic, and a price rise will reduce the total revenue

D. the demand is elastic, and a price rise will increase the total revenue

3. If the cross-price elasticity is negative, then the two goods are

A. unrelated

B. substitutes

C. complements

D. normal goods

4. Under perfect competition, a firm maximizes its profit by setting

A. P = MC because P = MR.

B. P above MC where MC = MR.

C. P = FC.

5. In a large city, a good, real-world example for perfect competition would be

A. lawyers

B. gas stations

C. Time Warner Cable

D. clothing stores

6. A firm under monopolistic competition will earn

A. positive economic profit because it has some monopoly power

B. zero economic profit because it sets P = MC

C. zero economic profit because its P = ATC

D. positive economic profit because it sets MC = MR 1.Which statement is true?

A) A depression followed World War I and World War II

B) A depression followed neither World War I nor World War II

C) A depression followed World War I, but not World War II

D) A depression followed World War II, But not World War I

2. There was full employment in:

A) Both 1929 and 1942

B) Neither 1929 nor 1942

C) 1929 only

D) 1942 only

3. Between 1939 and 1944 our national output:

A) Rose by 5 percent

B) Nearly doubled

C) Rose by 150 percent

D) Nearly tripled

4. The early 1930’s was a period of:

A) Inflation and deflation

B) Neither inflation nor deflation

C) Inflation

D) Deflation

5. The name of Andrew Carnegie is most losely associated with the ____ industry.

A) Steel

B) Rubber

C) Meatpacking

D) Chemical

6. The transcontinental railroads were ompleted in the 25 years:

A) Before the Civil War

B) After the Civil War

C) After 1890

D) After the 20th century began

7. The term “the affluent society” was coined by:

A) Michael Harrington

B) John Kenneth Galbraith

C) Karl Marx

D) Adam Smith8. In order to raise our of economic rowth, we would need to:

A) Increase the level of labor or capital

B) Reduce the level of labor

C) Spend more on military goods

D) Spend more on consumer goods

9. Human wants are:

A) Relatively limited

B) Relatively unlimited

C) Easily satisfied

D) about equal to out productive capacity

10. Who is the following is NOT an entrpreneur?

A) Henry Ford (Ford Motor Company)

B) Tim Berners-Lee (creator of the World Wide Web)

C) John David Rockefeller (Standard Oil)

D) Bill Gates (Microsoft)

11. Which of the following is an example of capital?

A) Money in a Swiss bank account

B) A bulldozer

C) A CD by Justin Timberlake

D) A Dracula costume for Halloween

12. Tommy spends most of his monthly budget on \$3 video game rentals or \$6 packets of Pokemon cards. The opportunity cost to Tommy of an extra packet of Pokemon cards is:

A) One video game rental

B) Two video game rentals

C) The cost of the Pokemon cards

D) He does not incur an opportunity cost

13. The invisible hand is:

A) Perfect competition

B) The profit motive

C) Government direction

D) The mixed economy

14. Hitler’s Germany was an example of a _________ economic system.

A) Capitalist

B) Fascist

C) Communist

D) Socialist

15. Karl Marx said that:

A) Whoever controls a society’s capital controls that society

B) In the long run capitalism would survive

C) The U.S.S.R.’s communist system was "state capitalism.”

D) Capitalists and workers generally have the same economic interests.

16. Private ownership of most of the means

of production is common to:

A) Capitalism and communism

B) Capitalism and fascism

C) Capitalism and socialism

D) Fascism and communism

17. Sweden and Norway would best be

described as _________ countries.

A) Capitalist

B) Fascist

C) Communist

D) Socialist

18. Characteristics of the “invisible hand” concept include all of the following EXCEPT:

A) Simple markets

B) Individuals and firms pursue their own self-interest without any central direction or regulation.

C) A complete lack of government involvement in the economy.

D) All of the choices are characteristics of the “invisible hand.”

19. “The theory of the Communists may be summed up in a single sentence: Abolition of private property,” This is from:

A) The Communist Manifesto

B) The Capitalist Manifesto

C) The Socialist Manifesto

D) The Fascist Manifesto

20. The nation closest to a centrally

planned socialist economy is:

A) China

B) Japan

C) France

D) Germany

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