Question 1
1. The Social Security Act was passed: a. in 1935.
b. just after World War II.
c. in 1955.
d. in 1964. Question 2
1. Which of the following might increase the supply curve of labor? a. Elimination of discrimination against blacks.
b. Elimination of discrimination against females.
c. Easing licensing requirements.
d. All of these. Question 3
1. If we compare median family income in the U.S. for families headed by an adult with no more
than a high school education to that of families headed by an adult with a bachelor’s degree,
which of the following best describes what we will find? a. Median family income for families headed by an adult with a bachelor’s degree is approximately 70 percent higher than families headed by an adult no more than a high
school education.
b. Median family income for families headed by an adult with a bachelor’s degree is
approximately 90 percent higher than families headed by an adult no more than a high
school education.
c. Median family income for families headed by an adult with a bachelor’s degree is
approximately 50 percent higher than families headed by an adult no more than a high
school education.
d. Median family income for families headed by an adult with a bachelor’s degree is
approximately 25 percent higher than families headed by an adult no more than a high
school education. Question 4
1. When the Lorenz curve lies above the diagonal, a. the country's income has been rising over time. b. it is wrong since it is impossible for the graph to look like this.
c. the poorest 20 percent of the population receive more than 20 percent of income.
d. everyone receives the same income.
e. the richest 20 percent of the population receive more than 20 percent of income. Question 5
1. Which of the following statements is true? a. All people in poverty are on welfare.
b. Unemployment compensation is an example of an in-kind transfer.
c. Temporary Assistance to Needy Families (TANF) is an example of a cash payment made
by government to the impoverished.
d. After cash assistance and in-kind transfers are considered the distribution of income in
the United States is more unequal.
e. All of these. Question 6
1. Which of the following most closely represents the share of total U.S. income to the poorest 20 percent of all U.S. families?
a. 4 percent.
b. 10 percent.
c. 47 percent.
d. 23 percent. Question 7
1. Which of the following government programs provides recipients with in-kind benefits? a. Social Security.
b. Unemployment compensation.
c. Temporary Assistance to Needy Families (TANF).
d. The food stamp program (SNAP). Question 8
1. Which of the following might increase the supply curve of labor? a. Increasing licensing requirements.
b. Increasing discrimination against females.
c. Increasing discrimination against blacks.
d. All of the above.
e. None of the above. Question 9
1. The poverty income level equals the: a. average income of a family headed by a worker who has been unemployed for six
months or more.
b. cost of an economical and nutritional food plan for a family multiplied by three. c. average income of the bottom one-tenth of all income recipients.
d. cost of an economical and nutritional food plan for a family multiplied by six. Question 10
1. Medicaid and SNAP (food stamps) are: a. both c and d.
b. forms of cash assistance.
c. forms of in-kind assistance.
d. counterproductive.
e. available only to families. Question 11
1. Price discrimination that tends to lessen competition is outlawed by the: a. Sherman Antitrust Act.
b. Clayton Act.
c. Interstate Commerce Act.
d. Federal Trade Commission Act. Question 12
1. Imperfect knowledge about a product can cause: a. all of the above answers are true.
b. consumers paying too high a price for a product.
c. overconsumption of a product.
d. excessive resources devoted to producing a product.
e. none of the above answers a.-c. are true. Question 13
1. The Celler-Kefauver Act of 1950 amended the: a. Wagner Act.
b. Clayton Act.
c. Sherman Act.
d. Federal Trade Commission Act. Question 14
1. If a firm offers quantity discounts or special promotional allowances only to favored distributors
and the effect is to substantially lessen competition, then it is in violation of the: a. Federal Trade Commission Act.
b. Celler-Kefauver Act.
c. Robinson-Patman Act.
d. Clayton Act.
e. Sherman Antitrust Act. Question 15
1. Which of the following is concerned primarily with mergers? a. The Clayton Act.
b. The Celler-Kefauver Act.
c. The Robinson-Patman Act.
d. The Sherman Antitrust Act. Question 16
1. The Consumer Product Safety Commission (CPSC) was established in: a. 1887.
b. 1934.
c. 1931.
d. 1972. Question 17
1. Marginal cost pricing is a system of pricing in which the price charged equals the marginal cost
of: a. the profit-maximization unit.
b. the first unit produced.
c. the last unit produced.
d. each unit produced. Question 18
1. “Good” trusts were exempt from antitrust prosecution under the: a. rule of reason.
b. per se rule.
c. Clayton Act.
d. Sherman Act. Question 20
1. Which of the following is often called the "Antimerger Act"? a. Federal Trade Commission Act.
b. Sherman Antitrust Act.
c. Celler-Kefauver Act.
d. Robinson-Patman Act.
e. Clayton Act. Question 22
1. Which of the following best describes social benefits? a. Private benefits minus external benefits. b. The external benefits to other members of society, ignoring the private benefits to
market participants.
c. The sum of external benefits and private benefits.
d. External benefits minus benefits. Question 23
1. Which of the following is not a reason why marketable permits may fail to achieve efficiency? a. Some firms can reduce emissions at a lower cost than other firms.
b. A market with a small number of buyers and sellers.
c. There are concerns about the value of permits in the future.
d. Imperfect information exists on the value of a permit. Question 24
1. According the Coase Theorem, the private sector can achieve social efficiency if the government: a. establishes and enforces property rights.
b. set rigorous environmental standards.
c. imposes taxes to serve as proxies for external costs.
d. encourages competition with antitrust laws. Question 25
1. To maximize social welfare in the presence of a negative externality, marginal ____ must equal
marginal ____. a. social cost; social benefit
b. private cost; social cost
c. private cost; social benefit
d. social cost; private cost Question 26
1. Transactions costs are defined to be the costs of: a. eliminating market and government failures.
b. finding and obtaining offsets. c. negotiating and enforcing contracts.
d. complying with environmental regulations. Question 27
1. Exhibit 14-3 Impact of flights on house value
Each time Orville flies over Wilber's house, the noise reduces the value of Wilbur's house. The
table shows the profits to Orville of each flight, and the value of Wilbur's house.
Number
of flights Total
profits Marginal
profits Value of Wilbur's
house 1 $10,000 $10,000 $100,000 2 18,000 8,000 95,000 3 24,000 6,000 90,000 4 28,000 4,000 85,000 5 30,000 2,000 80,000 2.
3. As shown in Exhibit 14-3, if Orville has the property right to fly over Wilbur's house, but Wilbur
is allowed to negotiate with Orville on the number of flights, what will be the number of flights? a. 2.
b. 3.
c. 5.
d. 4. Question 28
1. An example of the command-and-control approach to environmental policy is: a. allowing individuals to sue freon producers if CFC emissions exceed a government-set
standard. b. allowing coal producers to buy and sell permits to allow CFC emissions.
c. placing a tax on freon to reduce its use and the corresponding CFC emissions (which
contribute to the ozone hole).
d. none of these. Question 29
1. Recently, the State of Tennessee discovered chemical compounds in their drinking water which
may cause cancer. Since Tennessee's drinking water comes from the Pigeon River in North
Carolina, the source of these chemicals is the waste discharges of industrial paper plants in North
Carolina. This is an example of a(n): a. external cost imposed on the citizens of Tennessee by the industrial plants of North Carolina.
b. market failure where the market price of the output of these industrial plants does not
fully reflect the social cost of producing these goods.
c. externality where the marginal social costs of producing these industrial goods differ
from the marginal private costs.
d. all of these. Question 30
1. Tennessee emits sulfur dioxide that flows into North Carolina. In meeting sulfur emissions
regulations, the Tennessee Valley Authority (TVA), which produces electricity, buys sulfur
emission permits from Wyoming. The resulting hot spot problem is: a. The citizens of Wyoming will experience lower sulfur emissions as a result of the emissions trading program.
b. The citizens of Wyoming will experience higher sulfur emissions as a result of the
emissions trading program.
c. The citizens of North Carolina will suffer higher emissions as a result of the emissions
trading program.
d. The citizens of Tennessee will pay more to reduce sulfur emissions than if the
government used a command-and-control approach.

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