Microeconomics UNIT TEST
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____
1. The study of microeconomics:
a. Looks at consumer markets, business markets and labor markets as individual sectors
b. Looks at economic growth, economic stability and international trade in a global perspective
c. Focuses only with employment or unemployment of people
d. Focuses only on inflation and government policies
____
2. Which of the following would NOT be a determinant of demand?
a. Price of related goods
c. Tastes
b. Income
d. Prices of Factors of production
____
3. Which group of people ultimately determines the products that a free enterprise economy produces
(Demand)?
a. Congress
c. Local government
b. Property owners
d. Consumers
____
4.
a.
b.
c.
d.
This cartoonist would like government to
set higher ergonomic standards for the workplace.
interfere with business less.
protect workers more.
provide more public services.
____
5. If the price of Mr. Pibb soda, a substitute to Dr. Pepper increases, then:
a. The demand for Dr. Pepper will increase
b. The market price of Dr. Pepper will decrease
c. The demand for Dr. Pepper will decrease
d. The demand for Dr. Pepper will not change
____
6. The minimum wage is an example of a federal law that demonstrates this policy:
a. Price Ceiling
c. Demand
b. Price Floor
d. Supply
____
7. What will happen to demand in the rice market now if buyers believe prices will be higher in the future?
a. The demand for rice will increase
b. The demand for rice will decrease
c. The demand for rice will stay the same
d. The supply of rice will increase
____
8. If the price for ski lift tickets goes down and supply stays the same, the effect on the economy would be:
a. Decrease in the number of skiers
c. Increase in the demand for other winter activities
b. Increase in demand for skis
d. Increase in the supply of ski resorts
P1
A
B
P2
Q1
______9.
Q2
Refer to the figure above. The movement from point A to point B on the graph shows:
a. An increase in quantity demanded
c. An increase in quantity supplied
b. A decrease in quantity demanded
d. A decrease in quantity supplied
____ 10. Imagine you make iPhones. There is an increase in the cost of a factor of production that goes into making
your iPhones. We would expect then that:
a. Supply will increase
b. Supply will decrease
c. Supply could either increase or decrease
d. Supply would remain unchanged
S
S2
Price
Quantity
_____ 11. Refer to the figure above. On the graph, the movement from S to S2 could be caused by:
a. A decrease in the price of the good to consumers
b. An increase in income of consumers
c. An improvement in the technology used to make the good being supplied
d. A decline in weather causing less quantity of a good to be provided
____ 12. If there is a shortage of a good at the current price:
a. It means nothing should happen
c. Sellers are producing less than consumers demand
b. The market is in equilibrium
d. Sellers are producing more than consumers demand
____ 13. When the price is higher than the equilibrium price:
a. A shortage will exist
b. Consumers will desire to purchase more than is being produced
c. Producers desire to produce and sell more than consumers wish to purchase
d. Quantity demanded will equal quantity supplied
Demand Schedule for T-shirts
Price per T-shirt
$10
$12
$14
$16
$18
$20
____14.
Quantity Demanded
(in millions)
1,100
900
700
500
300
100
If you were to graph the demand schedule above, the demand curve would:
a. Slope upward from bottom left to top right c. Be a horizontal line
b. Slope downward from top left to bottom d. Be a vertical line
right
____ 15.
a.
b.
c.
d.
Which of the following choices could cause the movement shown in this graph?
A decrease in income
An increase in population
An increase in the price of a substitute
A decrease in the price of a complementary good
____ 16. An increase in the price of milk causes a decrease in the demand for cereal. The two products are
a. substitutes.
c. unrelated.
b. complements.
d. demand elastic.
____ 17.
According to this demand curve, if the price of movie videos increases from $14 to $16, the quantity
demanded will
a. fall from 600 to 400.
c. fall from 400 to 200.
b. rise from 400 to 600.
d. rise from 200 to 400.
____18.
According to the graph above, if the price of movie videos decreases from $18 to $16, the quantity supplied will:
a. rise from 800 to 1000.
c. rise from 600 to 800.
b. fall from 1000 to 800.
d. fall from 800 to 600.
____ 19.
Three years after a major farm bill ended the nation’s decades-old program of agricultural price supports,
Congress is considering beefing up safety nets to aid farmers around the country hit by dramatically low crop
prices, shrinking exports, and falling incomes.
Source: “Congress Sews a Safety Net for Farmers,” The Christian Science Monitor, March 12, 1999.
In the passage, the term “price supports” refers to a
a. shortage.
c. price ceiling.
b. surplus.
d. price floor.
____ 20. Perfect competition is characterized by
a. A large number of buyers & sellers
b. Diverse products
c. Sellers acting together to set prices
d. Uninformed buyers and sellers
____ 21. A decrease in competition within an industry often results in
a. less efficient resource allocation.
b. lower prices.
c. a firm wielding less economic and political power.
d. increased output.
____ 22. When a major car company lowers its prices, other car makers will probably
a. maintain existing prices.
c. go out of business.
b. raise their prices.
d. lower their prices.
____ 23. Mergers and acquisitions might result in
a. more competition.
b. smaller companies.
c. increases in consumer demand.
d. inadequate competition.
____ 24. A market structure in which one firm has a monopoly because of its location is a
a. natural monopoly.
c. technological monopoly.
b. geographic monopoly.
d. government monopoly.
____ 25.
The Federal Trade Commission (FTC) reviews mergers to ensure that they do not substantially lesson
competition. The agency certainly was busy in 1998. In that year, the number of announced mergers involving
American companies exceeded 7,750. A survey conducted in 1999 suggests that the FTC’s workload will not
dwindle in the near future. Of the companies polled in the survey, more than one third said that they intended to
acquire other companies within the year.
Source: Bergen Record, April 23, 1999.
a.
b.
c.
d.
____ 26.
This passage suggests a trend toward
decreased competition.
greater competition.
more power for the Federal Trade Commission.
Deregulation (less government involvement)
By
passing truth-in-advertising laws, the government hopes to influence producers, such as the toy manufacturer
in the cartoon, to
a. hide product defects.
c. stop advertising to children.
b. make better products.
d. lower the prices of their products.
____ 27. In a perfectly competitive market, all of the following are true EXCEPT:
a. Products are identical
c. There are a large number of buyers and sellers
b. Buyers & sellers are not well-informed
d. Buyers & sellers are free to enter/exit business transactions
Match the following terms to the statements below. (Not all will be used!)
a. Monopoly
e. Natural Monopoly
b. Oligopoly
c. Product Differentiation
f. Geographic Monopoly g. Technological Monopoly
d. Price Wars
h. Government Monopoly
_____ 28. Occurs when the government provides products or services that private industry cannot adequately provide
_____ 29. A market structure in which a few very large sellers dominate the industry
_____ 30. A series of price cuts that can push prices lower than the cost of production for a short period of time
_____ 31. Occurs when a location cannot support two or more businesses from the same industry
_____ 32. Occurs when a single firm produces a product/service because it minimizes the overall costs
_____ 33. Real or imagined variances of products between competing products in the same industry
_____ 34. When a single company controls the entire market and has no competition
a. FDA
f. NLRB
b. FCC
g. FAA
c. FTC
h. EEOC
d. SEC
i. OSHA
e. EPA
j. CPSC
(not all will be used!)
____ 35. Protects public health by assuring the safety and security of drugs, cosmetics and the food supply
____ 36. Federal agency tasked with ending employment discrimination in the United States
____ 37. Performs environmental research and develops legislation to protect the environment
____ 38. Serves to protect the public from unreasonable risks/injury/death from consumer products
____ 39. Prevents unfair labor practices and oversees labor organization representation
____ 40. Protects investors, maintains fair and efficient markets and facilitates capital formation
____ 41. Enforces antitrust laws (breaks up monopolies)
EXTRA CREDIT
It is always a difficult problem knowing how best to price a product...Was it best to charge a high price and sell a
smaller number...or charge a lower price and aim for volume? [Noumenon Corporation] decided to [test] the market
for its new accounting program at different prices. The firm...raised prices in increments of $20 all the way up to
$210. They found that total revenue was maximized at a price of $90. As a result of this experiment, they decided
to...market the Intuit Accounting program at $89.95, much lower than the prices of competing software programs.
Source: Adapted from The Study of Economics, by Turley Mings, Dushkin Publishing.
____ 42. In the experiment described in the passage, Noumenon Corporation was trying to determine the price that: (1 pt)
a. would create the most sales.
c. most competitors could not beat.
b. would bring in the most revenue.
d. most consumers could afford.
____ 43. Consumers' willingness to replace a costly item with a less costly item is an example of: (1 point)
a. the substitution effect.
c. demand elasticity.
b. the income effect.
d. complements.
____ 44. What is a chump? (1 point)
_____ 45. In your own words, explain why studying MicroEconomics is important to the life of each of us as
consumers. (up to 4 points)
Microeconomics Quiz 1
Answer Section
MULTIPLE CHOICE
1. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 35-37, and in the
Reading Essentials and Notetaking Guide, Chapter 2, Section 1. For additional practice, complete Chapter 2,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Pages 35-37
2. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 38, and in the Reading
Essentials and Notetaking Guide, Chapter 2, Section 1. For additional practice, complete Chapter 2, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 38
3. ANS: D
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 51, and in the Reading
Essentials and Notetaking Guide, Chapter 2, Section 3. For additional practice, complete Chapter 2, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 51
4. ANS: B
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, pages 52-53, and in the
Reading Essentials and Notetaking Guide, Chapter 2, Section 3. For additional practice, complete Chapter 2,
Section 3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Pages 52-53
5. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 37-39, and in the
Reading Essentials and Notetaking Guide, Chapter 2, Section 1. For additional practice, complete Chapter 2,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Pages 37-39
6. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 44, and in the Reading
Essentials and Notetaking Guide, Chapter 2, Section 2. For additional practice, complete Chapter 2, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 44
7. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 49, and in the Reading
Essentials and Notetaking Guide, Chapter 2, Section 3. For additional practice, complete Chapter 2, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 49
8. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 35-37, and in the
Reading Essentials and Notetaking Guide, Chapter 2, Section 1. For additional practice, complete Chapter 2,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Pages 35-37
9. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 34-35, and in the
Reading Essentials and Notetaking Guide, Chapter 2, Section 1. For additional practice, complete Chapter 2,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Pages 34-35
10. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 68-70, and in the
Reading Essentials and Notetaking Guide, Chapter 3, Section 1. For additional practice, complete Chapter 3,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Pages 68-70
11. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 82-83, and in the
Reading Essentials and Notetaking Guide, Chapter 3, Section 3. For additional practice, complete Chapter 3,
Section 3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Pages 82-83
12. ANS: C
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 68, and in the Reading
Essentials and Notetaking Guide, Chapter 3, Section 1. For additional practice, complete Chapter 3, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 68
13. ANS: C
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 75, and in the Reading
Essentials and Notetaking Guide, Chapter 3, Section 2. For additional practice, complete Chapter 3, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Page 75
14. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 92-93, and in the
Reading Essentials and Notetaking Guide, Chapter 4, Section 1. For additional practice, complete Chapter 4,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Pages 92-93
15. ANS: A
PTS: 1
DIF: Challenging
REF: Learn more about this question in Economics Principles and Practices, pages 99-100, and in the
Reading Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4,
Section 2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Pages 99-100
16. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 101, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 101
17. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 93, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 1. For additional practice, complete Chapter 4, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 93
18. ANS: B
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 98, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 98
19. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 101, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 101
20. ANS: C
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 100, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 100
21. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 104, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 3. For additional practice, complete Chapter 4, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 104
22. ANS: C
PTS: 1
DIF: Challenging
REF: Learn more about this question in Economics Principles and Practices, pages 107-109, and in the
Reading Essentials and Notetaking Guide, Chapter 4, Section 3. For additional practice, complete Chapter 4,
Section 3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Pages 107-109
23. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 98, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 98
24. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 92, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 1. For additional practice, complete Chapter 4, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 92
25. ANS: A
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 98, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 98
26. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 100, and in the Reading
Essentials and Notetaking Guide, Chapter 4, Section 2. For additional practice, complete Chapter 4, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Page 100
27. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 120, and in the Reading
Essentials and Notetaking Guide, Chapter 5, Section 1. For additional practice, complete Chapter 5, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 120
28. ANS: B
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, pages 116-118, and in the
Reading Essentials and Notetaking Guide, Chapter 5, Section 1. For additional practice, complete Chapter 5,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Pages 116-118
29. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 118, and in the Reading
Essentials and Notetaking Guide, Chapter 5, Section 1. For additional practice, complete Chapter 5, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 118
30. ANS: B
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 133, and in the Reading
Essentials and Notetaking Guide, Chapter 5, Section 3. For additional practice, complete Chapter 5, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 133
31. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 118, and in the Reading
Essentials and Notetaking Guide, Chapter 5, Section 1. For additional practice, complete Chapter 5, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Page 118
32. ANS: D
PTS: 1
DIF: Challenging
REF: Learn more about this question in Economics Principles and Practices, pages 120-122, and in the
Reading Essentials and Notetaking Guide, Chapter 5, Section 1. For additional practice, complete Chapter 5,
Section 1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Pages 120-122
33. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 144, and in the Reading
Essentials and Notetaking Guide, Chapter 6, Section 1. For additional practice, complete Chapter 6, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 144
34. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 143, and in the Reading
Essentials and Notetaking Guide, Chapter 6, Section 1. For additional practice, complete Chapter 6, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 143
35. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 150, and in the Reading
Essentials and Notetaking Guide, Chapter 6, Section 2. For additional practice, complete Chapter 6, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 150
36. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 158-160, and in the
Reading Essentials and Notetaking Guide, Chapter 6, Section 3. For additional practice, complete Chapter 6,
Section 3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Pages 158-160
37. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 144, and in the Reading
Essentials and Notetaking Guide, Chapter 6, Section 1. For additional practice, complete Chapter 6, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 144
38. ANS: A
PTS: 1
DIF: Challenging
REF: Learn more about this question in Economics Principles and Practices, page 170, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 1. For additional practice, complete Chapter 7, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 170
39. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 180, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 2. For additional practice, complete Chapter 7, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
NOT: Page 180
40. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 186, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 3. For additional practice, complete Chapter 7, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 186
41. ANS: C
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, pages 186-189, and in the
Reading Essentials and Notetaking Guide, Chapter 7, Section 3. For additional practice, complete Chapter 7,
Section 3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Pages 186-189
42. ANS: D
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 174, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 1. For additional practice, complete Chapter 7, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 174
43. ANS: D
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 180, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 2. For additional practice, complete Chapter 7, Section
2, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 180
44. ANS: B
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 176, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 1 For additional practice, complete Chapter 7, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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NOT: Page 176
45. ANS: A
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 186, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 3. For additional practice, complete Chapter 7, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
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MSC: Document Based Question
NOT: Page 186
46. ANS: C
PTS: 1
DIF: Easy
REF: Learn more about this question in Economics Principles and Practices, page 173, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 1. For additional practice, complete Chapter 7, Section
1, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 173
47. ANS: B
PTS: 1
DIF: Average
REF: Learn more about this question in Economics Principles and Practices, page 188, and in the Reading
Essentials and Notetaking Guide, Chapter 7, Section 3. For additional practice, complete Chapter 7, Section
3, of the Interactive Tutor Self-Assessment CD-ROM, and visit this book's Online Learning Center at
glencoe.com.
MSC: Document Based Question
NOT: Page 188