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Georgia Milestones: Market Structures in the US Economy Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of these industries is closest to perfect competition?

Question 2 2. If Microchip can produce 100 computers or 20 loaves of bread, what is his opportunity cost for producing computers? Assume a constant opportunity cost.

Question 3 3. Approximately how large was the US economy in 2014?

Question 4 4. Which of the following is true if competitors in an oligopoly try to beat each other with lower prices?

Question 5 5. What is the correct answer in the prisoner's dilemma?

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Question 6 6. Which of the following economic problems is NOT associated with a command system of economics?

Question 7 7. In pure competition, how does one competitor gain market share over the other competitors?

Question 8 8. Who coined the term ''invisible hand,'' in what book, and when?

Question 9 9. What is pure competition?

Question 10 10. In a situation with two players, how do we find the optimal solution?

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Question 11 11. Assume Skippy can produce either 10 jars of peanut butter or 20 jars of jelly and Smuckers can produce 100 jars of jelly or 60 jars of peanut butter. Assuming a constant opportunity cost, who has a comparative advantage in producing jelly?

Question 12 12. What does the 'perfect' in 'perfect competition' describe?

Question 13 13. Which of the following industries is best described as a national oligopoly?

Question 14 14. Game theory is the idea that the results of one, or more, players' decisions are based on _____.

Question 15 15. Which of the following statements about goods and services in a monopolistic competition is TRUE?

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Question 16 16. In what instances does pure competition exist?

Question 17 17. The willingness of an entrepreneur to work for herself and use her own money knowing there's a chance that she will lose it all demonstrates what type of characteristic?

Question 18 18. What controls exist to help discourage monopolies in the U.S. economy?

Question 19 19. What is another term for pure competition?

Question 20 20. How are prices determined in a pure competition market?

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Question 21 21. What is the 'prisoner's dilemma'?

Question 22 22. _____ describes the economic concept of making strategic plans based on anticipations of competitors' actions.

Question 23 23. What is the European Union (EU)?

Question 24 24. Which of the following is NOT one of the five requirements for a perfectly competitive market?

Question 25 25. Which of these government administrators is behaving in a way that exemplifies the problem of moral hazard in a command economic system?

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Question 26 26. Which one of the following is the best explanation of an entrepreneur?

Question 27 27. What is one difference between a game theory decision and other strategic business decisions?

Question 28 28. In a situation with two players, how do we find the Nash equilibrium?

Question 29 29. Which of the following statements regarding the top 5 world economies is true?

Question 30 30. What is Specialization?

Georgia Milestones: Market Structures in the US Economy Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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