Copyright

Market Structures in Economics 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!

Page 1

Question 1 1. Which of the following statements regarding the top 5 world economies is true?

Question 2 2. Which of the following industries is best described as a national oligopoly?

Question 3 3. Which company did the Justice Department require be broken up in the early 1980s because they had become too powerful of a monopoly?

Question 4 4. Which of the following best defines a monopoly?

Question 5 5. In a country with a command economy, people are angry because there are surpluses of snow shovels, overalls, and slow cookers, but shortages of toilet paper, canned food, and televisions. Which of the problems associated with command economic systems are they experiencing?

Page 2

Question 6 6. In a situation with two players, how do we find the Nash equilibrium?

Question 7 7. While there are fictitious examples of game theory, which of the following is a good example of game theory in the real-world?

Question 8 8. Which of the following is NOT one of the five requirements for a perfectly competitive market?

Question 9 9. A command economy is:

Question 10 10. What does the 'perfect' in 'perfect competition' describe?

Page 3

Question 11 11. Identify the agency of the U.S. government that is required to approve all proposed mergers and acquisitions.

Question 12 12. What is one difference between a game theory decision and other strategic business decisions?

Question 13 13. What is the 'prisoner's dilemma'?

Question 14 14. Which of the following is NOT a condition for monopolistic competition?

Question 15 15. _____ describes the economic concept of making strategic plans based on anticipations of competitors' actions.

Page 4

Question 16 16. What is 'game theory'?

Question 17 17. Who coined the term ''invisible hand,'' in what book, and when?

Question 18 18. Approximately how large was the US economy in 2014?

Question 19 19. Which of the following is true if competitors in an oligopoly try to beat each other with lower prices?

Question 20 20. Which of the following best describes the function of the invisible hand?

Page 5

Question 21 21. Which of these countries provides a current or historical example of a command system of economics?

Question 22 22. As a market structure, monopolistic competition offers goods and services _____.

Question 23 23. What is the correct answer in the prisoner's dilemma?

Question 24 24. Which of the following economic problems is NOT associated with a command system of economics?

Question 25 25. What is the biggest risk associated with monopolies?

Page 6

Question 26 26. The CEOs of Verizon, AT&T, T-Mobile, and Sprint are out golfing. The CEO of Sprint suggests a plan where they all offer cell plans that have different levels of data, minutes, and texts, but that when compared, they all cost the same. What is the CEO suggesting?

Question 27 27. Which of the following statements about goods and services in a monopolistic competition is TRUE?

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

Question 29 29. Which of the following is necessary to be able to identify the Nash equilibrium?

Question 30 30. What is the European Union (EU)?

Market Structures in Economics 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!

Economics 101: Principles of Microeconomics  /  Business Courses
Support