Question 1

One advantage of a partnership over a sole proprietorship is:

Accepted Answer

A)  greater accountability. 
B)  limited liability. 
C)  ease of formation. 
D)  the ability to share the work and risks of business. 
A)  greater accountability. 
B)  limited liability. 
C)  ease of formation. 
D)  the ability to share the work and risks of business.

Question 2

Which of the following is the best example of a demerit good?

Accepted Answer

A)  Cigarettes 
B)  Whole-wheat bread 
C)  Bicycles 
D)  Education 
A)  Cigarettes 
B)  Whole-wheat bread 
C)  Bicycles 
D)  Education

Question 3

Which of the following is an international financial institution concerned primarily with monetary issues and international financial arrangements?

Accepted Answer

A)  International Monetary Fund 
B)  European Union 
C)  Group of Five 
D)  Group of Seven 
A)  International Monetary Fund 
B)  European Union 
C)  Group of Five 
D)  Group of Seven

Question 4

In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):

Accepted Answer

A)  corporation. 
B)  command economy. 
C)  market economy. 
D)  government as a referee. 
A)  corporation. 
B)  command economy. 
C)  market economy. 
D)  government as a referee.

One advantage of a partnership over a sole proprietorship is:

Which of the following is the best example of a demerit good?

Which of the following is an international financial institution concerned primarily with monetary issues and international financial arrangements?

In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):

Economics and Economic Reasoning

The Production Possibility Model, Trade, and Globalization

Supply and Demand

Using Supply and Demand

Describing Supply and Demand: Elasticities

Taxation and Government Intervention

Market Failure Versus Government Failure

Comparative Advantage, Exchange Rates, and Globalization

International Trade Policy

Production and Cost Analysis I

Production and Cost Analysis II

Perfect Competition

Monopoly and Monopolistic Competition

Oligopoly and Antitrust Policy

Real-World Competition and Technology

Work and the Labor Market

Who Gets What the Distribution of Income

The Logic of Individual Choice: the Foundation of Supply and Demand

Game Theory, Strategic Decision Making, and Behavioral Economics

Thinking Like a Modern Economist

Behavioral Economics and Modern Economic Policy

Microeconomic Policy, Economic Reasoning, and Beyond

Filters

Exam 3: Economic Institutions

One advantage of a partnership over a sole proprietorship is:

Which of the following is the best example of a demerit good?

Which of the following is an international financial institution concerned primarily with monetary issues and international financial arrangements?

In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):

Economics and Economic Reasoning

The Production Possibility Model, Trade, and Globalization

Supply and Demand

Using Supply and Demand

Describing Supply and Demand: Elasticities

Taxation and Government Intervention

Market Failure Versus Government Failure

Comparative Advantage, Exchange Rates, and Globalization

International Trade Policy

Production and Cost Analysis I

Production and Cost Analysis II

Perfect Competition

Monopoly and Monopolistic Competition

Oligopoly and Antitrust Policy

Real-World Competition and Technology

Work and the Labor Market

Who Gets What the Distribution of Income

The Logic of Individual Choice: the Foundation of Supply and Demand

Game Theory, Strategic Decision Making, and Behavioral Economics

Thinking Like a Modern Economist

Behavioral Economics and Modern Economic Policy

Microeconomic Policy, Economic Reasoning, and Beyond

Filters