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1. Which of the following is FALSE
about public-sector decision making?

A. Decisions are based on majority
rule.    

B. The price charged to consumers is often
less than its full opportunity cost.

C. Decisions involve no opportunity cost.

D. Incentives play a role in decision
making.

2. The graph which represents the
distribution of income in an economy is called the

A. Laffer curve.

B. Lorenz curve.

C. Distribution curve.

D. Aggregate demand curve.

3. Which of the following CANNOT be
eliminated in a growing economy such as the U.S.
economy?

A. absolute poverty  

B. relative poverty

C. both absolute and relative poverty

D. Neither absolute nor relative poverty can
be eliminated.

4. Critics argue that a system of
national health insurance would:       

A. increase government ownership of hospitals,
clinics, and nursing homes, thereby raising their cost       

B. increase the number of doctors beyond the
point of MB = MC

C. increase the waiting time for many medical
services and procedures

D. reduce or remove a consumer’s right to
choose a physician

5. In monopolistic competition in the
long run, which of the following will be true?

A. Economic profit is zero.

B. All of the answers are correct.

C. P = MC.

D. ATC is minimized.

6. Which of the following describes
monopolistic competition?

A. Advertising plays a key role

B. There is only one seller in the
industry

C. Homogenous products

D. P = MR = MC

7. Strategic behavior and game theory
are features of which market structure?        

A. Perfect competition

B. Monopoly

C. Monopolistic competition

D. Oligopoly

8. Which of the following is a
characteristic of oligopoly?

A. Easy entry and exit

B. Many firms

C. Strategic dependence

D. None of these

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