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Study Resources (Economics)

51.The prospective gain per season to an owner from recruiting a new star play is that player’s A)marginal cost. B)marginal revenue product. C)capital value. D)reservation wage. 52.Existing teams have the bargaining power to induce cities to build stadiums for them because of the A)difficulty of obtaining expansion franchises. B)ease of obtaining expansion franchises. C)fact that they have won.
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31.Simply indexing the alternative minimum tax for inflation and making no other adjustments would A)help the poor more than the rich. B)help the rich more than the poor. C)help all people equally. D)result in a large surplus. 32.The instructions and rules for the alternative minimum tax are generally A)far easier to understand than the instruction and.
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1.From 1982 until 2000, stock prices rose dramatically. As measured by the Dow Jones Industrial Average, stocks went from under _____ to above _______ during this period. A)1000, 11000 B)200, 1400 C)400, 5000 D)10,000, 200,000 2.From 1982 until 2000, stock prices rose dramatically. As measured by the NASDAQ composite, stocks went from under _____ to.
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Multiple Choice 1.Tampa-St. Petersburg built new facilities to attract a sports franchise, but got a team only after waiting A)two years. B)four years. C)five years. D)ten years. 2.Major westward moves in sports franchises began in earnest in the major sports in A)1950s with two New York teams (the Dodgers and the Giants) moving to California. B)1969 with the.
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51.Indexing Social Security benefits for prices rather than wages would A)reduce benefits drastically and immediately. B)reduce benefits slowly (by about 1% per year) overtime. C)have no impact on benefits. D)increase benefits. 52.Current projections predict the number of U.S. workers per retiree in 2030 to be A)16. B)6.1. C)3.3. D)2.2. 53.Before Social Security 51 percent of men over age 65 worked;.
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61.Economist Timothy Smeeding reported that income inequality A)was higher in the U.S. than in any of the European countries studied. B)was lower in the U.S. than in any of the European countries studied. C)was roughly the same in both the U.S. and in the European countries studied. D)seems to increase whenever it is studied.
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31.The net effect of savings of the asset substitution, induced retirement and bequest effects combined is that people save ________they would have without Social Security. A)less than B)more than C)the same as 32.Current calculations make it clear that for the vast majority of young workers, the rate of return on Social Security taxes and.
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21.Nationally, the place you are most likely to find a butcher creating special cuts for customers is A)aWalmart or other Superstore. B)a Sams or Costco warehouse club. C)a national chain grocery store. D)an independent or IGA affiliated grocery store. 22.Nationally, the place you are most likely to find a community leader is among the.
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31.When prices are the same at two neighboring gas stations, economists attribute this to the market forces of A)perfect competition. B)monopoly. C)oligopoly. D)monopolistic competition. 32.Energy prices rose during 2005 largely because of A)increased demand in Central America. B)increased demand in China. C)weather related (hurricanes) in the Gulf of Mexico. D)increased demand in China and weather related (hurricanes) in the.
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41.The EITC differs from other programs in that A)it is administered by the states rather than the Federal government. B)it is administered by the Internal Revenue Service rather than a human services agency. C)it is part of the Social Security system. D)it provides actual food. 42.SSI differs from other programs in that A)it is administered by.
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11.If in 2013, a woman made $100,000 on the job, $20,000 from a consulting business she operated, and $10,000 in dividends on stock she owned, she would owe old-age Social Security taxes on A)$87,000. B)$97,500. C)$113,700. D)$130,000. 12.The monthly average of the 35 highest earnings years adjusted for wage inflation is the A)AIME. B)PIA. C)amount of the retiree's.
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Multiple Choice 1.Proven oil reserves in the world amount to A)1470 barrels. B)1470 million barrels. C)1470 billion barrels. D)1470 trillion barrels. 2.World oil consumption runs approximately A)89 barrels a day. B)89 thousand barrels a day. C)89 million barrels a day. D)89 billion barrels a day. 3.At the current pace of oil consumption and given what oil is.
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21.Because of Social Security, people are retiring A)earlier than ever. B)later than ever. C)at the same age they always did: 65. D)in their forties and getting government retirement benefits. 22.The asset substitution effect tends to A)cause a decrease in savings. B)cause people to retire early. C)cause an increase in savings. D)cause people to retire later. 23.The bequest effect tends to A)cause.
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21.The use of public money to attract sports is A)limited to football. B)overwhelmingly in baseball. C)expanding to include spring training baseball sites. D)now causing the Master’s gold tournament to move to Las Vegas. 22.The use of public money to attract sports entities A)is limited to football. B)is overwhelmingly in baseball. C)was used by the city of.
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21.Which of the following groups is under-represented in the poverty statistics relative to their overall US population? A)Whites (non -Hispanic). B)Blacks (non-Hispanic). C)Hispanics. 22.Which of the following is true? A)The poverty rate among women is higher than that of men. B)The poverty rate among female-headed households is greater than among married households. C)The number of poor whites.
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21.Suppose you hear an investor say “I can’t out guess the maker.” You would understand that person to believe in A)efficient markets. B)prayer. C)the ABC approach. D)technical investing. 22.Suppose an efficient market has been operating with regard to stock in a particular company and that company announces that its profits were up 50% from the.
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51.A state that has a large pool of oil embedded in porous rock deep below its surface is A)North Dakota. B)Florida. C)Delaware. D)Kansas. 52.To get at the large pool of oil embedded in porous rock deep below North Dakota a process known as ____ is employed. A)Hydraulic fracturing (fracking). B)Explosive mining. C)Compressive extraction. D)Chemical immersion. 53.Under perfect competition the price.
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51.Evidence suggests that the 1996 Welfare reform laws increased work by welfare recipients through A)increased use of work requirements only. B)increased use of work incentives only. C)increased use of work requirements and incentives. D)pure coincidence. 52.The economic evidence suggests that the incentives in nearly all welfare programs are A)so powerful that welfare has unambiguously made problems.
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31.The fact that the poverty line does not account for day-care costs suggests that it is set too A)high and the poverty rate is therefore understated. B)high and the poverty rate is therefore overstated. C)low and the poverty rate is therefore understated. D)low and the poverty rate is therefore overstated. 32.Ignoring the issue of whether.
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31.During the Asian Financial Crisis, stocks in A)the US fell by 50%. B)Asia rose 150%. C)Europe fell by 50%. D)Asia fell by 50%. 32.During 1999, the NASDAQ increased A)84 fold. B)84%. C)8%. D)4%. 33.During 2000, NASDAQ peaked above _____ but ended the year below _________. A)10,000; 1,000 B)5,000; 1,000 C)5,000; 2500 D)100,000; 5,000 34.If stock prices are in-line with their fundamental determinants and.
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31.When a new Walmart locates in an area, other retail stores and restaurants often locate nearby, exhibiting whateconomists call Walmart's ________ factor A)“pull” B)“push” C)exponential D)catalogue sales 32.Which of the following is an example of Walmart's “pull” factor? A)a new Starbucks locates near the Walmart. B)an IGA store tries to go head-to-head with Walmart. C)a Super Kmart tries.
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41.The 2010, Social Security Trustees report held that under intermediate assumptions the system would be bankrupt in A)2015. B)2033. C)2054. D)2087. 42.The solvency of Social Security can be extended if A)the retirement age is reduced. B)the program is means tested. C)the cap on taxable earnings is lowered. D)the tax rate is reduced. 43.The solvency of Social Security can be extended.
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Multiple Choice 1.Social Security was enacted in the A)1870's. B)1910's. C)1930's. D)1960's. 2.Social Security was intended to A)cover all of the income necessary for retirement. B)provide retirement income for only those who did not save for themselves. C)provide retirement income for only those without private pensions. D)provide a safety net of retirement income to which recipients would add their savings.
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11.The majority of proven world oil reserves are A)in the Persian Gulf region. B)held by non-Persian Gulf OPEC members. C)under Alaska. D)in the former Soviet Union. 12.High oil prices in the 1970's motivated _______ to look for oil, which was found in _______. A)the Soviet Union, the Ural Mountains B)the United Kingdom, the North Sea C)the United States,.
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61.Public employees (more frequently than private employees) tend to have their retirements in A)defined benefit pension programs. B)defined contribution programs. C)Ponzi schemes. D)private savings plans. 62.Private employees (more frequently than public employees) tend to have their private retirements in A)defined benefit pension programs. B)defined contribution programs. C)Ponzi schemes. D)Social Security. 63.Public employees (more frequently than private employees) tend A)to begin.
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41.In Figure 41.4, when compared to the perfectly competitive equilibrium, the number of workers hired as a result of unionization Figure 41.4 A)decreases from L* to L'. B)increases from L' to L*. C)remains at L'. D)remains at L*. 42.In Figure 41.4, it is clearly the case that Figure 41.4 A)the total amount paid to workers is.
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21.Which of the following would not be an external cost associated with gambling? A)The increase in homelessness associated with casinos. B)The single gambler's damaged credit rating. C)The increase in crime near casinos. D)The effects on the gamblers' family. 22.If you compute the odds of winning and losing, the casinos A)breakeven. B)lose a small percentage. C)win a small percentage. D)lose.
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21.The child credit goes to A)children directly. B)all households raising children under 18. C)only households raising foster children. D)states to help pay for child-care. 22.The child care credit goes A)directly to child care centers. B)directly to children under 6. C)to all households spending money on child and elder care so that they may work. D)directly to the states. 23.If a.
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21.In Figure 41.2, at the one-employer "company town solution", the number of workers hired will be Figure 41.2 A)L' B)L* C)less than L' D)between L' and L* 22.In Figure 41.2, at the perfectly competitive equilibrium, the wage will be Figure 41.2 A)W* B)W1 C)W2 D)between W1 and W2 23.In Figure 41.2, at the one-employer "company town solution", the wage paid to workers.
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11.In Figure 41.1, the money that employers pay their employees at the equilibrium wage-labor combination is Figure 41.1 A)OACL* B)OW*CL* C)0BCL* D)ABC 12.In Figure 41.1, the profit that employers make from the work of their employees at the equilibrium wage-labor combination is ` Figure 41.1 A)OACL* B)W*AC C)BW*C D)ABC 13.In Figure 41.1, the (producer) surplus that employees get at the equilibrium wage-labor combination.
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51.Stock market bubbles are A)fiction. B)occur every 3 to 5 years. C)rare but do occur. D)an everyday experience. 52.Which of the following stock market increases is best explained by the notion of a bubble? A)The late 1982 rally in which the DJIA doubled in 4 months. B)The decade of the 1980s. C)The Japanese stock market in the.
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41.The California Electricity crisis was borne from a failed version of deregulation that had A)free-floating residential prices. B)free-floating wholesale prices. C)regulated residential prices. D)free-floating wholesale prices and regulated residential prices. 42.The California Electricity crisis was borne from a failed version of deregulation that had A)limits upon the prices distributors could charge to residential.
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21.Which of the following are true about cartels A)they are stable because once they set a high price no one has a motive to increase production. B)prices are high because perfect competition supplants monopoly. C)prices are high because monopoly supplants perfect competition. D)high prices encourage reduced competitor production. 22.In order to maintain high prices a.
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Multiple Choice 1.The perception that casinos have a dramatic impact on a local economy is A)without any foundation whatsoever. B)reasonable, given their size but overstated given the degree of local substitution. C)reasonable, and in fact, understated. D)reasonable, and exactly on the mark. 2.U.S. casinos serve ____ people per year A)1 million B)5 million C)76 million D)250 million 3.U.S. casinos employ _____.
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41.In NFL football, which of the following forms of revenue is not shared? A)ticket receipts. B)television revenue. C)NFL licensing revenue. D)luxury box revenue. 42.The one major sport to have lost an entire season to a work stoppage was A)baseball. B)football. C)NASCAR. D)hockey. 43.Which major sports’ players were locked out during 2011 (whether or not the season was affected)? A)Baseball and.
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11.If interest rates fall and all else is equal, the price of a stock will A)fall. B)rise. C)remain unchanged. D)adjust to reflect a lower ratio of price to earnings. 12.If the expected earnings of a company are revised downward and all else is equal, the price of a stock will A)fall. B)rise. C)remain unchanged. D)adjust to reflect a.
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51.The Clayton Act was A)declared unconstitutional by the United States Supreme Court. B)repealed by the next Congress. C)vetoed by President Wilson. D)eviscerated by President George W. Bush. 52.Which of the following acts limited the power of unions? A)The Taft-Hartley Act B)The Norris-LaGuardia Act C)The National Industrial Recovery Act D)The Wagner Act 53.Which of the following granted collective bargaining rights.
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51.The income tax acts as a wedge driven between the value a worker creates and her highest possible A)inheritance. B)capital gain. C)take-home pay. D)mortgage loan. 52.Capital gains tax liabilities usually A)do not include any taxation of actual inflation. B)are recognized only upon the sale of a capital asset. C)are recognized before the sale of a capital asset, as.
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Multiple Choice 1.Walmart accounts for ____ of US GDP. A)less than 1% B)2% C)10% D)15% 2.In very small towns where there is only one grocery store, the market form is A)monopoly. B)oligopoly. C)monopolistic competition. D)perfect competition. 3.If you got a new job and were moved to Dale Indiana (population 1,500) you would expect to find two grocery stores, the market form.
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11.If a household has a single woman and three kids, has a standard deduction of $5,950, its itemized deductions are $10,650 and personal exemptions of $11,400 (3*$3,800) then the first _____ of income is federal income tax free. A)$16,600 B)$17,350 C)$22,050 D)$28,000 12.If a household has a single woman and three kids, has a standard.
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11.The evidence of the net economic impact of casino gambling, suggests that it is A)significantly positive. B)modestly negative. C)modestly positive. D)significantly negative. 12.Economic estimates of a “modest upside” to casino gambling suggest that the “local substitution” is A)zero. B)nearly, but not totally, complete. C)slight. D)complete. 13.During the 1990s and early 2000s, the Indiana counties with casino gambling had increases in.
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Multiple Choice 1.In 2013, personal income taxes made up _____ of federal government revenues. A)much more than a quarter B)much less than a quarter C)just more than half D)just less than half 2.Personal income tax withholding is A)voluntary. B)involuntary. C)designed to spread out the impact of taxes throughout the year. D)involuntary and designed to spread out the impact of.
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Multiple Choice 1.The percentage of workers represented by unions reached its peak in the A)1940's. B)1970's. C)1980's. D)1990's. 2.The peak of union representation in the workforce was A)50% in 1935. B)40% in 1945. C)30% in 1975. D)15% in 1985. 3.The current percentage of the private work force represented by unions is approximately A)30%. B)20%. C)10%. D)5%. 4.The current percentage of the total work force represented by.
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11.Theoretically, a firm can enter an industry with low prices, drive out their competition and take advantage of their newly achieved monopoly power to raise prices, butthe evidence is that Walmart has A)tried to do this and failed for economic reasons. B)tried to do this and failed for legal reasons. C)succeeded at doing.
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31.In the era of free agency, small market franchises in baseball A)can only make money when they win games. B)will lose money regardless of whether they win games. C)often must choose between making money and winning games. D)will make money whether or not they win games. 32.The annual rate of return that is generated when.
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41.The majority of economists would argue that an increase in taxes A)dramatically increases savings. B)dramatically decreases savings. C)has little or no effect on savings. D)slightly increases savings. 42.Economists generally believe that tax credits and deductions that are used to create an incentive for individuals to go to college A)perversely, cause fewer people to go.
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41.The principal-agent problem exists when A)owners of an asset and the managers of that asset are the same. B)owners of an asset and the managers of that asset are the not the same. C)owners have an interest in making a profit. D)managers are dedicated to making owners a profit. 42.The 2006-2007 recovery of stock prices.
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