Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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46. The city of Newark, New Jersey has instituted strict rent control since the 1960s in a number of neighborhoods. Rent control is an example of:
  1. Minimum pricing
  2. Price ceilings
  3. Collective bargaining
  4. Demand inelasticity
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47. Johnson & Johnson managers have shifted production from an aloe vera based hand cream to an oat based one. The cost of the shift has increased by 12%. What is this phenomenon referred to as?
  1. Law of increasing costs
  2. Law of decreasing sales
  3. Product diversification
  4. Product integration
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48. What is the term that economists use to refer to the small changes that are made in regard to economic policy and life?
  1. Incentives
  2. Production possibilities curve
  3. Marginal analysis
  4. Specialization
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49. Human capital as an investment is seminal to the economic growth of a country. The following are characteristics of human capital except:
  1. It is productive and produced
  2. It is inversely proportional to education
  3. It earns returns on the investment
  4. It is subject to depreciation
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50. Productivity refers to the quantity of goods and services that a worker can produce from each hour of work. The following factors affect productivity except:
  1. Physical capital
  2. Natural resources
  3. Manufacturing base
  4. Technological knowledge
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