Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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36. Middle class families, on average, earn $60K per annum before taxes are deducted. When state and federal taxes are directly removed from personal income, the remaining is referred to as:
  1. Gross income
  2. Disposable income
  3. Labor income
  4. Domestic income
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37. In a legislative meeting designed to investigate new standard of living changes, a number of politicians contemplating whether there should be an increase in minimum wages or a provision of small business tax cuts. This is an example of:
  1. Trickle down economics
  2. Positive economics
  3. Normative economics
  4. Negative economics
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38. The figure shown depicts a shift in investment (Q0 to Q1) demand by consumers in response to a decrease in interest rates (r0 to r1). What does this shift indicate about consumers’ business confidence?
  1. Insufficient information available
  2. No change in business confidence
  3. Decrease in business confidence
  4. Increase in business confidence
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39. What was passed by Congress in 1890 to strictly limit monopoly power, prohibiting things like separation markets and fixing prices with intent to gain?
  1. The Clayton Act
  2. The Federal Trade Commission Act
  3. The Sherman Antitrust Act
  4. None of the above
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40. Costs are minimized when all of the marginal products of all the inputs are _________.
  1. Increasing
  2. Decreasing
  3. Equal
  4. Zero
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