Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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41. Which of the following is not one of the factors that determine whether or not the demand for a particular good is elastic or inelastic in respect to the price?
  1. How much of a consumer’s budget is spent on the good
  2. How much the good costs
  3. Whether the good being bought is a luxury item or a necessity
  4. If close substitutes for the good are available
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42. What is the correct term used to describe a group of firms that act in unison in order to set price and output for goods in the market?
  1. Oligopoly
  2. Cartel
  3. Monopoly
  4. Barrier to entry
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43. What occurs when resources within the market are not adequately or optimally distributed?
  1. Marginal factor cost
  2. Bilateral monopoly
  3. Inelasticity
  4. Market failure
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44. Which kind of government features a goal of fair distribution of wealth and wages that are negotiated between managers and trade unions?
  1. Communism
  2. Capitalism
  3. Socialism
  4. Monarchy
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45. Rogers Communication has over a dozen products in various stages of development at any given time. For these products, nearly half will have patents before the testing stage. These patents are considered:
  1. Intangible debts
  2. Tangible debts
  3. Intangible assets
  4. Tangible assets
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