Practice Quiz

FSOT: 500 Test Prep Study Questions - Question List

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91. In the United States which industry could best be defined as an oligopoly?
  1. Shoe manufacturing
  2. Automobile manufacturing
  3. Publishing
  4. Home construction
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92. What do most economists view as the main economic problem facing the world, the reason for the study of economics?
  1. Scarcity
  2. Currency inflation
  3. Trade imbalance
  4. Recession
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93. According to the law of demand, the relationship between price and quantity of goods demanded is:
  1. inverse
  2. reciprocal
  3. converse
  4. equal
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94. If productivity is the amount of output that is generated per unit of input, what would the productivity of labor be if ABC Sprockets produced 2,000,000 sprockets in two weeks, while employing 10 workers each working 40 hours per week?
  1. 2500 per hour
  2. 400,000 per worker
  3. 4,000,000 per week
  4. 400 per week
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95. Which of the following industries in the United States is not an example of monopolistic competition?
  1. Electric service providers
  2. Fast food restaurants
  3. Cosmetics companies
  4. Athletic shoe manufacturers
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