Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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1. 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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2. Why is it likely that when Mike goes to a sushi restaurant, he eats 15 pieces of sushi instead of 25?
  1. Mike probably cannot afford to eat more than 15 pieces of sushi
  2. The marginal utility of the sushi eventually weakens
  3. The marginal utility of the sushi rises
  4. The satisfaction that Mike derives from the sushi remains constant
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3. Imagine that the number of people who are graduating from medical school increases by 10% each year. If this is the case, which of the following statements about doctors’ salaries is true?
  1. Doctors’ salaries will increase
  2. Doctors’ salaries will decrease
  3. Doctors’ salaries will decrease if the demand is less than the supply
  4. Doctors’ salaries will decrease if the demand is greater than the supply
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4. 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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5. 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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