Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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61. 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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62. 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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63. 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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64. Which classical economist argued that investment demand does not depend so much upon interest rates, but rather about the expectations about the prosperity of the economy?
  1. Say
  2. Keynes
  3. Fisher
  4. Phillips
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65. 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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