Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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31. Which group within the government helps the Department of Justice to enforce antitrust laws?
  1. Congress
  2. The Federal Trade Commission
  3. The FDIC
  4. The Social Security Administration
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32. Suppose that Mike is bidding on a superhero figure at a comic book convention. Mike tells the seller that he is looking for a particular figure and he is willing to pay a maximum of $150 for it. The seller says that he has the exact figure that Mike is looking for and he will sell it for $150. Which of the following statements is true about this situation?
  1. The seller will not be able to sell the figure to Mike
  2. Mike gains a $150 consumer surplus
  3. The seller gets a $150 consumer surplus
  4. Mike does not get a consumer surplus
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33. What term refers to the contribution that using one more unit of a particular factor makes to a business’s bottom line?
  1. Marginal utility
  2. Marginal derived demand
  3. Marginal revenue product
  4. Resource quantity
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34. The luxury clothing market is known to be especially vulnerable to economic recessions as people curtail spending on expensive non-essentials. Some luxury clothing retailers resort to selling these same goods at outlet markets in an effort to lure customers who are unwilling or unable to pay. This is an example of:
  1. First degree price discrimination
  2. Price stickiness
  3. Second degree price discrimination
  4. Demand-pull inflation
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35. Which of the following might be a reason that a monopoly could exist?
  1. A business owns a patent on a good, service, or idea
  2. Economies of scale exist
  3. A single business owns one of the most important resources used to make a good
  4. All of the above
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