Faculty of Liberal Arts & Professional Studies (LA
ECON 1000 - Introduction to Microeconomics
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ECON 1000 - Introduction to
Microeconomics 2024 – 2025 ECON 1000
Final Exam Review (multiple choice)
Questions and Answers | 100% Pass
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, ECON 1000 Final Exam Review (multiple choice) Questions
and Answers
1. Market Failure is:
a situation
where a market
A)
outcome is
a situation where society fails to distribute
economically
income equally to all.
inef- ficient due
B)
to pro- ductive
a situation where a market outcome is economically
or alloca- tive
inefficient due to productive or allocative
inefficiency.
inefficiency. C)
impossible in a market system by definition.
Whatever the market generates is good by
economist's defini- tion.
D)
only a problem if monopoly exists. There are no
other sources of market failure.
2. Which of the following items does not represent
a market failure?
A) market price
Market generated Externalities. and output in
B) a com-
Market provision of Public petitive
Goods. C) market.
Market price and output in a monopoly
market. D)
market price and output in a competitive market.
3. In a
monopoly: A)
one firm controls the supply of a good and has a lot
of market
power. B) one firm
one firm controls the demand for a good and has controls the
little to no market power. supply of a
C) good and has a
multiple firms produce a good but charge more lot of market
than the market equilibrium price. power.
, ECON 1000 Final Exam Review (multiple choice) Questions
and Answers
D) able.
foreign owned firms dominate the production
of goods and services.
4. When a firm is able to become a
monopoly: A)
it will tend to charge a higher price and produce a
lower quantity than would a competitive market.
B)
it will tend to charge a lower price and produce a
higher quantity than would a competitive
market. C)
it has to share the market with other firms, but gets
to determine the price.
D)
it will tend to charge a lower price and produce a
lower quantity than would a competitive market.
5. Under the Anti-Trust laws of the United
States: A)
firms can be prosecuted for polluting more than the
Environmental Protection Agency
permits. B)
it is illegal for a private firm to have a monopoly
with- out government permission.
C)
the government reserves the right to be a monopoly
supplier for some goods.
D)
the government mandates that firms offer
warranties in order to build trust in the capitalist
system.
6. Public Goods are goods characterized
by: A)
being both non-rival in consumption and non-
exclud-
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