Question: Which of the following would be included in the government expenditures component of GDP?
Answer Choices:
Construction costs of a new public school building
Food stamps used by the Smith family
The export of 100 fighter jets to Japan
A $1,000 check issued by the federal government as part of the Pell Grant program to help college students pay for school
Answer: Construction costs of a new public school building
Question: In Exhibit 6-10, the average variable cost of producing 2 cases of books is:
Answer Choices:
$50 per case
$75 per case
$100 per case
$150 per case
Answer: $75 per case
Question: A cartel maximizes industry profit by:
Answer Choices:
producing where MR = MC
producing more output than a monopoly would
producing where MR > MC
producing more output than a perfectly competitive industry would
eliminating quotas
Answer: producing where MR = MC
Question: Which of the following is a shortcoming of GDP?
Answer Choices:
GDP excludes international transactions
GDP excludes business investment spending
GDP excludes changes in inventories
GDP excludes the estimated value of illegal transactions
GDP excludes intermediate transactions
Answer: GDP excludes the estimated value of illegal transactions
Question: Suppose costs are identical for the two firms in Exhibit 9-7. If both firms assume the other will compete and charge a lower price, equilibrium will be established by:
Answer Choices:
Camel charging the low price and Marlboro charging the low price
Camel charging the high price and Marlboro charging the high price
Camel charging the high price and Marlboro charging the low price
Camel charging the low price and Marlboro charging the high price
Answer: Camel charging the low price and Marlboro charging the low price
Question: Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
Answer Choices:
less than the average variable cost
equal to the average variable cost
greater than the average variable cost
at its minimum
Answer: equal to the average variable cost
Question: Which of the following is not a characteristic of a perfectly competitive market?
Answer Choices:
Firms are price takers, not price makers
Firms sell a homogeneous product
Firms can easily enter or exit the market
There is a large number of firms
Answer: Firms are price takers, not price makers
Question: B.B. King’s music is considered
Answer Choices:
Jazz
Chicago Blues
Country Blues
Urban Blues
Answer: Urban Blues
Question: The WSM Barn Dance changed its name to
Answer Choices:
The ABC Barn Dance
The Grand Ole Barn Dance
The Grand Ole Opry
Urban Blues
Answer: The Grand Ole Opry
Question: Who is considered to be the “Father of Country Music”?
Answer Choices:
Jimmy Rodgers
Duke Ellington
Johnny Cash
Hank Williams
Answer: Jimmy Rodgers
Question: The Delta Blues came from the
Answer Choices:
California Delta Region
Florida Keys
Mississippi Delta Region
Missouri River Region
Answer: Mississippi Delta Region
Question: Which of the following styles describes Little Richard’s music?
Answer Choices:
Blues
Country
50s Rock
Doo-Wop
Answer: 50s Rock
Question: Who is considered to be the “King of Rock ‘n Roll”?
Answer Choices:
Bill Haley
Elvis Presley
Chuck Berry
Little Richard
Answer: Elvis Presley
Question: Which genre does the group Soul Stirrers belong to?
Answer Choices:
Jazz
Gospel
Spirituals
Doo-Wop
Answer: Gospel
Question: What genre of music evolved out of Spirituals?
Answer Choices:
Tin Pan Alley
Doo-Wop
Ragtime
Gospel
Answer: Gospel
Question: Who started Sun Records?
Answer Choices:
Elvis Presley
Ed Sullivan
Sam Phillips
Alan Freed
Answer: Sam Phillips
Question: Who is considered to be the most famous Ragtime composer?
Answer Choices:
B.B. King
Duke Ellington
William Krell
Scott Joplin
Answer: Scott Joplin
Question: Work Songs and Field Hollers were early forms of Blues music that came from slavery.
Answer Choices:
True
False
Answer: True
Question: Popular music is generally dubbed as music that is simple and catchy enough to immediately appeal to large numbers of people.
Answer Choices:
True
False
Answer: True