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