Hughes Exam Test MC Questions

because toyota is headquartered in Japan but builds many of its cars in the US, we say it is an ______

multinational company

when corporations borrow money, they issue _____

bonds

corporate profits are subject to "double ______"

taxation

true or false : limited partnerships are the most common type of partnerships

false

a business combination merging more than 3 businesses that make unrelated products is known as an ______

conglomerate

common and preferred are different types of _____

stock

what type of government is most likely yo engage in "collective bargaining"?

a labor union

a burger king owned by a local resident would be an example of _____

franchise

which type of organization are you currently sitting in?

non profit organization

which of the following would be the best example of a "market failure"?

pollution caused by factory smoke hundreds of miles away

what level of government is most closely associated with zoning?

local

which is an example of a public good

the army

what step most defines the transition from being just a business to be a "corporation"?

franchising

producers in which type of environment are most likely to be called "price takers"

perfect competition

the law of demand says that consumers buy more of a good when ______

its price decreases

true or false : the basic demand curve shows change in demand over time

false

an increase in substitutes for a good is likely yo make its demand

more elastic

the income effect generally affects ____

demand

goods that are used together are known as ______

complements

when elasticity changes, the ___ of the demand or supply curve changes

slope

the amount that producers bring to the market at a particular given price is known as the _____

quantity supplied

which tends to have more elastic demand?

luxury goods

a good whose price changes over a short time will have a ____ elastic demand curve than if the price had changed over a long period of time

less

a chart that lists how much of a good all suppliers will offer at different prices is a ________

market supply schedule

the most important factor in determining the elasticity of the supply curve is generally _______

the amount of time a firm has to react to changing prices

the change in output from hiring one additional unit of labor is known as the _______

marginal product of labor

fixed cost + _______ = total cost

variable cost

better technology generally shifts the supply curve to the _____

right

government regulation usually shifts the supply curve to the ____

left

which product most likely has a demand that is inelastic

a vital medicine

a small catering company can produce 75 sandwiches with one worker and 215 sandwiches with 2 workers, what is the marginal product of the second worker?

140

for most businesses the largest variable cost is ____

labor

in 1974 the federal government considered rationing gas by distributing coupons, but deciding who should get many coupons presented a problem primarily related to _______

perceived fairness

who benefited from legislation that set target prices on sugar derived from sugarcane?

sugar producers

which of these tends to force the price of an item upward?

a shortage of that item

what term best describes rent control?

price ceiling

which of the 3 major branches of government employs the most people?

executive

our national legislature is ______

bicameral

in which part of congress may a "filibuster" be used?

senate

describing districts as "marginal" or "safe" has to do with the ________

likelihood of re-election of the incumbent

calling a member of congress a "politico" means that they ______

generally substitute the judgement of their own constituents for their own

who is the most genuinely powerful member of the house?

speaker

who is the most genuinely powerful member of the senate?

majority leader

in recent years, the two main US parties have become _____ polarized politically

more

a committee made up of members of both houses is called an ______ committee

joint

a member of congress who uses the opinions of their constituents as their primary guide for how to vote is adhering to the _____ _____ model

instructed delegate

bills must pass each hose in ____ form to be sent to the president

identical

in which house are the "rules" attached to a bill more likely to limit debate?

house

divided government has been ____ in recent years

common

which president most enlarged the importance of office?

jackson

which president most created the "modern" presidency?

roosevelt

before the 1970s, what was the most important thing that determined committee chairmanship of congress?

how long a member had served in congress

true or false : compared to the American public as a whole, congress is richer, whiter, and more male

true

which party currently controls the US house?

republicans

in the senate between 2021 and 2023, the chamber was split 50/50. democrats held majority, how?

the VP was democrat

in what area did the framers of the constitution expect the president to be a clear leader?

foreign policy