Fall 2021 MGT 3050 Exam 2 Quiz

Question 1

Which of the following is a weakness of using patents to measure innovation?

Accepted Answer

Not all inventions are patented, Not all inventions have the same impact

Question 2

What was the result of the Productivity Program implemented in European firms?

Accepted Answer

Firms' survival rates were greater after the implementation

Question 3

When compared with perfect competition, which of the following is true about monopolies?

Accepted Answer

They produce fewer goods at higher prices

Question 4

How do you feel about taking the second exam?

Accepted Answer

A little nervous, Scared out of my mind, Good, I'm gonna ace it

Question 5

These are all evidence that Rockefeller's wealth was a result of his railroad cartel EXCEPT:

Accepted Answer

Standard gained control among new, distant oil fields

Question 6

Which of the following, if true, would challenge the Model of Perfect Competition?

Accepted Answer

There are barriers to entry

Question 7

Selection is determined by skills/education of a person migrating relative to the people in:

Accepted Answer

The source country

Question 8

T or F: Philanthropy is a public good

Accepted Answer

True

Question 9

Why did the Populists fight the Gold Standard?

Accepted Answer

Farmers could not pay back their debts

Question 10

What is an example of divergence?

Accepted Answer

A native's wage increasing 5% & a migrant's wage decreasing 2%

Question 11

T or F: Vertical integration is combining companies at the same stage of production

Accepted Answer

False

Question 12

Which of the following is NOT a type of migration restriction enacted by the USA?

Accepted Answer

Racial restriction

Question 13

How do you feel about taking the second exam now?

Accepted Answer

I got this in the bag, I'm ready!, Bring it on!, I'm feeling a solid A

Question 14

T or F: The U.S. patent system was an EXCLUSIVE institution

Accepted Answer

False

Question 15

When compared with partnerships, which of the following is true about corporations?

Accepted Answer

Partnerships=short time horizon; Corporations=limited liability

Question 16

Which of the following is NOT one of Fogel's conclusions about railroads' economic effect?

Accepted Answer

Railroads had a major impact on the U.S. only

Question 17

Which of the following was NOT a reason why the Gold Standard was good?

Accepted Answer

Allowed easy response to financial crises

Question 18

If your friends agree to not go for the hot blonde, what would you naturally want to do?

Accepted Answer

Go for the blonde!

Question 19

Monopolies arise different ways. Which creates a bad trust?

Accepted Answer

Anticompetitive practices that exclude rivals

Question 20

Which of the following, if true, would challenge Fogel's Model of Shipping?

Accepted Answer

Railroads had major economic effects in every country

Question 21

Which of the following, if true, would challenge the Model of Cartels?

Accepted Answer

It is impossible for firms to make agreements

Question 22

Considering the Fisher Equation, which of the following is true?

Accepted Answer

Debtors want inflation

Question 23

Natural Monopolies increase consumer prices and should be busted.

Accepted Answer

False

Question 24

In which of the categories would innovation increase by percent of total innovation if patent laws were abolished?

Accepted Answer

Food

Question 25

Which of the following, if true, would challenge the Theory of Knowledge as a Public Good?

Accepted Answer

Knowledge will be oversupplied

Question 26

T or F: Social savings = Cost of the next best alternative minus cost of railroads

Accepted Answer

True

Question 27

Which of the following is NOT one of the neglected costs Fogel measures?

Accepted Answer

Lack of innovation (railroads spurred more)

Fall 2021 MGT 3050 Exam 2 Quiz

Questions 27

Fall 2021 MGT 3050 Exam 2 Quiz

Questions 27