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1. The button maker’s guild in seventeenth century_________ was ________of cloth buttons.

1. France // hostile to the making

2. England // mystified by the making

3. American colonies // raising tariffs in order toencourage the domestic manufacturing

4. England // unable to finance factories sufficientlylarge for the making

1. Why is abstraction used in economics?

a. because economics is basically an emotional subject,and one must let one’s emotions determine the best way to run aneconomy

b. to simplify and objectively look at economicphenomena

c. to give economics a mathematic character, which theauthor concedes makes it difficult for many students

d. both b) and c) are correct

1. Externalities can be ________ by collective (i.e.)________ action.

a. enhanced // market

b. internalized // market

c. internalized // government

d. externalized // government

1. What do monopolistic competition, pure monopoly, andoligopoly have in common?

a. They are deviations from perfectcompetition

b. They lead to better outcomes for the consumer thanperfect competition since they are a more realistic way to organizethe market.

c. Both of these.

1. Revenue maximization, kinked demand curve and gametheory are used to describe which market structure?

a. oligopoly

b. pure monopoly

c. monopolistic competition

d. perfect competition

e. both a) and b) are correct.

1. Collectivized means

a. common ownership, a characteristic ofsocialism.

b. common ownership, a characteristic ofcapitalism.

c. giving capitalists and entrepreneurs equal rights tothe means of production.

d. both b) and c) are correct.