Navigation » List of Schools » East Los Angeles College » Economics » Econ 001 – Microeconomics Principles » Fall 2020 » Quiz 1
Below are the questions for the exam with the choices of answers:
Question #1
A increasing by 11%
B unknown due to insufficient information.
C increasing by 20%
D increasing by 15%
E increase by 5%
Question #2
A markets can vary in geographical size
B markets are used to allocate resources in market systems
C supply and demand explains how prices are set in competitive markets
D prices are used to allocate goods in markets
E markets are used to allocate resources in centrally-planned socialist economic systems
Question #3
A it shows that its slope is equal to 8.
B it shows 8 is intercept for the linear equation
C it suggests that x depending on the changes of y.
D it’s a non-linear equation.
E it suggests that it’s a time-series analysis
Question #4
A m=change of y over change of x.
B y is an independent variable
C b=change of y over change of x.
D b is an independent variable
E y is the intercept for the linear slope
Question #5
A study how to efficiently allocate scare resources to maximize societal goals.
B study supply and demand
C study recession and boom
D study the market changes
E study money
Question #6
A determining the best level of immigration into the country
B determining the ideal level of immigration to the country
C determining the impact of government spending on the actual level of total employment
D determining whether too many luxury goods are being produced
E determining whether the government should reduce poverty
Question #7
A increasing in market price
B rising in resource (input) prices
C increasing opportunity cost
D increase in demand
E increasing in monetary cost
Question #8
A an increase in total production in the United States
B a drop in the nation’s unemployment rate
C a general rise in national interest rates
D a drop in inflation
E an increase in the price of the Ford Focus GT
Question #9
A costs of production are sky rocketing
B to produce more of one thing, we must produce less of something else
C to produce more of one thing, we must produce more of everything
D when an individual obtains more of a good, he may not be fully satisfied
Question #10
A tradition
B voter consensus
C government decree
D economic planning
E prices
Question #11
A prices determine what firms produce while the government determines what consumers buy
B the government, producers, and consumers work together and allocate resources while prices allocate goods and services
C prices determine both what firms produce and what consumers buy
D the government allocates resources while prices allocate goods and services
E prices determine what consumers buy while the government determines what firms produce
Question #12
A a decrease in the wealth of college students
B a decrease in the population of college students
C a decrease in the price of new college textbooks
D an increase in the price of used college textbooks
Question #13
A the problem of scarcity has been solved in that market
B the entire supply curve must shift to the left in order to attain equilibrium
C the market will not be able to approach equilibrium
D the current price exceeds the equilibrium price
Question #14
A determining the impact of government spending on the actual level of total employment
B determining whether too many luxury goods are being produced
C determining whether the government should reduce poverty
D determining the best level of immigration into the country
Question #15
A both the demand and supply curves typically slope downward
B both the demand and supply curve typically slope upward
C the demand curve typically slopes downward; the supply curve typically slopes upward
D the demand curve typically slopes upward; the supply curve typically slopes downward
Question #16
A price and quantity supplied are inversely related
B supply follows demand
C price and quantity supplied are directly related
D quantity supplied equals quantity demanded
Question #17
A increase in the demand for orange juice
B decrease in the quantity demanded of cranberry juice
C increase in the quantity demanded of orange juice
D increase in the demand for cranberry juice
Question #18
A neither of them is influenced by the size of the population
B they both show a relationship between quantity and price
C they both usually slope downward
D they both usually slope upward
Question #19
A increase in supply
B increase in quantity supplied
C increase in demand
D increase in quantity demanded
Question #20
A what we gain in the process of consumption
B what is sacrificed to pursue that action
C limited to the out-of-pocket cost incurred
D irrelevant to economic theory