Navigation » List of Schools » Glendale Community College » Economics » Econ 102 – Principles of Macroeconomics » Winter 2021 » Exam 1
Below are the questions for the exam with the choices of answers:
Question #1
A the ATM machine reduces the demand for bank tellers
B an increase in demand for solar panels leads to an increase in demand for solar panel installers
C a decrease in demand for clothes decreases the demand for seamstresses
D a decrease in demand for haircuts decreases the demand for barbers
Question #2
A equilibrium wage
B wage ceiling
C price floor
D price ceiling
Question #3
A economists use mathematical modeling to explain theories
B economics is the study of how individuals allocate scarce resources
C economics is the study of how individuals allocate unlimited resources
D economics is a social science
Question #4
A the government
B individuals
C households
D firms
Question #5
A not feasible, but efficient
B feasible, but inefficient
C feasible and efficient
D not feasible
Question #6
A demand equals supply
B There is excess supply
C supply exceeds demand
D There is excess demand
Question #7
A traditional
B command
C underground
D market
Question #8
A normal
B inferior
C a complement
D a luxury
Question #9
A “Washing hands is an effective way to stay healthy”
B “Face masks can be uncomfortable to wear”
C “Everyone should wear face masks”
D “Face masks help slow the spread of diseases”
Question #10
A When the price of a good rises, quantity demanded rises
B There is a positive relationship between price and quantity demanded
C When the price of a good falls, quantity demanded falls
D When the price of a good falls, quantity demanded rises
Question #11
A 15 protein shakes
B 50 protein shakes
C 10 protein shakes
D 5 protein shakes
Question #12
A is more than
B is equal to
C is equivalent to
D is less than
Question #13
A As production of a good or service decreases, the marginal opportunity cost of producing it decreases
B As production of a good or service decreases, the marginal opportunity cost of producing it increases
C As production of a good or service increases, the marginal opportunity cost of producing it increases
D As production of a good or service increases, the marginal opportunity cost of producing it decreases
Question #14
A changes in technology
B changes in input prices
C changes in income
D a change in the price of the good
Question #15
A the invisible hand
B division of labor
C specialization
D private enterprise
Question #16
If the demand for labor increases, then wages ______________ and the quantity of labor _____________
A rise, decreases
B fall, increases
C rise, increases
D fall, decreases
Question #17
A through self-interest, producers and consumers reach an efficient allocation of resources
B through self-interest, producers and consumers reach an inefficient allocation of resources
C labor is divided and workers specialize in one specific task
D through self-interest, firms specialize and take advantage of economies of scale
Question #18
A labor supply will shift right
B labor supply will shift left
C labor demand will shift left
D labor demand will shift right
Question #19
A as consumption decreases the marginal utility derived from each additional unit declines
B as consumption increases the marginal utility derived from each additional unit declines
C as consumption increases the marginal utility derived from each additional unit stays the same
D as consumption increases the marginal utility derived from each additional unit increases
Question #20
A complements
B normal goods
C inferior goods
D substitutes
Question #21
A hot weather leads to an increase in demand for ice cream
B the invention of online banking leads to a decrease in demand for bank tellers
C an increase demand for pets leads to an increase in demand for veterinarians
D people fleeing from a hurricane leads to a higher demand for gasoline
Question #22
A market
B traditional
C underground
D command
