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 a decrease in demand for haircuts decreases the demand for barbers
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 the ATM machine reduces the demand for bank tellers
Question #2
A price floor
B price ceiling
C wage ceiling
D equilibrium wage
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 households
C individuals
D firms
Question #5
A feasible, but inefficient
B feasible and efficient
C not feasible
D not feasible, but efficient
Question #6
A There is excess demand
B There is excess supply
C demand equals supply
D supply exceeds demand
Question #7
A command
B traditional
C underground
D market
Question #8
A normal
B a luxury
C inferior
D a complement
Question #9
A “Washing hands is an effective way to stay healthy”
B “Face masks help slow the spread of diseases”
C “Everyone should wear face masks”
D “Face masks can be uncomfortable to wear”
Question #10
A When the price of a good rises, quantity demanded rises
B When the price of a good falls, quantity demanded falls
C When the price of a good falls, quantity demanded rises
D There is a positive relationship between price and quantity demanded
Question #11
A 15 protein shakes
B 10 protein shakes
C 5 protein shakes
D 50 protein shakes
Question #12
A is equivalent to
B is less than
C is more than
D is equal to
Question #13
A As production of a good or service increases, the marginal opportunity cost of producing it increases
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 decreases, the marginal opportunity cost of producing it decreases
D As production of a good or service increases, the marginal opportunity cost of producing it decreases
Question #14
A changes in income
B changes in input prices
C a change in the price of the good
D changes in technology
Question #15
A the invisible hand
B specialization
C division of labor
D private enterprise
Question #16
If the demand for labor increases, then wages ______________ and the quantity of labor _____________
A fall, decreases
B fall, increases
C rise, increases
D rise, decreases
Question #17
A through self-interest, producers and consumers reach an inefficient allocation of resources
B labor is divided and workers specialize in one specific task
C through self-interest, firms specialize and take advantage of economies of scale
D through self-interest, producers and consumers reach an efficient allocation of resources
Question #18
A labor demand will shift left
B labor supply will shift right
C labor demand will shift right
D labor supply will shift left
Question #19
A as consumption increases the marginal utility derived from each additional unit increases
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 decreases the marginal utility derived from each additional unit declines
Question #20
A inferior goods
B complements
C substitutes
D normal goods
Question #21
A the invention of online banking leads to a decrease in demand for bank tellers
B an increase demand for pets leads to an increase in demand for veterinarians
C people fleeing from a hurricane leads to a higher demand for gasoline
D hot weather leads to an increase in demand for ice cream
Question #22
A traditional
B command
C underground
D market
