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