Navigation » List of Schools » East Los Angeles College » Economics » Econ 001 – Microeconomics Principles » Fall 2020 » Quiz 2
Below are the questions for the exam with the choices of answers:
Question #1
A 20 guns
B 1/50 of a gun
C 50 guns
D 1/50 of a tank
Question #2
A an indisputable statistical fact
B a normative statement
C an incorrect positive statement
D a positive statement
E empirically verifiable by checking economic data
Question #3
A suggests that consumers become less fashionable for those goods.
B suggests that those goods are inferior goods
C does not apply to goods traded in competitive markets
D suggests that most goods are normal goods
E shows that the quantity demanded is inversely related to price
Question #4
A both the demand and supply curve typically slope upward
B both the demand and supply curves typically slope downward
C the demand curve typically slopes upward; the supply curve typically slopes downward
D the demand curve typically slopes downward; the supply curve typically slopes upward
Question #5
A a political statement
B macroeconomic observation
C a financial statement
D a positive statement
E a normative statement
Question #6
A demand for good X will decrease
B demand for good X will increase
C market price for good X will decrease
D market price for good X will rise
Question #7
A they both usually slope downward
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 upward
Question #8
A a new market equilibrium.
B shortages.
C surpluses.
D a greater number of exchanges.
Question #9
A a decrease in the price of steel
B an increase in the U.S. population
C an increase in buyers’ incomes
D increased prices of other Ford models
E increase in price of similar model produced by Chevy and Dodge
Question #10
A the supply curve usually slopes upward
B the demand curve usually slopes downward
C the law of demand applies to most markets
D technical inefficiency would not exist in the long run
Question #11
A price will fall and quantity will rise
B price will rise and quantity will fall
C quantity will fall, but price may rise or fall
D price and quantity will rise
E price and quantity will fall
Question #12
A when an individual obtains more of a good, he may not be fully satisfied
B costs of production are sky rocketing
C to produce more of one thing, we must produce more of everything
D to produce more of one thing, we must produce less of something else
Question #13
A prices determine what firms produce while the government determines what consumers buy
B prices determine what consumers buy while the government determines what firms produce
C prices determine both what firms produce and what consumers buy
D the government, producers, and consumers work together and allocate resources while prices allocate goods and services
E the government allocates resources while prices allocate goods and services
Question #14
A increase in supply, with demand constant
B decrease in supply and demand together
C rise in supply and demand together
D decrease in demand, with supply constant
E increase in demand, with supply constant
Question #15
A determining the impact of government spending on the actual level of total employment
B determining the best level of immigration into the country
C determining whether too many luxury goods are being produced
D determining whether the government should reduce poverty
Question #16
A decrease in the number of firms in the market
B increase in quantity demanded
C rise in resource input prices
D increase in price
Question #17
A how firms maximize profit.
B individual decision-makers.
C economic history.
D economy-wide phenomena.
E economic growth and GDP
Question #18
A recession and unemployment
B economic growth.
C tradeoffs.
D opportunity cost.
E supply and demand.
Question #19
A by allowing the family to buy a greater variety of goods and services at a lower cost.
B by allowing each person to specialize in the activities he or she does best.
C only if the family is not in economic competition with other families.
D Both a and b are correct.
E All of the above are correct.