Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Summer 2021 » iVat Chapter 1
Below are the questions for the exam with the choices of answers:
Question #1
A prices are constant
B prices are in equilibrium
C not enough information to answer
D Prices have a tendency to rise
E prices have a tendency to fall
Question #2
A Prices have a tendency to remain constant
B Prices have a tendency to fall
C Prices have a tendency to rise
D Quantity demanded will shift
E Prices are in equilibrium
Question #3
A Gain an understanding of how economic variables interact by making simplifying assumptions, and making predictions based on the insights from the model.
B Gain an understanding of how economic variables converge by making the real world more complex, and making predictions based on the insights from the increased complexity.
C Gain an understanding of how economic variables converge and diverge from one another by making increased complexity an inherent part of the model.
D Increase complexity and gain insights into that complexity.
Question #4
A Yes, due to the following reason:
M C = 12 , 000 > M B = 11 , 000
B Yes, due to the following reason:
M B = 12 , 000 > M C = 11 , 000
C No, due to the following reason:
M B = 12 , 000 > M C = 5 , 000
Question #5
A MC=$5,000+$6,000=$11,000
MB=$12,000+$11,000=$23,000
B MC=$5,000
MB=$12,000
C MC=$6,000
MB=$12,000
D MC=$5,000+$6,000=$11,000
MB=$12,000
Question #6
A The foregone benefit of improved education outcomes
B The foregone net benefit from spending $50 billion on healthcare
C The foregone cost of education spending
D The cost of paying teacher’s salaries
E The investment in building educational facilities
Question #7
A transportation costs
B The parking fees at the factory
C Textbook costs
D The net benefit that they could have received by spending that 8 hours in college
E The net benefit that they could have received from working at their job
Question #8
A The marginal cost is greater than the marginal benefit
B All else being equal you are worse off from the activity
C The total cost is greater than the total benefit
D marginal benefit is greater than the marginal cost
E All of the answers available are correct
Question #9
A The additional expense incurred by engaging in an activity.
B The fixed benefit of going to college over 4 years.
C The additional money a firm spends on purchasing a computer.
D The additional revenue gained from selling an additional computer.
Question #10
A Are constant in the long run, but are variable in
B Can be recovered and thus are relevant to the decision at hand
C Are variable and change when you engage in some activity
D Are purely variable
E Cannot be recovered and thus are irrelevant to the decision at hand
Question #11
A Inflation, which is primarily a topic studied under microeconomics can impact aggregate demand, which is a topic relegated primarily to microeconomics.
B Unemployment, which is primarily a topic studied under microeconomics, can impact aggregate demand, which is a topic relegated primarily to macroeconomics.
C Inflation, which is primarily a topic studied under macroeconomics, can impact how individuals make consumption decisions, which is a topic relegated primarily to microeconomics.
D Unemployment, which is primarily a topic studied under macroeconomics, can impact aggregate demand, which is a topic relegated primarily to microeconomics.
Question #12
A the allocating of healthcare to those who can afford the price of care
B the allocating of slots into Harvard based on who can afford the price of tuition
C cost-benefit analysis
D the allocating of Ferraris to those who can afford the price of Ferraris
E the allocating of kidneys based on life expectancy
Question #13
A note enough information to answer
B social, cultural, and political means
C the price mechanism
D marginal costs
E marginal benefits
Question #14
A the allocating of kidneys based on life expectancy
B the allocating of slots into U.C. Berkeley based on SAT scores
C not enough information to answer
D the allocating of healthcare to those who are the best candidates for treatment
E the allocating Ferrraris to those who can afford the price of a Ferrari
Question #15
A non-market rationing
B non-economic forces
C the price mechanism
D social, political, and cultural means
E social forces