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 20%
D increasing by 15%
E increase by 5%
Question #2
A markets can vary in geographical size
B markets are used to allocate resources in market systems
C prices are used to allocate goods in markets
D supply and demand explains how prices are set in competitive markets
E markets are used to allocate resources in centrally-planned socialist economic systems
Question #3
A it’s a non-linear equation.
B it suggests that x depending on the changes of y.
C it shows 8 is intercept for the linear equation
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 an independent variable
B b is an independent variable
C b=change of y over change of x.
D y is the intercept for the linear slope
E m=change of y over change of x.
Question #5
A study supply and demand
B study money
C study the market changes
D study recession and boom
E study how to efficiently allocate scare resources to maximize societal goals.
Question #6
A determining the best level of immigration into the country
B determining the impact of government spending on the actual level of total employment
C determining whether too many luxury goods are being produced
D determining the ideal level of immigration to the country
E determining whether the government should reduce poverty
Question #7
A increasing opportunity cost
B increasing in monetary cost
C increase in demand
D rising in resource (input) prices
E increasing in market price
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 drop in the nation’s unemployment rate
D a drop in inflation
E a general rise in national interest rates
Question #9
A costs of production are sky rocketing
B to produce more of one thing, we must produce more of everything
C to produce more of one thing, we must produce less of something else
D when an individual obtains more of a good, he may not be fully satisfied
Question #10
A economic planning
B voter consensus
C government decree
D tradition
E prices
Question #11
A prices determine what firms produce while the government determines what consumers buy
B the government, producers, and consumers work together and allocate resources while prices allocate goods and services
C prices determine both what firms produce and what consumers buy
D prices determine what consumers buy while the government determines what firms produce
E the government allocates resources while prices allocate goods and services
Question #12
A a decrease in the price of new college textbooks
B a decrease in the population of college students
C a decrease in the wealth of college students
D an increase in the price of used college textbooks
Question #13
A the problem of scarcity has been solved in that market
B the market will not be able to approach equilibrium
C the entire supply curve must shift to the left in order to attain equilibrium
D the current price exceeds the equilibrium price
Question #14
A determining whether the government should reduce poverty
B determining the best level of immigration into the country
C determining whether too many luxury goods are being produced
D determining the impact of government spending on the actual level of total employment
Question #15
A both the demand and supply curves typically slope downward
B the demand curve typically slopes downward; the supply curve typically slopes upward
C the demand curve typically slopes upward; the supply curve typically slopes downward
D both the demand and supply curve typically slope upward
Question #16
A quantity supplied equals quantity demanded
B price and quantity supplied are directly related
C price and quantity supplied are inversely related
D supply follows demand
Question #17
A increase in the demand for cranberry juice
B increase in the quantity demanded of orange juice
C increase in the demand for orange juice
D decrease in the quantity demanded of cranberry juice
Question #18
A they both usually slope upward
B they both usually slope downward
C they both show a relationship between quantity and price
D neither of them is influenced by the size of the population
Question #19
A increase in quantity demanded
B increase in quantity supplied
C increase in supply
D increase in demand
Question #20
A limited to the out-of-pocket cost incurred
B what we gain in the process of consumption
C what is sacrificed to pursue that action
D irrelevant to economic theory