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 unknown due to insufficient information.
B increase by 5%
C increasing by 20%
D increasing by 15%
E increasing by 11%
Question #2
A prices are used to allocate goods in markets
B markets can vary in geographical size
C supply and demand explains how prices are set in competitive markets
D markets are used to allocate resources in market systems
E markets are used to allocate resources in centrally-planned socialist economic systems
Question #3
A it suggests that x depending on the changes of y.
B it shows 8 is intercept for the linear equation
C it shows that its slope is equal to 8.
D it’s a non-linear equation.
E it suggests that it’s a time-series analysis
Question #4
A y is the intercept for the linear slope
B b=change of y over change of x.
C m=change of y over change of x.
D y is an independent variable
E b is an independent variable
Question #5
A study money
B study recession and boom
C study how to efficiently allocate scare resources to maximize societal goals.
D study the market changes
E study supply and demand
Question #6
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
E determining the ideal level of immigration to the country
Question #7
A increasing in monetary cost
B increasing in market price
C increase in demand
D increasing opportunity cost
E rising in resource (input) prices
Question #8
A an increase in total production in the United States
B a drop in the nation’s unemployment rate
C an increase in the price of the Ford Focus GT
D a general rise in national interest rates
E a drop in inflation
Question #9
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 #10
A tradition
B economic planning
C prices
D voter consensus
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 prices determine what consumers buy while the government determines what firms produce
D the government allocates resources while prices allocate goods and services
E prices determine what firms produce while the government determines what consumers buy
Question #12
A an increase in the price of used college textbooks
B a decrease in the wealth of college students
C a decrease in the population of college students
D a decrease in the price of new college textbooks
Question #13
A the market will not be able to approach equilibrium
B the problem of scarcity has been solved in that market
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 the demand curve typically slopes upward; the supply curve typically slopes downward
B both the demand and supply curves typically slope downward
C the demand curve typically slopes downward; the supply curve typically slopes upward
D both the demand and supply curve typically slope upward
Question #16
A quantity supplied equals quantity demanded
B supply follows demand
C price and quantity supplied are inversely related
D price and quantity supplied are directly related
Question #17
A increase in the demand for orange juice
B increase in the demand for cranberry juice
C increase in the quantity demanded of orange juice
D decrease in the quantity demanded of cranberry juice
Question #18
A they both usually slope downward
B they both usually slope upward
C neither of them is influenced by the size of the population
D they both show a relationship between quantity and price
Question #19
A increase in supply
B increase in quantity supplied
C increase in demand
D increase in quantity demanded
Question #20
A what we gain in the process of consumption
B limited to the out-of-pocket cost incurred
C what is sacrificed to pursue that action
D irrelevant to economic theory