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 1/50 of a tank
B 1/50 of a gun
C 50 guns
D 20 guns
Question #2
A empirically verifiable by checking economic data
B a positive statement
C a normative statement
D an incorrect positive statement
E an indisputable statistical fact
Question #3
A suggests that consumers become less fashionable for those goods.
B suggests that most goods are normal goods
C shows that the quantity demanded is inversely related to price
D suggests that those goods are inferior goods
E does not apply to goods traded in competitive markets
Question #4
A both the demand and supply curves typically slope downward
B both the demand and supply curve typically slope upward
C the demand curve typically slopes downward; the supply curve typically slopes upward
D the demand curve typically slopes upward; the supply curve typically slopes downward
Question #5
A macroeconomic observation
B a positive statement
C a political statement
D a financial 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 rise
D market price for good X will decrease
Question #7
A neither of them is influenced by the size of the population
B they both usually slope downward
C they both usually slope upward
D they both show a relationship between quantity and price
Question #8
A surpluses.
B shortages.
C a new market equilibrium.
D a greater number of exchanges.
Question #9
A an increase in buyers’ incomes
B increased prices of other Ford models
C an increase in the U.S. population
D a decrease in the price of steel
E increase in price of similar model produced by Chevy and Dodge
Question #10
A technical inefficiency would not exist in the long run
B the law of demand applies to most markets
C the supply curve usually slopes upward
D the demand curve usually slopes downward
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 to produce more of one thing, we must produce less of something else
C costs of production are sky rocketing
D to produce more of one thing, we must produce more of everything
Question #13
A the government allocates resources while prices allocate goods and services
B prices determine what firms produce while the government determines what consumers buy
C the government, producers, and consumers work together and allocate resources while prices allocate goods and services
D prices determine both what firms produce and what consumers buy
E prices determine what consumers buy while the government determines what firms produce
Question #14
A decrease in supply and demand together
B rise in supply and demand together
C decrease in demand, with supply constant
D increase in demand, with supply constant
E increase in supply, with demand constant
Question #15
A determining the best level of immigration into the country
B determining whether too many luxury goods are being produced
C determining the impact of government spending on the actual level of total employment
D determining whether the government should reduce poverty
Question #16
A increase in price
B increase in quantity demanded
C rise in resource input prices
D decrease in the number of firms in the market
Question #17
A economic history.
B economic growth and GDP
C individual decision-makers.
D how firms maximize profit.
E economy-wide phenomena.
Question #18
A opportunity cost.
B tradeoffs.
C economic growth.
D recession and unemployment
E supply and demand.
Question #19
A only if the family is not in economic competition with other families.
B by allowing the family to buy a greater variety of goods and services at a lower cost.
C Both a and b are correct.
D by allowing each person to specialize in the activities he or she does best.
E All of the above are correct.