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 20 guns
D 50 guns
Question #2
A empirically verifiable by checking economic data
B a normative statement
C an indisputable statistical fact
D an incorrect positive statement
E a positive statement
Question #3
A suggests that those goods are inferior goods
B suggests that consumers become less fashionable for those goods.
C shows that the quantity demanded is inversely related to price
D suggests that most goods are normal goods
E does not apply to goods traded in competitive markets
Question #4
A the demand curve typically slopes upward; the supply curve typically slopes 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 both the demand and supply curves typically slope downward
Question #5
A a positive statement
B a political statement
C a financial statement
D macroeconomic observation
E a normative statement
Question #6
A market price for good X will decrease
B market price for good X will rise
C demand for good X will decrease
D demand for good X will increase
Question #7
A neither of them is influenced by the size of the population
B they both show a relationship between quantity and price
C they both usually slope upward
D they both usually slope downward
Question #8
A a greater number of exchanges.
B shortages.
C surpluses.
D a new market equilibrium.
Question #9
A an increase in buyers’ incomes
B increased prices of other Ford models
C a decrease in the price of steel
D an increase in the U.S. population
E increase in price of similar model produced by Chevy and Dodge
Question #10
A the demand curve usually slopes downward
B the supply curve usually slopes upward
C technical inefficiency would not exist in the long run
D the law of demand applies to most markets
Question #11
A price and quantity will fall
B price will fall and quantity will rise
C price will rise and quantity will fall
D quantity will fall, but price may rise or fall
E price and quantity will rise
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 more of everything
C to produce more of one thing, we must produce less of something else
D costs of production are sky rocketing
Question #13
A prices determine both what firms produce and what consumers buy
B the government allocates resources while prices allocate goods and services
C prices determine what consumers buy while the government determines what firms produce
D the government, producers, and consumers work together and allocate resources while prices allocate goods and services
E prices determine what firms produce while the government determines what consumers buy
Question #14
A increase in demand, with supply constant
B decrease in demand, with supply constant
C increase in supply, with demand constant
D decrease in supply and demand together
E rise in supply and demand together
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 rise in resource input prices
B increase in quantity demanded
C decrease in the number of firms in the market
D increase in price
Question #17
A economic growth and GDP
B economy-wide phenomena.
C individual decision-makers.
D economic history.
E how firms maximize profit.
Question #18
A opportunity cost.
B recession and unemployment
C tradeoffs.
D economic growth.
E supply and demand.
Question #19
A Both a and b are correct.
B by allowing the family to buy a greater variety of goods and services at a lower cost.
C by allowing each person to specialize in the activities he or she does best.
D only if the family is not in economic competition with other families.
E All of the above are correct.