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 an incorrect positive statement
C a positive statement
D an indisputable statistical fact
E a normative statement
Question #3
A suggests that consumers become less fashionable for those goods.
B does not apply to goods traded in competitive markets
C shows that the quantity demanded is inversely related to price
D suggests that most goods are normal goods
E suggests that those goods are inferior goods
Question #4
A both the demand and supply curve typically slope upward
B both the demand and supply curves typically slope downward
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 a normative statement
B a positive statement
C a political statement
D macroeconomic observation
E a financial statement
Question #6
A demand for good X will decrease
B market price for good X will rise
C market price 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 usually slope downward
C they both usually slope upward
D they both show a relationship between quantity and price
Question #8
A shortages.
B surpluses.
C a new market equilibrium.
D a greater number of exchanges.
Question #9
A a decrease in the price of steel
B an increase in the U.S. population
C increased prices of other Ford models
D an increase in buyers’ incomes
E increase in price of similar model produced by Chevy and Dodge
Question #10
A the supply curve usually slopes upward
B the law of demand applies to most markets
C the demand curve usually slopes downward
D technical inefficiency would not exist in the long run
Question #11
A price and quantity will rise
B quantity will fall, but price may rise or fall
C price will rise and quantity will fall
D price and quantity will fall
E price will fall and quantity will rise
Question #12
A to produce more of one thing, we must produce less of something else
B to produce more of one thing, we must produce more of everything
C costs of production are sky rocketing
D when an individual obtains more of a good, he may not be fully satisfied
Question #13
A prices determine what consumers buy while the government determines what firms produce
B prices determine what firms produce while the government determines what consumers buy
C the government allocates resources while prices allocate goods and services
D the government, producers, and consumers work together and allocate resources while prices allocate goods and services
E prices determine both what firms produce and what consumers buy
Question #14
A increase in demand, with supply constant
B decrease in supply and demand together
C rise in supply and demand together
D decrease in demand, with supply constant
E increase in supply, with demand constant
Question #15
A determining whether the government should reduce poverty
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 the best level of immigration into the country
Question #16
A increase in quantity demanded
B rise in resource input prices
C decrease in the number of firms in the market
D increase in price
Question #17
A economic growth and GDP
B individual decision-makers.
C how firms maximize profit.
D economic history.
E economy-wide phenomena.
Question #18
A economic growth.
B recession and unemployment
C opportunity cost.
D supply and demand.
E tradeoffs.
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 by allowing each person to specialize in the activities he or she does best.
D Both a and b are correct.
E All of the above are correct.