Navigation » List of Schools » Glendale Community College » Economics » Econ 102 – Principles of Macroeconomics » Winter 2021 » Exam 1
Below are the questions for the exam with the choices of answers:
Question #1
A a decrease in demand for haircuts decreases the demand for barbers
B an increase in demand for solar panels leads to an increase in demand for solar panel installers
C a decrease in demand for clothes decreases the demand for seamstresses
D the ATM machine reduces the demand for bank tellers
Question #2
A price ceiling
B equilibrium wage
C wage ceiling
D price floor
Question #3
A economists use mathematical modeling to explain theories
B economics is the study of how individuals allocate scarce resources
C economics is a social science
D economics is the study of how individuals allocate unlimited resources
Question #4
A households
B firms
C individuals
D the government
Question #5
A feasible and efficient
B feasible, but inefficient
C not feasible, but efficient
D not feasible
Question #6
A There is excess supply
B supply exceeds demand
C There is excess demand
D demand equals supply
Question #7
A underground
B traditional
C command
D market
Question #8
A inferior
B a complement
C a luxury
D normal
Question #9
A “Everyone should wear face masks”
B “Face masks can be uncomfortable to wear”
C “Face masks help slow the spread of diseases”
D “Washing hands is an effective way to stay healthy”
Question #10
A When the price of a good rises, quantity demanded rises
B When the price of a good falls, quantity demanded rises
C When the price of a good falls, quantity demanded falls
D There is a positive relationship between price and quantity demanded
Question #11
A 15 protein shakes
B 5 protein shakes
C 10 protein shakes
D 50 protein shakes
Question #12
A is equal to
B is more than
C is less than
D is equivalent to
Question #13
A As production of a good or service increases, the marginal opportunity cost of producing it decreases
B As production of a good or service increases, the marginal opportunity cost of producing it increases
C As production of a good or service decreases, the marginal opportunity cost of producing it decreases
D As production of a good or service decreases, the marginal opportunity cost of producing it increases
Question #14
A changes in income
B changes in technology
C a change in the price of the good
D changes in input prices
Question #15
A specialization
B the invisible hand
C division of labor
D private enterprise
Question #16
If the demand for labor increases, then wages ______________ and the quantity of labor _____________
A fall, decreases
B rise, increases
C fall, increases
D rise, decreases
Question #17
A through self-interest, firms specialize and take advantage of economies of scale
B labor is divided and workers specialize in one specific task
C through self-interest, producers and consumers reach an inefficient allocation of resources
D through self-interest, producers and consumers reach an efficient allocation of resources
Question #18
A labor demand will shift left
B labor demand will shift right
C labor supply will shift right
D labor supply will shift left
Question #19
A as consumption increases the marginal utility derived from each additional unit declines
B as consumption increases the marginal utility derived from each additional unit increases
C as consumption decreases the marginal utility derived from each additional unit declines
D as consumption increases the marginal utility derived from each additional unit stays the same
Question #20
A substitutes
B inferior goods
C normal goods
D complements
Question #21
A people fleeing from a hurricane leads to a higher demand for gasoline
B the invention of online banking leads to a decrease in demand for bank tellers
C an increase demand for pets leads to an increase in demand for veterinarians
D hot weather leads to an increase in demand for ice cream
Question #22
A market
B underground
C command
D traditional
