Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Summer 2021 » iVat Chapter 1
Below are the questions for the exam with the choices of answers:
Question #1
A Prices have a tendency to rise
B prices are constant
C not enough information to answer
D prices are in equilibrium
E prices have a tendency to fall
Question #2
A Prices are in equilibrium
B Prices have a tendency to remain constant
C Quantity demanded will shift
D Prices have a tendency to rise
E Prices have a tendency to fall
Question #3
A Gain an understanding of how economic variables converge by making the real world more complex, and making predictions based on the insights from the increased complexity.
B Gain an understanding of how economic variables converge and diverge from one another by making increased complexity an inherent part of the model.
C Increase complexity and gain insights into that complexity.
D Gain an understanding of how economic variables interact by making simplifying assumptions, and making predictions based on the insights from the model.
Question #4
A Yes, due to the following reason:
M B = 12 , 000 > M C = 11 , 000
B Yes, due to the following reason:
M C = 12 , 000 > M B = 11 , 000
C No, due to the following reason:
M B = 12 , 000 > M C = 5 , 000
Question #5
A MC=$6,000
MB=$12,000
B MC=$5,000+$6,000=$11,000
MB=$12,000
C MC=$5,000
MB=$12,000
D MC=$5,000+$6,000=$11,000
MB=$12,000+$11,000=$23,000
Question #6
A The foregone benefit of improved education outcomes
B The investment in building educational facilities
C The foregone cost of education spending
D The cost of paying teacher’s salaries
E The foregone net benefit from spending $50 billion on healthcare
Question #7
A The parking fees at the factory
B The net benefit that they could have received from working at their job
C transportation costs
D The net benefit that they could have received by spending that 8 hours in college
E Textbook costs
Question #8
A The total cost is greater than the total benefit
B The marginal cost is greater than the marginal benefit
C All else being equal you are worse off from the activity
D marginal benefit is greater than the marginal cost
E All of the answers available are correct
Question #9
A The additional expense incurred by engaging in an activity.
B The additional revenue gained from selling an additional computer.
C The additional money a firm spends on purchasing a computer.
D The fixed benefit of going to college over 4 years.
Question #10
A Are purely variable
B Are constant in the long run, but are variable in
C Are variable and change when you engage in some activity
D Cannot be recovered and thus are irrelevant to the decision at hand
E Can be recovered and thus are relevant to the decision at hand
Question #11
A Unemployment, which is primarily a topic studied under microeconomics, can impact aggregate demand, which is a topic relegated primarily to macroeconomics.
B Inflation, which is primarily a topic studied under macroeconomics, can impact how individuals make consumption decisions, which is a topic relegated primarily to microeconomics.
C Unemployment, which is primarily a topic studied under macroeconomics, can impact aggregate demand, which is a topic relegated primarily to microeconomics.
D Inflation, which is primarily a topic studied under microeconomics can impact aggregate demand, which is a topic relegated primarily to microeconomics.
Question #12
A the allocating of slots into Harvard based on who can afford the price of tuition
B cost-benefit analysis
C the allocating of healthcare to those who can afford the price of care
D the allocating of Ferraris to those who can afford the price of Ferraris
E the allocating of kidneys based on life expectancy
Question #13
A social, cultural, and political means
B the price mechanism
C marginal benefits
D note enough information to answer
E marginal costs
Question #14
A the allocating of slots into U.C. Berkeley based on SAT scores
B the allocating of kidneys based on life expectancy
C not enough information to answer
D the allocating Ferrraris to those who can afford the price of a Ferrari
E the allocating of healthcare to those who are the best candidates for treatment
Question #15
A social, political, and cultural means
B social forces
C non-economic forces
D the price mechanism
E non-market rationing