Navigation » List of Schools » Glendale Community College » Economics » Econ 102 – Principles of Macroeconomics » Spring 2022 » Exam 1
Below are the questions for the exam with the choices of answers:
Question #1
A an increase in demand for coffee leads to an increase in demand for coffee baristas
B online banking reduces the demand for bankers
C an increase in demand for solar panels leads to an increase in demand for solar panel installers
D self check out stands reduce the need for cashiers
Question #2
A the supply of labor exceeds the demand for labor
B the demand for labor is equal to the supply of labor
C the supply of labor is less than the demand for labor
D the demand for labor exceeds the supply of labor
Question #3
A prices fall and quantity decreases
B prices rise and quantity increases
C prices fall and quantity increases
D prices rise and quantity decreases
Question #4
A government
B firms
C households
D both firms and households
Question #5
A feasible, but inefficient
B not feasible, but efficient
C not feasible
D feasible and efficient
Question #6
A There is excess demand
B There is excess supply
C demand equals supply
D supply exceeds demand
Question #7
A market
B command
C underground
D traditional
Question #8
A inferior
B a complement
C a substitute
D normal
Question #9
A efficient
B normative
C positive
D negative
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 20 bobas
B 2 bobas
C 4 bobas
D 10 bobas
Question #12
A the supply of labor is less than the demand for labor
B the demand for labor exceeds the supply of labor
C the demand for labor is equal to the supply of labor
D the supply of labor exceeds the demand for labor
Question #13
A As production of a good or service increases, the marginal opportunity cost of producing it increases
B As production of a good or service decreases, the marginal opportunity cost of producing it decreases
C As production of a good or service decreases, the marginal opportunity cost of producing it increases
D As production of a good or service increases, the marginal opportunity cost of producing it decreases
Question #14
A changes in income
B a change in the price of the good
C changes in input prices
D changes in preferences
Question #15
A specialization
B economies of scale
C division of labor
D production possibilities frontier
Question #16
If the demand for labor decreases, then wages ______________ and the quantity of labor _____________
A fall, decreases
B fall, increases
C rise, increases
D rise, decreases
Question #17
A consumers and producers are guided by self-interest
B Adam Smith advocated for little government intervention
C consumers and producers are not guided by self-interest
D consumers and producers reach an efficient allocation of resources
Question #18
A wages rise and the quantity of labor increases
B wages rise and the quantity of labor decreases
C wages fall and the quantity of labor decreases
D wages fall and the quantity of labor increases
Question #19
A The satisfaction derived from consuming one more slice of pizza declines
B The satisfaction derived from consuming one more slice of pizza increases
C The satisfaction derived from consuming one more slice of pizza rises
D The satisfaction derived from consuming one more slice of pizza is constant
Question #20
A substitutes
B complements
C inferior goods
D normal goods
Question #21
A underground
B market
C traditional
D command
