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 solar panels leads to an increase in demand for solar panel installers
B online banking reduces the demand for bankers
C an increase in demand for coffee leads to an increase in demand for coffee baristas
D self check out stands reduce the need for cashiers
Question #2
A the demand for labor exceeds the supply of labor
B the supply of labor exceeds the demand for labor
C the supply of labor is less than the demand for labor
D the demand for labor is equal to the supply of labor
Question #3
A prices fall and quantity decreases
B prices rise and quantity decreases
C prices rise and quantity increases
D prices fall and quantity increases
Question #4
A both firms and households
B government
C households
D firms
Question #5
A not feasible, but efficient
B feasible and efficient
C not feasible
D feasible, but inefficient
Question #6
A supply exceeds demand
B There is excess demand
C demand equals supply
D There is excess supply
Question #7
A underground
B command
C traditional
D market
Question #8
A normal
B a complement
C a substitute
D inferior
Question #9
A normative
B negative
C positive
D efficient
Question #10
A There is a positive relationship between price and quantity demanded
B When the price of a good falls, quantity demanded falls
C When the price of a good rises, quantity demanded rises
D When the price of a good falls, quantity demanded rises
Question #11
A 4 bobas
B 20 bobas
C 10 bobas
D 2 bobas
Question #12
A the supply of labor exceeds the demand for labor
B the supply of labor is less than the demand for labor
C the demand for labor exceeds the supply of labor
D the demand for labor is equal to the supply of labor
Question #13
A As production of a good or service decreases, the marginal opportunity cost of producing it increases
B As production of a good or service increases, the marginal opportunity cost of producing it decreases
C As production of a good or service increases, the marginal opportunity cost of producing it increases
D As production of a good or service decreases, the marginal opportunity cost of producing it decreases
Question #14
A changes in input prices
B a change in the price of the good
C changes in preferences
D changes in income
Question #15
A economies of scale
B division of labor
C specialization
D production possibilities frontier
Question #16
If the demand for labor decreases, then wages ______________ and the quantity of labor _____________
A fall, increases
B rise, decreases
C fall, decreases
D rise, increases
Question #17
A consumers and producers are guided by self-interest
B consumers and producers reach an efficient allocation of resources
C consumers and producers are not guided by self-interest
D Adam Smith advocated for little government intervention
Question #18
A wages rise and the quantity of labor increases
B wages fall and the quantity of labor decreases
C wages fall and the quantity of labor increases
D wages rise and the quantity of labor decreases
Question #19
A The satisfaction derived from consuming one more slice of pizza rises
B The satisfaction derived from consuming one more slice of pizza declines
C The satisfaction derived from consuming one more slice of pizza increases
D The satisfaction derived from consuming one more slice of pizza is constant
Question #20
A complements
B normal goods
C substitutes
D inferior goods
Question #21
A command
B traditional
C market
D underground
