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