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