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 is less than the demand for labor
B the supply of labor exceeds 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 #3
A prices rise and quantity increases
B prices fall and quantity decreases
C prices rise and quantity decreases
D prices fall and quantity increases
Question #4
A government
B firms
C both firms and households
D households
Question #5
A not feasible
B not feasible, but efficient
C feasible and efficient
D feasible, but inefficient
Question #6
A There is excess demand
B supply exceeds demand
C There is excess supply
D demand equals supply
Question #7
A underground
B market
C command
D traditional
Question #8
A inferior
B normal
C a substitute
D a complement
Question #9
A normative
B efficient
C positive
D negative
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 rises, quantity demanded rises
D When the price of a good falls, quantity demanded falls
Question #11
A 10 bobas
B 20 bobas
C 2 bobas
D 4 bobas
Question #12
A the supply of labor is less than the demand for labor
B the demand for labor is equal to the supply of labor
C the supply of labor exceeds the demand for labor
D the demand for labor exceeds the supply of 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 increases, 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 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 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 rise, decreases
B rise, increases
C fall, increases
D fall, decreases
Question #17
A Adam Smith advocated for little government intervention
B consumers and producers reach an efficient allocation of resources
C consumers and producers are guided by self-interest
D consumers and producers are not guided by self-interest
Question #18
A wages fall and the quantity of labor increases
B wages rise and the quantity of labor decreases
C wages rise and the quantity of labor increases
D wages fall 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 increases
C The satisfaction derived from consuming one more slice of pizza is constant
D The satisfaction derived from consuming one more slice of pizza declines
Question #20
A complements
B normal goods
C inferior goods
D substitutes
Question #21
A underground
B command
C traditional
D market
