Navigation » List of Schools » East Los Angeles College » Economics » Econ 001 – Microeconomics Principles » Fall 2020 » Quiz 1
Below are the questions for the exam with the choices of answers:
Question #1
A increasing by 20%
B increase by 5%
C increasing by 11%
D increasing by 15%
E unknown due to insufficient information.
Question #2
A supply and demand explains how prices are set in competitive markets
B markets are used to allocate resources in centrally-planned socialist economic systems
C markets can vary in geographical size
D markets are used to allocate resources in market systems
E prices are used to allocate goods in markets
Question #3
A it shows 8 is intercept for the linear equation
B it’s a non-linear equation.
C it suggests that x depending on the changes of y.
D it shows that its slope is equal to 8.
E it suggests that it’s a time-series analysis
Question #4
A m=change of y over change of x.
B b=change of y over change of x.
C y is the intercept for the linear slope
D b is an independent variable
E y is an independent variable
Question #5
A study recession and boom
B study money
C study supply and demand
D study how to efficiently allocate scare resources to maximize societal goals.
E study the market changes
Question #6
A determining whether the government should reduce poverty
B determining the ideal level of immigration to the country
C determining whether too many luxury goods are being produced
D determining the impact of government spending on the actual level of total employment
E determining the best level of immigration into the country
Question #7
A increasing in market price
B increasing opportunity cost
C increasing in monetary cost
D increase in demand
E rising in resource (input) prices
Question #8
A an increase in the price of the Ford Focus GT
B a general rise in national interest rates
C a drop in inflation
D a drop in the nation’s unemployment rate
E an increase in total production in the United States
Question #9
A costs of production are sky rocketing
B to produce more of one thing, we must produce more of everything
C when an individual obtains more of a good, he may not be fully satisfied
D to produce more of one thing, we must produce less of something else
Question #10
A voter consensus
B prices
C economic planning
D government decree
E tradition
Question #11
A the government, producers, and consumers work together and allocate resources while prices allocate goods and services
B the government allocates resources while prices allocate goods and services
C prices determine what consumers buy while the government determines what firms produce
D prices determine what firms produce while the government determines what consumers buy
E prices determine both what firms produce and what consumers buy
Question #12
A a decrease in the wealth of college students
B a decrease in the population of college students
C a decrease in the price of new college textbooks
D an increase in the price of used college textbooks
Question #13
A the market will not be able to approach equilibrium
B the current price exceeds the equilibrium price
C the entire supply curve must shift to the left in order to attain equilibrium
D the problem of scarcity has been solved in that market
Question #14
A determining whether the government should reduce poverty
B determining the best level of immigration into the country
C determining whether too many luxury goods are being produced
D determining the impact of government spending on the actual level of total employment
Question #15
A both the demand and supply curves typically slope downward
B the demand curve typically slopes downward; the supply curve typically slopes upward
C both the demand and supply curve typically slope upward
D the demand curve typically slopes upward; the supply curve typically slopes downward
Question #16
A price and quantity supplied are inversely related
B price and quantity supplied are directly related
C supply follows demand
D quantity supplied equals quantity demanded
Question #17
A increase in the quantity demanded of orange juice
B increase in the demand for orange juice
C increase in the demand for cranberry juice
D decrease in the quantity demanded of cranberry juice
Question #18
A they both show a relationship between quantity and price
B they both usually slope upward
C neither of them is influenced by the size of the population
D they both usually slope downward
Question #19
A increase in quantity supplied
B increase in supply
C increase in quantity demanded
D increase in demand
Question #20
A limited to the out-of-pocket cost incurred
B what we gain in the process of consumption
C what is sacrificed to pursue that action
D irrelevant to economic theory