Navigation » List of Schools » Glendale Community College » Economics » Econ 102 – Principles of Macroeconomics » Winter 2021 » Exam 1
Below are the questions for the exam with the choices of answers:
Question #1
A a decrease in demand for haircuts decreases the demand for barbers
B the ATM machine reduces the demand for bank tellers
C a decrease in demand for clothes decreases the demand for seamstresses
D an increase in demand for solar panels leads to an increase in demand for solar panel installers
Question #2
A equilibrium wage
B price floor
C wage ceiling
D price ceiling
Question #3
A economists use mathematical modeling to explain theories
B economics is the study of how individuals allocate scarce resources
C economics is the study of how individuals allocate unlimited resources
D economics is a social science
Question #4
A individuals
B the government
C firms
D households
Question #5
A not feasible, but efficient
B feasible and efficient
C not feasible
D feasible, but inefficient
Question #6
A There is excess demand
B There is excess supply
C supply exceeds demand
D demand equals supply
Question #7
A traditional
B underground
C command
D market
Question #8
A a complement
B a luxury
C normal
D inferior
Question #9
A “Everyone should wear face masks”
B “Washing hands is an effective way to stay healthy”
C “Face masks help slow the spread of diseases”
D “Face masks can be uncomfortable to wear”
Question #10
A When the price of a good falls, quantity demanded falls
B When the price of a good falls, quantity demanded rises
C When the price of a good rises, quantity demanded rises
D There is a positive relationship between price and quantity demanded
Question #11
A 50 protein shakes
B 10 protein shakes
C 15 protein shakes
D 5 protein shakes
Question #12
A is more than
B is equivalent to
C is equal to
D is less than
Question #13
A As production of a good or service increases, 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 decreases, 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 income
B a change in the price of the good
C changes in technology
D changes in input prices
Question #15
A division of labor
B private enterprise
C the invisible hand
D specialization
Question #16
If the demand for labor increases, then wages ______________ and the quantity of labor _____________
A fall, increases
B rise, increases
C fall, decreases
D rise, decreases
Question #17
A through self-interest, firms specialize and take advantage of economies of scale
B through self-interest, producers and consumers reach an inefficient allocation of resources
C labor is divided and workers specialize in one specific task
D through self-interest, producers and consumers reach an efficient allocation of resources
Question #18
A labor demand will shift right
B labor supply will shift right
C labor demand will shift left
D labor supply will shift left
Question #19
A as consumption increases the marginal utility derived from each additional unit declines
B as consumption increases the marginal utility derived from each additional unit increases
C as consumption decreases the marginal utility derived from each additional unit declines
D as consumption increases the marginal utility derived from each additional unit stays the same
Question #20
A complements
B substitutes
C inferior goods
D normal goods
Question #21
A an increase demand for pets leads to an increase in demand for veterinarians
B people fleeing from a hurricane leads to a higher demand for gasoline
C hot weather leads to an increase in demand for ice cream
D the invention of online banking leads to a decrease in demand for bank tellers
Question #22
A command
B traditional
C market
D underground
