Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Summer 2021 » iVat Chapter 1
Below are the questions for the exam with the choices of answers:
Question #1
A prices have a tendency to fall
B Prices have a tendency to rise
C prices are in equilibrium
D prices are constant
E not enough information to answer
Question #2
A Quantity demanded will shift
B Prices are in equilibrium
C Prices have a tendency to fall
D Prices have a tendency to remain constant
E Prices have a tendency to rise
Question #3
A Increase complexity and gain insights into that complexity.
B Gain an understanding of how economic variables converge and diverge from one another by making increased complexity an inherent part of the model.
C Gain an understanding of how economic variables converge by making the real world more complex, and making predictions based on the insights from the increased complexity.
D Gain an understanding of how economic variables interact by making simplifying assumptions, and making predictions based on the insights from the model.
Question #4
A No, due to the following reason:
M B = 12 , 000 > M C = 5 , 000
B Yes, due to the following reason:
M B = 12 , 000 > M C = 11 , 000
C Yes, due to the following reason:
M C = 12 , 000 > M B = 11 , 000
Question #5
A MC=$6,000
MB=$12,000
B MC=$5,000
MB=$12,000
C MC=$5,000+$6,000=$11,000
MB=$12,000
D MC=$5,000+$6,000=$11,000
MB=$12,000+$11,000=$23,000
Question #6
A The investment in building educational facilities
B The foregone cost of education spending
C The foregone net benefit from spending $50 billion on healthcare
D The foregone benefit of improved education outcomes
E The cost of paying teacher’s salaries
Question #7
A The net benefit that they could have received by spending that 8 hours in college
B Textbook costs
C transportation costs
D The net benefit that they could have received from working at their job
E The parking fees at the factory
Question #8
A The total cost is greater than the total benefit
B All else being equal you are worse off from the activity
C marginal benefit is greater than the marginal cost
D The marginal cost is greater than the marginal benefit
E All of the answers available are correct
Question #9
A The fixed benefit of going to college over 4 years.
B The additional money a firm spends on purchasing a computer.
C The additional revenue gained from selling an additional computer.
D The additional expense incurred by engaging in an activity.
Question #10
A Cannot be recovered and thus are irrelevant to the decision at hand
B Can be recovered and thus are relevant to the decision at hand
C Are purely variable
D Are constant in the long run, but are variable in
E Are variable and change when you engage in some activity
Question #11
A Unemployment, which is primarily a topic studied under macroeconomics, can impact aggregate demand, which is a topic relegated primarily to microeconomics.
B Inflation, which is primarily a topic studied under microeconomics can impact aggregate demand, which is a topic relegated primarily to microeconomics.
C Inflation, which is primarily a topic studied under macroeconomics, can impact how individuals make consumption decisions, which is a topic relegated primarily to microeconomics.
D Unemployment, which is primarily a topic studied under microeconomics, can impact aggregate demand, which is a topic relegated primarily to macroeconomics.
Question #12
A cost-benefit analysis
B the allocating of healthcare to those who can afford the price of care
C the allocating of kidneys based on life expectancy
D the allocating of Ferraris to those who can afford the price of Ferraris
E the allocating of slots into Harvard based on who can afford the price of tuition
Question #13
A marginal benefits
B note enough information to answer
C social, cultural, and political means
D marginal costs
E the price mechanism
Question #14
A the allocating of slots into U.C. Berkeley based on SAT scores
B the allocating of kidneys based on life expectancy
C not enough information to answer
D the allocating Ferrraris to those who can afford the price of a Ferrari
E the allocating of healthcare to those who are the best candidates for treatment
Question #15
A social, political, and cultural means
B social forces
C non-market rationing
D the price mechanism
E non-economic forces