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 self check out stands reduce the need for cashiers
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 an increase in demand for coffee leads to an increase in demand for coffee baristas
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 decreases
B prices fall and quantity decreases
C prices rise and quantity increases
D prices fall and quantity increases
Question #4
A firms
B households
C both firms and households
D government
Question #5
A not feasible, but efficient
B feasible, but inefficient
C not feasible
D feasible and efficient
Question #6
A demand equals supply
B There is excess supply
C supply exceeds demand
D There is excess demand
Question #7
A command
B market
C traditional
D underground
Question #8
A a substitute
B normal
C inferior
D a complement
Question #9
A positive
B normative
C efficient
D negative
Question #10
A When the price of a good rises, quantity demanded rises
B When the price of a good falls, quantity demanded falls
C There is a positive relationship between price and quantity demanded
D When the price of a good falls, quantity demanded rises
Question #11
A 2 bobas
B 4 bobas
C 20 bobas
D 10 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 demand for labor exceeds the supply of labor
D the supply of labor exceeds the demand for labor
Question #13
A As production of a good or service decreases, 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 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 preferences
C changes in income
D changes in input prices
Question #15
A economies of scale
B production possibilities frontier
C division of labor
D specialization
Question #16
If the demand for labor decreases, then wages ______________ and the quantity of labor _____________
A fall, increases
B rise, decreases
C rise, 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 decreases
B wages rise and the quantity of labor decreases
C wages fall and the quantity of labor increases
D wages rise and the quantity of labor increases
Question #19
A The satisfaction derived from consuming one more slice of pizza increases
B The satisfaction derived from consuming one more slice of pizza rises
C The satisfaction derived from consuming one more slice of pizza declines
D The satisfaction derived from consuming one more slice of pizza is constant
Question #20
A normal goods
B substitutes
C inferior goods
D complements
Question #21
A traditional
B underground
C market
D command
