Navigation » List of Schools » East Los Angeles College » Economics » Econ 001 – Microeconomics Principles » Fall 2020 » Quiz 2
Below are the questions for the exam with the choices of answers:
Question #1
A 1/50 of a tank
B 50 guns
C 1/50 of a gun
D 20 guns
Question #2
A an indisputable statistical fact
B a positive statement
C a normative statement
D empirically verifiable by checking economic data
E an incorrect positive statement
Question #3
A suggests that consumers become less fashionable for those goods.
B does not apply to goods traded in competitive markets
C suggests that most goods are normal goods
D suggests that those goods are inferior goods
E shows that the quantity demanded is inversely related to price
Question #4
A the demand curve typically slopes upward; the supply curve typically slopes downward
B both the demand and supply curves typically slope downward
C the demand curve typically slopes downward; the supply curve typically slopes upward
D both the demand and supply curve typically slope upward
Question #5
A a normative statement
B a positive statement
C a financial statement
D macroeconomic observation
E a political statement
Question #6
A demand for good X will decrease
B demand for good X will increase
C market price for good X will rise
D market price for good X will decrease
Question #7
A they both usually slope upward
B they both usually slope downward
C neither of them is influenced by the size of the population
D they both show a relationship between quantity and price
Question #8
A a new market equilibrium.
B surpluses.
C shortages.
D a greater number of exchanges.
Question #9
A an increase in the U.S. population
B increased prices of other Ford models
C a decrease in the price of steel
D increase in price of similar model produced by Chevy and Dodge
E an increase in buyers’ incomes
Question #10
A the demand curve usually slopes downward
B technical inefficiency would not exist in the long run
C the supply curve usually slopes upward
D the law of demand applies to most markets
Question #11
A quantity will fall, but price may rise or fall
B price and quantity will fall
C price and quantity will rise
D price will fall and quantity will rise
E price will rise and quantity will fall
Question #12
A when an individual obtains more of a good, he may not be fully satisfied
B costs of production are sky rocketing
C to produce more of one thing, we must produce more of everything
D to produce more of one thing, we must produce less of something else
Question #13
A prices determine both what firms produce and what consumers buy
B prices determine what consumers buy while the government determines what firms produce
C the government allocates resources while prices allocate goods and services
D prices determine what firms produce while the government determines what consumers buy
E the government, producers, and consumers work together and allocate resources while prices allocate goods and services
Question #14
A rise in supply and demand together
B decrease in supply and demand together
C increase in demand, with supply constant
D decrease in demand, with supply constant
E increase in supply, with demand constant
Question #15
A determining whether too many luxury goods are being produced
B determining the best level of immigration into the country
C determining the impact of government spending on the actual level of total employment
D determining whether the government should reduce poverty
Question #16
A increase in price
B increase in quantity demanded
C decrease in the number of firms in the market
D rise in resource input prices
Question #17
A economic history.
B individual decision-makers.
C economic growth and GDP
D economy-wide phenomena.
E how firms maximize profit.
Question #18
A economic growth.
B tradeoffs.
C opportunity cost.
D recession and unemployment
E supply and demand.
Question #19
A by allowing each person to specialize in the activities he or she does best.
B Both a and b are correct.
C by allowing the family to buy a greater variety of goods and services at a lower cost.
D only if the family is not in economic competition with other families.
E All of the above are correct.