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