Download ECO2201, economics final review, macroeconomics, microeconomics, quizzes with answers, s and more Exams Economics in PDF only on Docsity!
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
Macroeconomics primarily examines: a.the behaviour of individual households and firms. b.how prices are determined within individual markets. c.the output levels that maximize the profits of business firms d.broad issues such as national output, employment and inflation. - ansd. broad issues such as national output, employment and inflation. Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected ___ doesn't change. a. economy b. market c. production d. firm - ansa. economy Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories. Select one: a.circular flow diagram b.financial capital market c.Specialization Model d.financial investment market - ansa. circular flow diagram Macroeconomics: Select one: a.is concerned with the expansion and contraction of the overall economy. b.is narrower in scope than microeconomics. c.analyzes mergers and acquisitions between firms. d.is concerned with the expansion of a small business into a large corporation. - ansa. is concerned with the expansion and contraction of the overall economy. If macroeconomics looks at the economy as a whole, it focuses on which of the following? Select one: a.the division of labor b.households c.unemployed people d.business firms - ansc. unemployed people
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _____________________. Select one: a. the production possibilities frontier b. allocative efficiency c. scarcity d. trade-offs - ansb. allocative efficiency The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options. Select one: a. marginal analysis b. budget constraints c. opportunity costs d. sunk costs - ansd. sunk costs Attending college is a case where the ________________ exceeds the monetary cost. Select one: a. marginal utility b. budget constraint c. opportunity cost d. marginal analysis - ansc. opportunity cost As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
c.Households buy factors of production from businesses, and businesses buy goods and services from households. d.The government purchases resources from businesses and households and then sells goods and services to businesses and households. - ansb. Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. In which of the following countries will the national government have the greatest influence with respect to the nation's economy? Select one: a.Cuba b.China c.Canada d.Chile - ansa. Cuba Which of the following lies primarily within the realm of macroeconomics? Select one: a.a study of how tax cuts stimulate aggregate production b.a study of the impact of "mad cow" disease on the price of beef worldwide c.an analysis of supply and demand conditions in the electricity market d.a study of the demand for gasoline - ansa. a study of how tax cuts stimulate aggregate production Which of the following is generally accepted as a valid criticism of the production of useful goods and services? Select one: a.environmental pollution b.the black market c.government involvement d.economic freedom - ansa. environmental pollution Possibility A I II III Economics (94) (87) (77) History (76) (84) (91) Refer to Table 2-1. A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
Select one: a. 7 points on the economics exam b. 12 points on the economics exam c. 10 points on the economics exam d. 8 points on the history exam - ansa. 7 points on the economics exam Refer to Figure 2-1. The most inefficient point depicted is: a. Point C b. Point D c. Point A d. Point G - ansd. Point G Marginal thinking is best demonstrated by: Select one: a.choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. b.acquiring the information relevant to a choice before making that choice c.deciding to never purchase a coat made with animal skins or furs d.measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake - ansa. choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. "If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is: Select one: a.$ b.$ c.$ d.$0 - ansb. $
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
c.role of unions and government in the economy. d.influence of government on business behaviour. - ansb. flow of goods, services, and payments between households and firms. Macroeconomic topics do not usually include: Select one: a.the rate of inflation. b.the rate of unemployment. c.economic growth. d.the profit maximizing decisions of an individual manufacturer. - ansd. the profit maximizing decisions of an individual manufacturer. In a discussion of economics, which of the following would exert the most influence on an individual firm's decision to hire workers? Select one: a.wage levels b.the macroeconomy c.household income d.the firm's income - ansb. the macroeconomy The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _________________, sometimes also called the opportunity set, a diagram which shows what choices are possible. Select one: a. consumption set b. budget constraint c. original budget d. income cap - ansb. budget constraint Why is there scarcity? Select one: a. Because theory dictates it. b. Because our unlimited wants exceed our limited resources
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
c. Because human wants are limited d. Because the opportunity set determines this - ansb. Because our unlimited wants exceed our limited resources The opportunity cost of an action: Select one: a. can be determined by adding up the bills incurred as a result of the action. b. can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action. c. is a subjective valuation that can be determined only by the individual who chooses the action. d. can be objectively determined only by economists. - ansc. is a subjective valuation that can be determined only by the individual who chooses the action. As a person receives more of a good, the _______________ from each additional unit of the good declines. Select one: a. sunk costs b. budget constraint c. utility d. marginal utility - ansd. marginal utility Scarcity implies that: Select one: a. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce. b.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
b.an increase in the price of a hamburger c.a decrease in the unemployment rate d.a decrease in the production of DVD players by a consumer electronics company - ansc. a decrease in the unemployment rate Refer to Figure 2-1. Along the production possibilities frontier, the most efficient point of production depicted is: Select one: a. Point D b. Point B c. Point C d. All points on the production possibilities frontier are equally efficient. - ansd. All points on the production possibilities frontier are equally efficient. Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good. Select one: a.marginal analysis b.opportunity cost c.benefit analysis d.utility - ansa. marginal analysis Which of the following would most likely shift the production possibilities curve inward? Select one: a.an increase in the production of capital goods b.an increase in the number of hours factories are in use c.a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time d.technological progress - ansc. a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time Refer to Figure 2-2. When the economy moves from Point A to Point B in the diagram above: Select one: a.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
the economy increases production of both clothing and food. b. the economy begins using its resources efficiently to produce both food and clothing. c. All of the above occur. d. the economy operates at its productive capacity once it reaches Point B. - ansc. All of the above occur. The slope of the _________________ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good. Select one: a.productive efficiency b.budget constraint c.production possibilities frontier d.Opportunity cost - ansb. budget constraint When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being: Select one: a.balanced budget b.assuring competition between firms c.low inflation d.prudent monetary policy - ansc. low inflation In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. Select one: a.firm b.government c.business sector d.market - ansb. government In the ______________, households receive goods and services and pay firms for them. Select one: a.labor market b.financial capital market c.goods and services market
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
c. production possibilities frontier d. law of diminishing marginal utility - ansd. law of diminishing marginal utility Refer to Figure 2-1. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from: Select one: a. A to B b. G to F c. B to E d. C to F - ansd. C to F The general pattern that consumption of the first few units of any good tends to bring a higher level of _______ to a person than consumption of later units is a common pattern. Select one: a. sunk costs b. utility c. opportunity cost d. marginal benefit - ansb. utility Refer to Figure 2-2. At Point A in the production possibilities graph shown above, the economy: Select one: a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but no food. c. is using its resources efficiently while producing clothing but no food.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
d. is using its resources efficiently to produce both food and clothing. - ansa. is not using its resources efficiently Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? Select one: a.command economy b.division of labour c.international trade d.economies of scale - ansc. international trade In which of the following countries will the national government have the greatest influence with respect to the nation's economy? Select one: a.Canada b.Cuba c.China d.Chile - ansb. Cuba Which of the following best describes a monetary policy tool? Select one: a.household savings b.taxes c.government spending d.interest rates - ansd. interest rates Which of the following is most likely a topic of discussion in macroeconomics? Select one: a.an increase in the price of a hamburger b.an increase in the wage rate paid to automobile workers c.a decrease in the production of DVD players by a consumer electronics company d.a decrease in the unemployment rate - ansd. a decrease in the unemployment rate Which of the following is generally accepted as a valid criticism of the production of useful goods and services? Select one: a.economic freedom b.the black market
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
Select one: a. Point C b. Point B c. Point D d. All points on the production possibilities frontier are equally efficient. - ansd. All points on the production possibilities frontier are equally efficient. Possibility A I II III Economics (94) (87) (77) History (76) (84) (91) Refer to Table 2-1. A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is: Select one: a. 8 points on the history exam b. 12 points on the economics exam c. 7 points on the economics exam d. 10 points on the economics exam - ansc. 7 points on the economics exam Macroeconomics primarily examines: Select one: a.the behaviour of individual households and firms. b.how prices are determined within individual markets. c.the output levels that maximize the profits of business firms d.broad issues such as national output, employment and inflation. - ansd. broad issues such as national output, employment and inflation.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected ___ doesn't change. Select one: a. economy b. market c. production d. firm - ansa. economy The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending. Select one: a.government b.capital market c.business d.household - ansa. government Which of the following statements most likely lies within the realm of macroeconomics? Select one: a.An increase in the price of automobiles will lead to a decrease in the quantity of automobiles demanded. b.Due to process innovations in computer chip manufacturing, the market supply of computers increased. c.Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the course textbook. d.Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. - ansd. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers. Select one: a.macroeconomy b.command economy
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
b. G to F c. C to F d. B to E - ansc. C to F Why is there scarcity? Select one: a. Because human wants are limited b. Because theory dictates it. c. Because our unlimited wants exceed our limited resources d. Because the opportunity set determines this - ansc. Because our unlimited wants exceed our limited resources The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options. Select one: a. budget constraints b. opportunity costs c. marginal analysis d. sunk costs - ansd. sunk costs Economists refer to this pattern, the ___________________________________, which means that as a person receives more of a good, the additional or marginal utility from each additional unit of the good declines. Select one: a. law of increasing marginal utility b.
macroeconomics, microeconomics, quizzes with
answers, supply and demand, GDP, opportunity
cost, fiscal policy, monetary policy, economic
growth, exam prep.
Latest Updated Exam Study Guide 2025/
1 00% Certified Questions and Answers
production possibilities frontier c. law of diminishing marginal utility d. law of trade-offs - ansc. law of diminishing marginal utility Which of the following best characterizes the circular flow of income? Select one: a.Households buy factors of production from businesses, and businesses buy goods and services from households. b.The government purchases resources from businesses and households and then sells goods and services to businesses and households. c.Businesses buy resources from the government, and households buy goods and services from businesses. d.Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. - ansd. Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. Which of the following lies primarily within the realm of macroeconomics? Select one: a.an analysis of supply and demand conditions in the electricity market b.a study of the impact of "mad cow" disease on the price of beef worldwide c.a study of how tax cuts stimulate aggregate production d.a study of the demand for gasoline - ansc. a study of how tax cuts stimulate aggregate production Which of the following best describes a fiscal policy tool? Select one: a.bank lending b.government spending c.household spending d.financial capital markets - ansb. government spending In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. Select one: a.modern economy
