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Econ 101 Final Exam Questions And All Correct Answers.
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  • Econ 101
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  • Econ 101

In a competitive market, excess demand for a good exists whenever...? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity ...

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  • October 9, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Econ 101

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Econ 101 Final Exam Questions And All
Correct Answers.

In a competitive market, excess demand for a good exists whenever...?

a. resources are scarce

b. the current price is below the equilibrium price

c. the current price is above the equilibrium price

d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied
at the current price exceeds the quantity demanded - Answer b. the current price is below the
equilibrium price



Which of the following is an example of a stock variable?

a. The amount of cereal a person buys each week

b. The amount of cereal a child consumes each month

c. The amount of cereal produced each day

d. The amount of cereal in a person's pantry

e. None of these are stock variables - Answer d. The amount of cereal in a person's pantry



Economics is...?

a. exclusively the study of business firms

b. applicable only when scarcity is not a problem

c. exclusively the study of the markets for stocks and bonds

d. fundamentally the same as sociology

e. the study of choice under conditions of scarcity - Answer e. the study of choice under conditions of
scarcity



Complementary goods...

a. do not adhere to the law of demand

,b. are usually used in conjunction with each other

c. are usually used in place of one another

d. are goods whose demand rises as incomes rise e. are goods whose demand falls as wealth falls -
Answer b. are usually used in conjunction with each other



If Greg uses a special glue to make model planes that he sells and the price of his model planes
increases, then one would expect that the equilibrium price of the special glue would _______ and the
equilibrium quantity would _________.

a. increase; increase

b. decrease; decrease

c. increase; decrease

d. decrease; increase

e. increase; indeterminant - Answer a. increase; increase



Positive economics deals with...

a. opinions that affirm economists' theories

b. statements of fact

c. practical ways of improving people's self-esteem by making money

d. statements about the way things ought to be

e. theories about improving people's self-esteem - Answer b. statements of fact



Microeconomics....

a. is purely theoretical and has little value in explaining real-world phenomena b. focuses on what is
happening in the economy as a whole

c. addresses scarcity from a global perspective

d. examines how individuals, households, and firms make economic decisions

e. answers the fundamental economic questions of how, when, where, and why - Answer d. examines
how individuals, households, and firms make economic decisions



The demand curve for dolls shows the quantity of dolls demanded

, a. at each level of income

b. at the equilibrium price for dolls

c. by U.S. consumers

d. by suppliers of those dolls

e. at each possible price of dolls - Answer e. at each possible price of dolls



According to the law of demand,

a. there is a positive relationship between quantity demanded and price

b. as the price rises, demand will shift to the right

c. as the price rises, consumers will continue to purchase the same quantity of the good

d. as the price rises, demand will shift to the left

e. there is a negative relationship between quantity demanded and price - Answer e. there is a negative
relationship between quantity demanded and price



Even though households may have unlimited wants, they have to allocate their spending carefully
because they

a. do not want their credit card bills to be too high

b. worry about their taxes

c. have limited intelligence

d. have limited incomes

e. basically want to become wealthy - Answer d. have limited incomes



An entrepreneur is best described as

a. someone that is hired to work in a firm

b. someone who creates human capital

c. someone with the ability to combine other resources in a productive enterprise

d. anyone who owns productive enterprise

e. anyone who produces long-lived physical capital - Answer c. someone with the ability to combine
other resources in a productive enterprise

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