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, ECON 1000 - Introduction to Microeconomics 2024 –
2025 ECON 1000 Final Exam (multiple choice)
Questions with Verified Solutions | 100% Pass
Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
The invisible hand principle indicates that competitive
markets can help promote the efficient use of resources
a. if, and only if, businesses recognize their social
obligation to keep costs low and use resources wisely.
b. only if buyers and sellers really care, personally,
about economic efficiency.
c. even if business firms fail to produce goods
efficiently.
d. even when each market participant cares only about
their own self-interest rather than about the overall
efficiency of resource use. - Answer>> d. even when
each market participant cares only about their own self-
interest rather than about the overall efficiency of
resource use.
Which of the following best describes the system of
social coordination called "the invisible hand," which
was first described by Adam Smith?
a. Producers control the price, output, and quality of
goods and services.
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,b. Central planners direct both the output of producers
and the consumption of purchasers.
c. Prices direct suppliers toward production of goods
that generate profits, and consumers to purchase
goods that improve their well-being.
d. Consumers decide how to produce the most
important goods and services. - Answer>> c. Prices
direct suppliers toward production of goods that
generate profits, and consumers to purchase goods
that improve their well-being.
Mediocre economists often consider only the immediate
direct effects of a change, whereas a good economist
will also consider indirect effects that may only become
observable over time. This statement most clearly
emphasizes
a. the law of comparative advantage.
b. the importance of secondary effects.
c. economizing behavior.
d. the gains derived from voluntary exchange. -
Answer>> b. the importance of secondary effects.
The U.S. government subsidizes the production of
ethanol from corn and requires gasoline to contain a
specific percentage of ethanol.What are the unintended
consequences of this program?
I. higher corn prices
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, II. higher prices for cornbread and tortillas, products
made from corn
III. lower prices for gasoline because corn is a
renewable resource
Select one:
a. I, II, and III
b. II only
c. I only
d. I and II - Answer>> d. I and II
Which of the following is most important for the
achievement of higher income levels and living
standards?
a. restriction of imports that expand employment in the
protected industries
b. increases in government spending that create jobs
c. production of additional goods and services that
people value highly relative to the cost of their
production
d. an increase in total employment - Answer>> c.
production of additional goods and services that people
value highly relative to the cost of their production
When individuals increase their personal wealth
through production and exchange, they
Select one:
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