Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 ...
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Final Exams
ECON 1580 Introduction to Economics
Question 1
If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are:
a. unrelated goods.
b. superior goods.
c. inferior goods.
d. substitute goods.
Question 2
A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic.
a. increase; increase
b. increase; decrease
c. decrease; increase
d. decrease; decrease
Question 3
Economic growth can be represented by:
a. an increasing equilibrium output level
b. a rightward shift of an economy's short-run aggregate supply curve.
c. a rightward shift of an economy's long-run aggregate demand curve.
d. a rightward shift of an economy's long-run aggregate supply curve.
Question 4
A firm's total output times the price at which it sells that output is:
a. net revenue.
b. total revenue.
c. average revenue.
d. marginal revenue.
Question 5
Suppose a bank has $10,000 in deposits and $1,000 in reserves. The required reserve ratio is 5%. Which of the following occurs if the required reserve ratio is increased to 10%?
a. The bank's required reserves will decrease to $500.
b. The bank's excess reserves will increase to $1,000.
c. The bank's required reserves will increase to $1,000.
d. The bank's ability to create loans increases by 5%.
Question 6
In this exhibit (Consumer Equilibrium 3), assume that you are consuming the combination of goods at point K. Given budget constraint FL, utility can be increased by moving to point:
a. F.
b. G.
c. H. d. I.
Question 7
If the federal budget is initially balanced and government expenditures remain constant, then an increase in GDP will _________ tax revenues and create a budget _________.
a. increase; surplus
b. increase; deficit
c. decrease; surplus
d. decrease; deficit
Question 8
In 1984, the Department of Justice reached an agreement with AT&T that:
a. allowed AT&T to continue to provide local telecommunications service to established customers
but prevented it from accepting any new customers.
b. allowed the so-called Baby Bells to provide long-distance service to their local customers.
c. separated AT&T from the regional Bell operating companies.
d. led to significant degrees of competition and the reduction of monopoly power in local markets with most of the change coming within 10 years after the agreement.
Question 9
An important determinant of the price elasticity of demand is the:
a. time period.
b. price of related goods.
c. level of technology.
d. quantity of the good supplied.
Question 10
For a factor of production to be called capital it must:
a. be produced.
b. occur in the natural environment.
c. be a part of human skill.
d. be a result of a stock issue.
Question 11
The congressional act that established the U.S. central banking system in 1913 was the:
a. Federal Reserve Act.
b. Gramm-Rudman Act.
c. Employment Act.
d. Humphrey-Hawkins Act.
Question 12
The second of the three ranges of production is characterized by _______ marginal returns.
a. increasing
b. constant
c. diminishing
d. negative
Question 13
Profit computed using explicit costs as the only measure of costs is:
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