Econ 101 Midterm ACTUAL Exam Questions and CORRECT Answers
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Econ 101
Econ 101 Midterm ACTUAL Exam
Questions and CORRECT Answers
Each of the following news items involves a what, how, or for whom question.
1. Today, most stores use computers to keep their inventory records, whereas 20 years ago most
stores used paper records.
2. Health-care professionals and d...
Econ 101 Midterm ACTUAL Exam
Questions and CORRECT Answers
Each of the following news items involves a what, how, or for whom question.
1. Today, most stores use computers to keep their inventory records, whereas 20 years ago most
stores used paper records.
2. Health-care professionals and drug companies recommend that Medicaid drug rebates be
made available to everyone in need.
3. An increase in the gas tax pays for low-cost public transit. - CORRECT ANSWER
Item #1 answers that ______. .
what goods and services are produced are inventory records, and how the goods and services are
produced is by using computers instead of paper
#2: what goods and services are produced are cheaper drugs, and for whom the goods and
services are produced is for everyone in need
#3: what goods and services are produced is low-cost public transit, and for whom goods and
services are produced is the people who use public transit
The headlines listed below appeared in The Wall Street Journal.
Classify each headline as a signal that the news article is about a microeconomic topic or a
macroeconomic topic. - CORRECT ANSWER Macroeconomic
Job Gains Calm Slump Worries
Microeconomic
Washington Post's Profit Falls
Microeconomic
Overcapacity, Fuel Costs Hit Shipping
,Macroeconomic
U.S. Budget Deficit Expands
Your school has decided to increase the intake of new students next year.
In reaching its decision, would the school use the "economic way of thinking" and make its
decision at the margin?
Your school would use the "economic way of thinking" and make its decision at the margin by
checking that ____________________.. - CORRECT ANSWER the school's net benefit
from an additional student was positive
The following list gives examples of incentives that government policies use to influence
behavior.
A. Scholarships for academic excellence at state universitiesScholarships for academic
excellence at state universities
B. Heavier fines for speeding in school zonesHeavier fines for speeding in school zones
C. Longer prison sentencesLonger prison sentences
D. Upper A congressional medal of honorA congressional medal of honor
Complete the table by classifying each item in the list as a "carrot" incentive or a "stick"
incentive, and as a "monetary" incentive or "non-monetary" incentive. - CORRECT
ANSWER Monetary:
Carrot A
Stick: B
Non-monetary:
Carrot: D
Stick: C
If
the price of a personal computer falls to $ 50the price of a personal computer falls to $50,
the marginal
,cost ofcost of
buying a new computerbuying a new computer
will ______, so the incentive to
buy a new computerbuy a new computer
will _________. - CORRECT ANSWER fall;
strengthen
Does the decision to make a blockbuster movie mean that some other more desirable activities
get fewer resources than they deserve?
If you respond that ______, then your response is a ______ statement. - CORRECT
ANSWER giving an activity fewer resources than it deserves cannot be measured;
normative
The following headlines are examples of economics being used as a tool to make a decision.
1. Laws tightened to limit urban sprawl as housing market keeps boomingLaws tightened to limit
urban sprawl as housing market keeps booming.
2. Supermarkets hire seniors to cut labor costSupermarkets hire seniors to cut labor cost.
3. High wages and low pensions keep seniors at workHigh wages and low pensions keep seniors
at work.
Statement #1 is an example of ______ using economics to make a decision.
Statement #2 is an example of ______ using economics to make a decision.
Statement #3 is an example of ______ using economics to make a decision. - CORRECT
ANSWER a gov; business; persons
Obama will drive up miles-per-gallon requirements
Obama's revision of auto-emission and fuel-economy standards will require automakers to boost
fuel economy to 35.5 miles per gallon by 2016, notching up 5% each year from 2012, to limit the
amount of carbon dioxide cars can emit.
Source: USA Today, May 18, 2009
What are two benefits of the new miles-per-gallon requirements? Are these benefits in someone's
self-interest or in the social interest? - CORRECT ANSWER Benefits from the new
, miles-per-gallon requirements include a decrease in gasoline used, so carbon emissions will be
lowered.
Choose the statement that is
incorrect.
Lower carbon emissions are in the social interest but not the self-interest of consumers.
The benefits from the new auto-emission standards include _______. - CORRECT
ANSWER a reduction in carbon emissions, which brings a decrease in the contribution of
human activity to global warming, and cleaner air, which contributes to improved health
All costs associated with the new miles-per-gallon requirements _________. - CORRECT
ANSWER arise from President Obama's decision, which is made in the social interest
Obama's revision of auto-emission and fuel-economy standards will require automakers to boost
fuel economy to 35.5 miles per gallon by 2016, notching up 5% each year from 2012, to limit the
amount of carbon dioxide cars can emit.
Source: USA Today, May 18, 2009
What costs associated with the new miles-per-gallon requirements arise from decisions made in
self-interest and in the social interest? - CORRECT ANSWER All costs associated with
the new auto-emission standards arise from President Obama's decision, which is made in the
social interest.
The income gap has widened in China. In 2014, the pay of workers in the coastal regions
increased by 9.7 percent while that of workers in the inland regions grew by 9 percent.
Source: South China Morning Post, May 28, 2015
Explain how the distribution of personal income in China can be getting more unequal even
though the poorest are getting richer. - CORRECT ANSWER the richest 20 percent of
families are getting richer faster than the poorest 20 percent of families, so the richest 20 percent
of families have an increasing percentage of China's total income
India, with the world's largest population of poor people, also paradoxically created millionaires
at the fastest pace in the world. Millionaires increased by 22.7 percent to123,000. In contrast, the
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