ECON102 (ECON102)
San Diego State University
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ECON_102 Test Bank 100% Correctly Answered Questions
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This package deal contains Test Bank with an Examination to Help the learner of ECON102 during preparation for exams and in day-to-day revision to grasp the content. ideally, it is a very resourceful tool, get one for yourself and be assured of levelling academic bumps
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Econ_102 100% Correctly Answered Questions.
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Econ_102 100% Correctly Answered Questions. 
All of the following are characteristics of a perfectly competitive market EXCEPT 
 
no barriers to entry. 
 
price taking firms. 
 
many firms. 
Correct! 
 
heterogeneous products. 
A perfectly competitive market includes only firms producing homogeneous products. 
Question 2 
0 / 1 pts 
If a firm in a perfectly competitive market sets its price slightly below the market price, 
then 
You Answered 
 
the firm will make a normal rate of return, ...
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ECON_102 Q&A (Solved).
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ECON_102 Q&A (Solved). 
1. Select the answer below that corresponds to the idea of a derived demand curve. 
A. A bagel producer hires more workers because she would like to reduce the number of hours she 
personally works at the bagel factory 
B. A bagel producer invests in a new bagel oven to take advantage of a new investment tax deduction 
C. A bagel producer decides to supply more bagels to the market, and as a result her demand for bagel 
workers increases*** 
D.All of the above selectio...
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ECON102 Quiz (With Answers).
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ECON102 Quiz (With Answers). 
1) Suppose that the real return on assets is 4% forever. Approximately what 
is it worth to have a gift from your grandparents when you are young 
that pays $2000 a year until you die: 
a. About $2,000 
b. About $5,000; 
c. About $120,000 if you expect to live for another 60 years; 
d. About $20,000 
e. About $8,000 
f. About $50,000 
Solution: The present value of the sum of all money to be received in the 
future on this “perpetuity” is given by $2,0...
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ECON102 Answered Questions.
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ECON102 Answered Questions. 
Econ 102 Answered Questions 
Question 1 of 10 10.0/ 10.0 Points 
Technological progress occurs when the economy gets more output 
A. without any more capital or labor. 
 
B. by using more capital per worker. 
 
C. by using more capital but not more workers. 
 
D. by using more labor but not more capital. 
Answer Key: A 
Question 2 of 10 10.0/ 10.0 Points 
If a firm increases its use of capital while holding constant the number of workers employed, the firm 
...
And that's how you make extra money
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Econ_102 Q&A (A+ Graded).
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Econ_102 Q&A (A+ Graded). 
Question 1 of 10 10.0/ 10.0 Points 
The supply of money in the U.S. economy is determined primarily by 
A. decisions made by the Federal Reserve and the U.S. Treasury. 
 
B. the actions of the Federal Reserve and the banking system. 
 
C. consumers and the banking system. 
 
 D. the demand for money in the economy. 
Answer Key: B 
Question 2 of 10 10.0/ 10.0 Points 
One of the essential functions that a bank performs is 
A. purchasing government bonds. 
 
B....
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Econ_102 Questions With Answers.
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Econ_102 Questions With Answers. 
Question 1 of 10 10.0/ 10.0 Points 
Economics is best defined as the study of 
 A. financial decision-making 
 
 B. how consumers make purchasing decisions. 
 
 C. choices made by people faced with scarcity. 
 
 D. inflation, unemployment, and economic growth 
Answer Key: C 
Question 2 of 10 10.0/ 10.0 Points 
Macroeconomics differs from microeconomics in that 
A. macroeconomics is the study of individual markets, while microeconomics deals with the 
n...
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ECON 102 Test Bank (Answered).
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ECON 102 Test Bank (Answered). 
Question 1 
0.5 / 0.5 pts 
Macroeconomics considers ________ and microeconomics considers 
________Correct! 
 economywide phenomena; choices of individuals 
Question 2 
0.5 / 0.5 pts 
Dr. Dave’s economics students are creating models explaining gasoline price changes. 
Minjun's model has realistic assumptions and is very complex. Ava's model is less 
complicated and less realistic. Minjun's model correctly predicts gas price increases 
25% of the time. A...
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Econ_102 Q&A Verified.
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Econ_102 Q&A Verified. 
Question 1 of 10 10.0/ 10.0 Points 
Business cycles are 
A. movements in stock prices. 
 
B. the transfer of executives between firms. 
 
C. used to describe fluctuations in GDP. 
 
D. a description of the time required to bring a new product to market. 
Answer Key: C 
Question 2 of 10 10.0/ 10.0 Points 
Economists define the unemployed as individuals who are 
 A. not currently working. 
 
 B. not currently working but are actively looking for work. 
 
 C. wo...
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ECON_102 Test Bank.
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ECON_102 Test Bank. 
1. GDP is defined as 
a. the market value of all goods and services produced within a country in a given period of 
time. 
b. the market value of all goods and services produced by the citizens of a country, 
regardless of where they are living in a given period of time. 
c. the market value of all final goods and services produced within a country in a given 
period of time. 
d. the market value of all final goods and services produced by the citizens of a country, ...
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