Economics 201 is the Principles of Microeconomics class. Depending on the Professor, the exams format may or may not be multiple choice.
Disclaimer: While every reasonable effort is made to ensure that the information provided is accurate, no guarantees for the currency or accuracy of information are made. It takes several proof readings and rewrites to bring the quiz to an exceptional level. If you find an error, please contact me as soon as possible. Please indicate the question ID-Number or description because server may randomize the questions and answers.
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Economics (ECON 201-UCAL) Midterm Exam
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Question 1 |
A | ...decrease in demand for one product over the other. |
B | ...technological breakthrough in one of the two goods. |
C | ...technological breakthrough in both goods. |
D | ...decrease in demand for the two products. |
E | ...increased in spending. |
Question 2 |
A | the amount of money invested. |
B | the amount of created resources. |
C | the main City in a country which produces the most goods. |
D | the amount of money grained from profits. |
Question 3 |
A | The lost time and money from a full time job is the capital cost of obtaining an education. |
B | The lost time and money from a full time job is the opportunity cost of obtaining an education. |
C | The time spent on studying and attending classes is the opportunity cost of obtaining an education. |
D | The time spent on studying and attending classes is the capital cost of obtaining an education. |
E | The cost of obtaining an education is always beneficial compared to having a low paying full time job. Hint: This may be true in most cases. But this is not applicable in all situations. For example; Bill Gates, Mark Zuckerberg, etc. |
Question 4 |
... | Hours needed for 1 unit | Amount procuded in 24 hours | ||
Cheese | Jam | Cheese | Jam | |
Canada | 6 | 2 | 4 | 12 |
USA | 3 | 4 | 8 | 6 |
A | 3/4 Cheese |
B | 4/3 Cheese |
C | 4 Cheese |
D | 1/3 Cheese |
E | 1/3 Cheese |
Question 5 |
A | ...helping the producers by generating more revenuer. |
B | ...creating a fair and balanced economies. |
C | ...hurting the consumers that needed the most help. |
D | ...creating more competition hence reducing monopolies. |
Question 6 |
A | market fluctuations |
B | capital costs |
C | non-renewable resources |
D | human resources |
Question 7 |
A | 15 - 20% |
B | 0% |
C | 4 - 6% |
D | 30 - 35% |
E | 40 - 45% |
Question 8 |
A | $700 |
B | $1500 |
C | $3000 |
D | $350 |
Question 9 |
... | Hours needed for 1 unit | Amount procuded in 24 hours | ||
Cheese | Jam | Cheese | Jam | |
Canada | 6 | 2 | 4 | 12 |
USA | 3 | 4 | 8 | 6 |
A | ...Cheese and USA has a comparative advantage in Jam. |
B | ...neither and USA has a comparative advantage in Cheese. |
C | ...Jam and USA has a comparative advantage in Cheese. |
D | ...neither and USA has a comparative advantage in Jam. |
Question 10 |
A | It is a graphical representation of the relationship between the output of products and the limited resources available to produce the products. |
B | It is a mathematical model used for calculating the per unit opportunity cost for a given item. |
C | It is a graphical representation of the maximum output obtain from a given unlimited resource base. |
D | It is a mathematical model used for determining the inflation rate and its relationship to the unemployment rate. |
E | It is a mathematical model used for determining the inflation rate and its relationship to the economic growth. |
Question 11 |
A | Decrease in the number of substitution products. |
B | Increase in the number of substitution products. |
C | Increase in consumer income. |
D | Decrease in consumer demand. |
E | Decrease in consumer income. |
Question 12 |
A | The study of small industries and companies. |
B | The study of overall production and consumption. |
C | The study of behavior of individual agents and markets. |
D | The study of household centered economic systems. |
Question 13 |
A | B |
B | A |
C | C and D |
D | D |
E | A and B |
Question 14 |
A | The price of Orange will decrease as the Apples market is experiencing a s scarcity. |
B | The price of Orange and Apples will increase. |
C | The price of Orange will increase as the Apples market is experiencing a scarcity. |
D | The price of Orange and Apples will decrease. |
E | The inflation rate will increase due to the shortage of Apples. |
Question 15 |
A | ...positive statement. |
B | ...normative statement. |
C | ...negative statement. |
D | ...market projection. |
E | ...economic projection. |
Question 16 |
A | B |
B | A |
C | C and D |
D | A and B |
E | B and C |
Question 17 |
A | ...abundance of good and decrease in demand. |
B | ...shortage of good decrease in demand. |
C | ...shortage of goods and increase in demand. |
D | ...will help the customers. |
Question 18 |
A | ...increase the maintenance budget. |
B | ...decrease the management costs. |
C | ...reduce the quality of pools and facilities. |
D | ...increase the usage fees. |
Question 19 |
A | Graph C |
B | Graph A |
C | Graph D |
D | Graph B |
Question 20 |
A | Higher rent with higher quality housing. |
B | Higher rent with lower quality housing. |
C | Lower rent with higher quality housing. |
D | Lower rent with lower quality housing. |
Question 21 |
A | ....increase the equilibrium quantity. |
B | ...increase the demand for ketchup. |
C | ...decrease the demand for hotdog buns. |
D | ...increase the demand for bananas. |
Question 22 |
A | $350 |
B | $1500 |
C | $800 |
D | $700 |
Question 23 |
A | 4.5% increase |
B | 0.675% increase |
C | 67.5% increase |
D | 6.75% increase |
Question 24 |
A | International trade agreements between Canada and other first world nations, such as NAFTA. |
B | Proper Government regulations on the free market economy. |
C | Mark Joseph Carney, the Governor of the Bank of Canada. |
D | Controls put in placed by the free market "invisible hand". |
Question 25 |
A | Input: commodities and costs Output: revenue and resource services |
B | Input: commodities and consumption Output: income and resource services |
C | Input: income and resource services Output: commodities and consumption |
D | Input: revenue and resource services Output: commodities and costs |
E | Input: commodities and consumption Output: revenue and resource services |
Question 26 |
A | $575 |
B | $1150 |
C | $1600 |
D | $710 |
E | $800 |
Question 27 |
A | $710 |
B | $53.5 |
C | $375 |
D | $35.5 |
Question 28 |
A | It is a situation in which wrong products and services in the wrong market results in low demand and eventual failure. |
B | It is a situation in which a firm exits a market due to financial failure. |
C | It is a situation in which market on its own fails to allocate resources efficiently. |
D | It is a situation in which a product or a service failed to generate enough demand to be successful. |
Question 29 |
Situation | Capital Goods | Consumer Goods |
A | 0 | 2000 |
B | 150 | 1750 |
C | 300 | 1500 |
D | 550 | 1050 |
E | 700 | 500 |
F | 950 | 0 |
A | 1050 consumer goods |
B | 550 capital goods |
C | 150 capital goods |
D | 550 consumer goods |
Question 30 |
A | expanding. |
B | a failure. |
C | most likely a Socialist one. |
D | experiencing scarcity. |
E | most likely a Capitalist one. |
Question 31 |
A | $35.5 |
B | $750 |
C | $650 |
D | $20 |
E | $57.5 |
Question 32 |
A | ...elasticity loss. |
B | ...a tax revenue loss. |
C | ...deadweight loss. |
D | ...efficiency loss. |
Question 33 |
A | ...random correlation. |
B | ...no correlation. |
C | ...negative correlation. |
D | ...neutral correlation. |
E | ...positive correlation. |
Question 34 |
A | The number of items produced. |
B | The added costs such as taxes and transportation fees. |
C | The all inputs needed to produce an item. |
D | The capital needed to produce an item. |
Question 35 |
A | Automobiles |
B | University education |
C | Oranges and bananas |
D | Penicillin antibiotics |
Question 36 |
A | True |
B | False |
Question 37 |
A | ...artificial. |
B | ...inelastic. |
C | ...elastic. |
D | ...distorted. |
Question 38 |
A | It is the area above the Demand curve and under the market price. |
B | It is the area under the Supply curve and above the market price. |
C | It is the area above the Supply curve and under the market price. |
D | It is the area under the Demand curve and above the market price. |
Question 39 |
Situation | Capital Goods | Consumer Goods |
A | 0 | 2000 |
B | 150 | 1750 |
C | 300 | 1500 |
D | 550 | 1050 |
E | 700 | 500 |
F | 950 | 0 |
A | 150 Capital Goods |
B | 1/2 Consumer Goods |
C | 300 Consumer Goods |
D | 300 Capital Goods |
Question 40 |
... | Hours needed for 1 unit | Amount procuded in 24 hours | ||
Cheese | Jam | Cheese | Jam | |
Canada | 6 | 2 | 4 | 12 |
USA | 3 | 4 | 8 | 6 |
A | ....(cannot be answered due to lack of information). |
B | ...neither good and USA has an absolute advantage in Jam. |
C | ...neither good and USA has an absolute advantage in Cheese. |
D | ...Jam and USA has an absolute advantage in Cheese. |
E | ...Cheese and USA has an absolute advantage in Jam. |
Question 41 |
... | Hours needed for 1 unit | Amount procuded in 24 hours | ||
Cheese | Jam | Cheese | Jam | |
Canada | 6 | 2 | 4 | 12 |
USA | 3 | 4 | 8 | 6 |
A | 1 Cheese |
B | 6 Cheese |
C | 3 Cheese |
D | 4/3 Cheese |
E | 1/3 Cheese |
Question 42 |
A | 2.00 |
B | 0.55 |
C | 1.55 |
D | 2.31 |
E | 1.79 |
Question 43 |
A | Market failure due to Alberta's monopoly on the beef industry. |
B | Externality causing the market to shrink during a crisis. |
C | An example of the "invisible hand" in action. |
D | Endogenous variables causing the market demand for beef to drop. |
E | Exogenous variables causing the market demand for beef to drop. |
Question 44 |
A | True |
B | False |
Question 45 |
A | Market economies. |
B | Command economies. |
C | Mixed economies. |
D | Free economies. |
E | Traditional economies. |
Question 46 |
A | government intervention. |
B | individual property rights. |
C | the invisible hand. |
D | private sector regulations. |
E | market power. |
Question 47 |
A | A and B |
B | A |
C | C |
D | B |
E | C and D |
Question 48 |
A | It will experience a rapid growth. |
B | It will result in slow rate of inflation growth. |
C | It will result in larger income gaps between the rich and poor. |
D | It will experience scarcity. |
E | It will result in a market failure. |
Question 49 |
A | ...change in price due to change in market demand. |
B | ...change in supply due to change in market prices. |
C | ...change in supply due to change in market competition. |
D | ...change in supply due to producer's ability to fulfill the market demand. |
E | ...change in price due to change in quantity demanded. |
Question 50 |
A | The amount a buyer would gain before the tax being paid. |
B | The value of everything that a producer earns as a result of selling an item. |
C | The difference between what the buyer's willingness to pay minus the amount the buyer actually pays. |
D | The amount a seller is paid by the buyer for a given item minus the seller's cost. |
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Credits: Based on the excellent class notes provided by, Dr. Ronald Schlenker during Summer 2014.
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