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