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 | $800 |
B | $710 |
C | $1600 |
D | $575 |
E | $1150 |
Question 2 |
A | ...hurting the consumers that needed the most help. |
B | ...helping the producers by generating more revenuer. |
C | ...creating a fair and balanced economies. |
D | ...creating more competition hence reducing monopolies. |
Question 3 |
... | 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 | 1/3 Cheese |
B | 4 Cheese |
C | 3/4 Cheese |
D | 1/3 Cheese |
E | 4/3 Cheese |
Question 4 |
A | The price of Orange will decrease as the Apples market is experiencing a s scarcity. |
B | The price of Orange and Apples will decrease. |
C | The price of Orange and Apples will increase. |
D | The inflation rate will increase due to the shortage of Apples. |
E | The price of Orange will increase as the Apples market is experiencing a scarcity. |
Question 5 |
A | True |
B | False |
Question 6 |
A | ...negative correlation. |
B | ...neutral correlation. |
C | ...random correlation. |
D | ...no correlation. |
E | ...positive correlation. |
Question 7 |
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 a product or a service failed to generate enough demand to be successful. |
D | It is a situation in which market on its own fails to allocate resources efficiently. |
Question 8 |
A | ...change in price due to change in quantity demanded. |
B | ...change in supply due to change in market prices. |
C | ...change in supply due to producer's ability to fulfill the market demand. |
D | ...change in price due to change in market demand. |
E | ...change in supply due to change in market competition. |
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 | 6 Cheese |
B | 4/3 Cheese |
C | 1/3 Cheese |
D | 1 Cheese |
E | 3 Cheese |
Question 10 |
A | It will result in a market failure. |
B | It will result in larger income gaps between the rich and poor. |
C | It will result in slow rate of inflation growth. |
D | It will experience a rapid growth. |
E | It will experience scarcity. |
Question 11 |
A | Free economies. |
B | Mixed economies. |
C | Traditional economies. |
D | Market economies. |
E | Command economies. |
Question 12 |
A | A and B |
B | C and D |
C | A |
D | B |
E | B and C |
Question 13 |
A | Input: commodities and consumption Output: income and resource services |
B | Input: commodities and consumption Output: revenue and resource services |
C | Input: revenue and resource services Output: commodities and costs |
D | Input: commodities and costs Output: revenue and resource services |
E | Input: income and resource services Output: commodities and consumption |
Question 14 |
A | $53.5 |
B | $375 |
C | $710 |
D | $35.5 |
Question 15 |
A | $700 |
B | $1500 |
C | $800 |
D | $350 |
Question 16 |
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 | 300 Consumer Goods |
C | 1/2 Consumer Goods |
D | 300 Capital Goods |
Question 17 |
A | It is the area under the Supply curve and above the market price. |
B | It is the area above the Supply curve and under the market price. |
C | It is the area under the Demand curve and above the market price. |
D | It is the area above the Demand curve and under the market price. |
Question 18 |
A | 40 - 45% |
B | 15 - 20% |
C | 0% |
D | 4 - 6% |
E | 30 - 35% |
Question 19 |
A | market fluctuations |
B | human resources |
C | capital costs |
D | non-renewable resources |
Question 20 |
A | ...technological breakthrough in one of the two goods. |
B | ...technological breakthrough in both goods. |
C | ...decrease in demand for one product over the other. |
D | ...increased in spending. |
E | ...decrease in demand for the two products. |
Question 21 |
A | The study of small industries and companies. |
B | The study of behavior of individual agents and markets. |
C | The study of household centered economic systems. |
D | The study of overall production and consumption. |
Question 22 |
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 capital goods |
B | 150 capital goods |
C | 550 consumer goods |
D | 1050 consumer goods |
Question 23 |
A | Mark Joseph Carney, the Governor of the Bank of Canada. |
B | Controls put in placed by the free market "invisible hand". |
C | International trade agreements between Canada and other first world nations, such as NAFTA. |
D | Proper Government regulations on the free market economy. |
Question 24 |
A | ...economic projection. |
B | ...normative statement. |
C | ...positive statement. |
D | ...market projection. |
E | ...negative statement. |
Question 25 |
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 unemployment rate. |
C | It is a graphical representation of the maximum output obtain from a given unlimited resource base. |
D | It is a graphical representation of the relationship between the output of products and the limited resources available to produce the products. |
E | It is a mathematical model used for determining the inflation rate and its relationship to the economic growth. |
Question 26 |
A | 2.00 |
B | 0.55 |
C | 2.31 |
D | 1.79 |
E | 1.55 |
Question 27 |
A | A |
B | B |
C | C and D |
D | C |
E | A and B |
Question 28 |
A | B |
B | D |
C | A and B |
D | C and D |
E | A |
Question 29 |
A | the amount of money invested. |
B | the amount of created resources. |
C | the amount of money grained from profits. |
D | the main City in a country which produces the most goods. |
Question 30 |
A | True |
B | False |
Question 31 |
A | ...a tax revenue loss. |
B | ...efficiency loss. |
C | ...elasticity loss. |
D | ...deadweight loss. |
Question 32 |
... | 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 and USA has a comparative advantage in Cheese. |
B | ...neither and USA has a comparative advantage in Jam. |
C | ...Cheese and USA has a comparative advantage in Jam. |
D | ...Jam and USA has a comparative advantage in Cheese. |
Question 33 |
... | 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 | ...Jam and USA has an absolute advantage in Cheese. |
C | ...Cheese and USA has an absolute advantage in Jam. |
D | ...neither good and USA has an absolute advantage in Jam. |
E | ...neither good and USA has an absolute advantage in Cheese. |
Question 34 |
A | Lower rent with lower quality housing. |
B | Higher rent with higher quality housing. |
C | Higher rent with lower quality housing. |
D | Lower rent with higher quality housing. |
Question 35 |
A | An example of the "invisible hand" in action. |
B | Endogenous variables causing the market demand for beef to drop. |
C | Externality causing the market to shrink during a crisis. |
D | Exogenous variables causing the market demand for beef to drop. |
E | Market failure due to Alberta's monopoly on the beef industry. |
Question 36 |
A | Graph D |
B | Graph A |
C | Graph C |
D | Graph B |
Question 37 |
A | Automobiles |
B | Penicillin antibiotics |
C | University education |
D | Oranges and bananas |
Question 38 |
A | The time spent on studying and attending classes is the capital cost of obtaining an education. |
B | 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. |
C | The time spent on studying and attending classes is the opportunity cost of obtaining an education. |
D | The lost time and money from a full time job is the capital cost of obtaining an education. |
E | The lost time and money from a full time job is the opportunity cost of obtaining an education. |
Question 39 |
A | $35.5 |
B | $750 |
C | $650 |
D | $57.5 |
E | $20 |
Question 40 |
A | $700 |
B | $350 |
C | $1500 |
D | $3000 |
Question 41 |
A | The all inputs needed to produce an item. |
B | The added costs such as taxes and transportation fees. |
C | The capital needed to produce an item. |
D | The number of items produced. |
Question 42 |
A | Decrease in the number of substitution products. |
B | Decrease in consumer income. |
C | Increase in the number of substitution products. |
D | Decrease in consumer demand. |
E | Increase in consumer income. |
Question 43 |
A | ...increase the demand for ketchup. |
B | ...increase the demand for bananas. |
C | ....increase the equilibrium quantity. |
D | ...decrease the demand for hotdog buns. |
Question 44 |
A | private sector regulations. |
B | market power. |
C | government intervention. |
D | individual property rights. |
E | the invisible hand. |
Question 45 |
A | 0.675% increase |
B | 67.5% increase |
C | 4.5% increase |
D | 6.75% increase |
Question 46 |
A | ...inelastic. |
B | ...distorted. |
C | ...elastic. |
D | ...artificial. |
Question 47 |
A | ...shortage of goods and increase in demand. |
B | ...abundance of good and decrease in demand. |
C | ...will help the customers. |
D | ...shortage of good decrease in demand. |
Question 48 |
A | The difference between what the buyer's willingness to pay minus the amount the buyer actually pays. |
B | The amount a buyer would gain before the tax being paid. |
C | The value of everything that a producer earns as a result of selling an item. |
D | The amount a seller is paid by the buyer for a given item minus the seller's cost. |
Question 49 |
A | experiencing scarcity. |
B | expanding. |
C | most likely a Capitalist one. |
D | a failure. |
E | most likely a Socialist one. |
Question 50 |
A | ...increase the maintenance budget. |
B | ...reduce the quality of pools and facilities. |
C | ...decrease the management costs. |
D | ...increase the usage fees. |
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Credits: Based on the excellent class notes provided by, Dr. Ronald Schlenker during Summer 2014.
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