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