The final exam is cumulative but with greater emphasis on the last half of the class. The following quiz only cover the materials after the midterm exam. However, please try both quizzes when studying for the final.
Go to: Midtrem I
Economics (ECON 201-UCAL) Final Exam
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Question 1 |
A | It explains the supply curve according to the changes in quantity demanded. |
B | Study of how consumers behave to changes in income and price of commodities. |
C | It is a theory that explains how consumers interact with the producers in market economy. |
D | It explains the Supply and Demand according to macroeconomic level. |
Question 2 |
A | At each point, less of on item is preferred over the other. |
B | Two items in analysis makes the consumer equally happy. |
C | Indifference between bundles may exists. |
D | Utility is ordinarily measurable. |
Question 3 |
A | $50,000 |
B | $55,000 |
C | $40,000 |
D | $15,000 |
55,000 = TFC + 40,000
TFC = 15,000
Question 4 |
A | $55 |
B | $80 |
C | $110 |
D | $100 |
Question 5 |
A | It is not shown on the given graph. |
B | III |
C | IV |
D | I |
E | II |
Question 6 |
A | I |
B | IV |
C | II |
D | It is not shown on the given graph. |
E | III |
Question 7 |
A | Average Total Cost |
B | Budget Line |
C | Average Fixed Cost |
D | Average Variable Cost |
E | Marginal Costs |
Question 8 |
A | I |
B | IV |
C | III |
D | It is not shown on the given graph. |
E | II |
Question 9 |
A | Consumers always prefer higher indifference curves than the lower ones. |
B | Indifference curves are upwards sloping. |
C | Indifference curves are do NOT always reach the origin (x,y,=0) but always has a linear relationship to between two items. |
D | Indifference curves are both upwards and downwards sloping. |
E | Consumers always prefer one item more than than the other at any given point on the indifference curve. |
Question 10 |
A | ...the rate at which a producer can substitute one good for another to increase profits. |
B | ...the slope at any point on a given indifference curve. |
C | ...the quantity of products available for substitution. |
D | ...the rate at which a consumer can substitute one good for another to increase consumer surplus. |
E | ...the rate of new products introduced to the market to replace another. |
Question 11 |
A | More horizontal and linear towards one end. |
B | Highly curved and bowed inwards (towards the origin). |
C | Straight line or less bowed curve. |
D | Highly curved and bowed outwards (away from the origin). |
Question 12 |
A | True. |
B | False; it moves to the right. |
C | False; it moves up. |
D | False; it starts to curve towards the origin. |
Question 13 |
A | False because MC never crosses ATC. |
B | False because MC crosses ATC at the rising point of MC. |
C | True |
D | False because MC crosses ATC at the maximum point. |
Question 14 |
A | It is the total revenue minus the total cost. |
B | It is the total revenue minus the total marginal cost. |
C | It is the total revenue minus the total average cost. |
D | It is the total revenue minus the total capital. |
E | It is the total average cost divided by the quantity produced. |
Question 15 |
A | It is the total of both fixed costs and variable costs divided by the quantity of the good produced. |
B | It is the total of both fixed costs and variable costs. |
C | It describes the quantity of output that minimizes the average total cost. |
D | It is the the point, above which the average total cost curve start to fall. |
Question 16 |
A | ...the increase in input to have an additional unit of output. |
B | ...the increase in output that raises from an additional unit of input. |
C | ...the maximum quantity of an item a consumer can afford at a given price. |
D | ...the difference between what a producer can afford to produce and the market demand for the good. |
Question 17 |
A | ...a firm uses diversification of products to reduce economic loss. |
B | ...it is no longer suitable for a firm to integration to take control over the entire production process. |
C | ...the long run average cost stays the same as the quantity of input changes. |
D | ...the long run total cost stays the same as the quantity of input changes. |
E | ...a firm cannot produce additional units of an item regardless of the increase in input. |
Question 18 |
A | A straight line perfectly parallel to the y-axis. |
B | A straight line perfectly parallel to the x-axis. |
C | A curve with a right angle 90-degree bend towards the origin. |
D | A curve that bends outward away from the origin. |
E | A curve that increase its' slope on one side when moving away from the origin. |
Question 19 |
You buy a movie ticket for $15. However, you lose the ticket. On the day of the screening, you can buy another ticket for $20. Assuming you brought the new ticket, what statement best describe the situation?
A | The $15 lost on the original ticket is a sunk cost. |
B | The total opportunity cost of the movie is $20. |
C | The $5 additional you paid is a consumer surplus. |
D | The decision to buy the second ticket was a mistake. |
Question 20 |
A | True |
B | False |
Question 21 |
A | ...a variable cost. |
B | ...an explicit cost. |
C | ...an accounting cost. |
D | ...a fixed cost. |
E | ...an implicit cost. |
Question 22 |
A | Increase in investments. |
B | Labor specialization. |
C | Short term investments. |
D | Decrease in taxes. |
Question 23 |
A | ...the Return to Scale Average Cost curve increases and the long-run Average Total Cost falls as input increases. |
B | ...the Return to Scale Average Cost curve decreases and the long-run Average Total Cost falls as input increases. |
C | ...the Return to Scale Average Cost curve increases and the long-run Average Total Cost rises as input increases. |
D | ...the Return to Scale Average Cost curve decreases and the long-run Average Total Cost rises as input increases. |
Question 24 |
A | I. increased competition II. limited competition |
B | I. limited competition II. increased competition |
C | I. profit fall II. profit rise |
D | I. profit rise II. profit fall |
E | I. diseconomies of scale II. economies of scale |
F | I. economies of scale II. diseconomies of scale |
Question 25 |
A | I. down II. up |
B | I. right II. left |
C | I. left II. right |
D | I. up II. down |
Question 26 |
A | ...produce a standardized product. |
B | ...that we have very large number of very large firms. |
C | ...extremely limited or no barriers to entry. |
D | ...all firms are price takers and there are no price setters. |
Question 27 |
A | ...marginal cost equals to the marginal revenue. |
B | ...marginal cost is lower than the marginal revenue. |
C | ...the demand is higher than the supply. |
D | ...marginal cost is higher than the marginal revenue. |
E | ...the supply is higher than the demand. |
Question 28 |
A | Under international laws, collusion is NOT always illegal. |
B | Organizations that promotes collusion could fail a market (lead a market to a failure). |
C | It prevents cheating among members of the organization. |
D | Members of a given collusion group are price setters. |
Question 29 |
A | The market type must be a free unregulated market. |
B | The firm must have a specialized product or service. |
C | The firm must have a significant market power. |
D | The firm must have the ability to control all steps of the production process of a product. A firm cannot price discriminate a service. |
Question 30 |
A | smaller than |
B | equal to |
C | cannot be answered |
D | greater than |
Question 31 |
A | Increase implicit costs. |
B | Reduce spending on advertisements and terminate promotional programs. |
C | Improve the quality of product/service. |
D | Price the product/service at the equilibrium point. |
Question 32 |
A | Calgary Transit offering lower ticket price for children compared to higher priced adult tickets. |
B | A travel agency selling the identical travel package to you for cheaper than for your friend who brought it later. |
C | Different prices a Geologic Consultation company charging their customers for soil testing. |
D | Cheaper price for last year version of the Economics textbook (new/unused) than the price for the this years' version (new/unused). |
Question 33 |
A | ...artificially increasing the price of goods by creating a binding floor price. |
B | ...controlling the industries by selling licenses for releasing harmful chemicals. |
C | ...increasing the tax on the industry. |
D | ...banning the operation of such industries. |
Question 34 |
A | All firms are price takers in this market. |
B | This type of structure will result in more competitive market than any other type of market structure. |
C | At least two firms have majority of control in the market. |
D | Only produce a standardized product but by different firms. |
Question 35 |
A | May or may not be beneficial to the consumer. |
B | True; it will provide the consumers with more choices. |
C | True; it will create more competition. |
D | False; it will reduce the competition because of product specialization. |
Question 36 |
A | ...excludable good. |
B | ...public good. |
C | ...private good. |
D | ...non-excludable good. |
Question 37 |
A | At the intersection between MB1 and MC1 |
B | Not enough data is provided to answer this question because the quantity of pollution prevented is not shown. |
C | Not enough data is provided to answer this question because the cost of pollution prevented is not shown. |
D | Any point right of the intersection between MB1 and MC1 where MC1 is above the MB1. |
E | Any point left of the intersection between MB1 and MC1 where MC1 is bellow the MB1. |
Question 38 |
A | At the optimum intervention point for both scenarios, the second scenario is always the best option because the intersection (MC2-MB2) prevent higher % of pollution than the first one. |
B | The best intervention point for pollution prevention for the second scenario (MC2, MB2, MC3) is at the intersection occur closer to 80% between MB2 and MC2. |
C | The best intervention point for pollution prevention for the second scenario (MC2, MB2, MC3) is at the intersection occur closer to 0% between MB2 and MC3. Hint: This means 0% of pollution is prevented. No benefit to any party. |
D | At the optimum intervention point for both scenarios, the first scenario is always the best option because the intersection (MC1-MB1) is lower than the second one. |
Question 39 |
A | The increase in marginal benefits (MB) from MB1 to MB2 most likely cause by an economic collapse. |
B | The MC3 curve is a situation where the market will experience a failure. |
C | The MC3 curve is a situation where pollution prevention costs are too high compared to the economic benefits of industries. |
D | The increase in marginal benefits (MB) from MB1 to MB2 most likely cause by a depletion in technological advancements. |
Question 40 |
A | ...the price will be content higher and larger quantities are produced. |
B | ...the price will be artificially lower and smaller quantities are produced. |
C | ...the price will be artificially higher and smaller quantities are produced. |
D | ...the price will be artificially higher and larger quantities are produced. |
E | ...the price will be content higher and lower quantities are produced. |
Question 41 |
A | ...subsidize the industry in question. |
B | ...deregulate industry in question. |
C | ...do nothing and wait for the market equilibrium to occur. |
D | ...tax the industry in question. |
Question 42 |
A | A private owned solar energy farm. |
B | A Economics textbook written by you. |
C | A groundwater remediation treatment facility near a major city. |
D | A farmhouse build by a farmer to keep his/her livestock. |
E | A private road an oil company built in Alberta to access a remote location. |
Question 43 |
A | ...is not very useful measure of how well a firm is performing in the market. |
B | ...is the total revenue minus the explicit cost. |
C | ...will always be equals to the accounting profit if the firm is producing a positive average revenue. |
D | ...will always be lower than the accounting profit. |
Question 44 |
A | Pareto Equilibrium |
B | Nash Equilibrium |
C | Supply-Demand Equilibrium |
D | Dominant Strategy Equilibrium |
Question 45 |
A | It is a situation in which one company takes the leadership in the majority quantity of output. |
B | It is a situation in which a powerful group of companies such as OPEC sets the market price. |
C | It is a situation in which all firms sets the price at the same time hence creating very high competition. |
D | It is a situation in which companies compete on the amount of output they will produce. |
E | It is a situation in which a powerful group of companies or a company sets the market price. |
Question 46 |
A | It is a situation in which all firms sets the price at the same time hence creating very high competition. |
B | It is a situation in which one company takes the leadership in the majority quantity of output. |
C | It is a situation in which a powerful group of companies such as OPEC sets the market price. |
D | It is a situation in which a powerful group of companies or a company sets the market price. |
E | It is a situation in which one firms takes the leadership in the majority quantity of output. |
Question 47 |
A | Dependency theory |
B | Strategic planning |
C | Decision theory |
D | Game theory |
Question 48 |
... | Firm 1 | Firm 2 |
I | 70 | 18 |
II | 5 | 18 |
III | 5 | 18 |
IV | 5 | 18 |
V | 5 | 18 |
A | 90 |
B | 5 |
C | 180 |
D | 70 |
Question 49 |
... | Firm 1 | Firm 2 |
I | 70 | 18 |
II | 5 | 18 |
III | 5 | 18 |
IV | 5 | 18 |
V | 5 | 18 |
A | 90 |
B | 5 |
C | 70 |
D | 18 |
Question 50 |
... | Firm 1 | Firm 2 |
I | 70 | 18 |
II | 5 | 18 |
III | 5 | 18 |
IV | 5 | 18 |
V | 5 | 18 |
A | 1820 |
B | 4820 |
C | 1620 |
D | 1450 |
E | 5000 |
Question 51 |
... | Firm 1 | Firm 2 |
I | 70 | 18 |
II | 5 | 18 |
III | 5 | 18 |
IV | 5 | 18 |
V | 5 | 18 |
A | 4820 |
B | 1820 |
C | 1620 |
D | 5000 |
E | 1450 |
Question 52 |
A | False |
B | True |
Question 53 |
A | right |
B | down |
C | up |
D | left |
Question 54 |
A | True |
B | False |
← |
List |
→ |
1 | 2 | 3 | 4 | 5 |
6 | 7 | 8 | 9 | 10 |
11 | 12 | 13 | 14 | 15 |
16 | 17 | 18 | 19 | 20 |
21 | 22 | 23 | 24 | 25 |
26 | 27 | 28 | 29 | 30 |
31 | 32 | 33 | 34 | 35 |
36 | 37 | 38 | 39 | 40 |
41 | 42 | 43 | 44 | 45 |
46 | 47 | 48 | 49 | 50 |
51 | 52 | 53 | 54 | End |
Credits: Based on the excellent class notes provided by, Dr. Ronald Schlenker during Summer 2014.
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