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 | ...increase the maintenance budget. |
B | ...reduce the quality of pools and facilities. |
C | ...decrease the management costs. |
D | ...increase the usage fees. |
Question 2 |
A | ...deadweight loss. |
B | ...efficiency loss. |
C | ...elasticity loss. |
D | ...a tax revenue loss. |
Question 3 |
A | Penicillin antibiotics |
B | Automobiles |
C | University education |
D | Oranges and bananas |
Question 4 |
A | expanding. |
B | most likely a Capitalist one. |
C | most likely a Socialist one. |
D | a failure. |
E | experiencing scarcity. |
Question 5 |
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 6 |
A | ...negative statement. |
B | ...normative statement. |
C | ...market projection. |
D | ...economic projection. |
E | ...positive statement. |
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 capital goods |
B | 1050 consumer goods |
C | 150 capital goods |
D | 550 consumer goods |
Question 8 |
A | ...decrease in demand for the two products. |
B | ...increased in spending. |
C | ...technological breakthrough in both goods. |
D | ...decrease in demand for one product over the other. |
E | ...technological breakthrough in one of the two goods. |
Question 9 |
A | ...creating a fair and balanced economies. |
B | ...helping the producers by generating more revenuer. |
C | ...creating more competition hence reducing monopolies. |
D | ...hurting the consumers that needed the most help. |
Question 10 |
A | 40 - 45% |
B | 30 - 35% |
C | 15 - 20% |
D | 0% |
E | 4 - 6% |
Question 11 |
A | Market economies. |
B | Mixed economies. |
C | Command economies. |
D | Free economies. |
E | Traditional economies. |
Question 12 |
... | 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 | ...Jam and USA has a comparative advantage in Cheese. |
C | ...Cheese and USA has a comparative advantage in Jam. |
D | ...neither and USA has a comparative advantage in Jam. |
Question 13 |
A | $710 |
B | $1150 |
C | $800 |
D | $575 |
E | $1600 |
Question 14 |
A | The price of Orange and Apples will increase. |
B | The price of Orange will increase as the Apples market is experiencing a scarcity. |
C | The price of Orange will decrease as the Apples market is experiencing a s 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 | $35.5 |
B | $57.5 |
C | $750 |
D | $650 |
E | $20 |
Question 16 |
A | ...change in supply due to change in market competition. |
B | ...change in price due to change in quantity demanded. |
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 prices. |
Question 17 |
A | The study of behavior of individual agents and markets. |
B | The study of small industries and companies. |
C | The study of household centered economic systems. |
D | The study of overall production and consumption. |
Question 18 |
A | True |
B | False |
Question 19 |
A | It is a mathematical model used for calculating the per unit opportunity cost for a given item. |
B | It is a graphical representation of the relationship between the output of products and the limited resources available to produce the products. |
C | It is a mathematical model used for determining the inflation rate and its relationship to the unemployment rate. |
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 economic growth. |
Question 20 |
A | Higher rent with lower quality housing. |
B | Higher rent with higher quality housing. |
C | Lower rent with higher quality housing. |
D | Lower rent with lower quality housing. |
Question 21 |
A | The lost time and money from a full time job 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 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 lost time and money from a full time job is the capital cost of obtaining an education. |
Question 22 |
A | Input: income and resource services Output: commodities and consumption |
B | Input: revenue and resource services Output: commodities and costs |
C | Input: commodities and consumption Output: income and resource services |
D | Input: commodities and consumption Output: revenue and resource services |
E | Input: commodities and costs Output: revenue and resource services |
Question 23 |
A | It will experience a rapid growth. |
B | It will result in a market failure. |
C | It will result in slow rate of inflation growth. |
D | It will result in larger income gaps between the rich and poor. |
E | It will experience scarcity. |
Question 24 |
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 market on its own fails to allocate resources efficiently. |
D | It is a situation in which wrong products and services in the wrong market results in low demand and eventual failure. |
Question 25 |
... | 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 | 1/3 Cheese |
C | 4/3 Cheese |
D | 4 Cheese |
E | 1/3 Cheese |
Question 26 |
A | International trade agreements between Canada and other first world nations, such as NAFTA. |
B | Mark Joseph Carney, the Governor of the Bank of Canada. |
C | Proper Government regulations on the free market economy. |
D | Controls put in placed by the free market "invisible hand". |
Question 27 |
A | 2.31 |
B | 1.79 |
C | 2.00 |
D | 1.55 |
E | 0.55 |
Question 28 |
A | Externality causing the market to shrink during a crisis. |
B | Exogenous variables causing the market demand for beef to drop. |
C | Market failure due to Alberta's monopoly on the beef industry. |
D | An example of the "invisible hand" in action. |
E | Endogenous variables causing the market demand for beef to drop. |
Question 29 |
A | $1500 |
B | $3000 |
C | $700 |
D | $350 |
Question 30 |
A | ...increase the demand for ketchup. |
B | ...decrease the demand for hotdog buns. |
C | ...increase the demand for bananas. |
D | ....increase the equilibrium quantity. |
Question 31 |
A | $1500 |
B | $700 |
C | $350 |
D | $800 |
Question 32 |
A | Increase in the number of substitution products. |
B | Decrease in consumer income. |
C | Decrease in the number of substitution products. |
D | Increase in consumer income. |
E | Decrease in consumer demand. |
Question 33 |
A | D |
B | B |
C | A and B |
D | C and D |
E | A |
Question 34 |
A | It is the area under the Demand curve and above the market price. |
B | It is the area above the Demand curve and under the market price. |
C | It is the area above the Supply curve and under the market price. |
D | It is the area under the Supply curve and above the market price. |
Question 35 |
A | ...random correlation. |
B | ...neutral correlation. |
C | ...no correlation. |
D | ...negative correlation. |
E | ...positive correlation. |
Question 36 |
A | capital costs |
B | human resources |
C | market fluctuations |
D | non-renewable resources |
Question 37 |
A | B and C |
B | A and B |
C | B |
D | C and D |
E | A |
Question 38 |
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 39 |
A | True |
B | False |
Question 40 |
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 | 300 Capital Goods |
D | 1/2 Consumer Goods |
Question 41 |
A | 67.5% increase |
B | 0.675% increase |
C | 6.75% increase |
D | 4.5% increase |
Question 42 |
A | $53.5 |
B | $35.5 |
C | $710 |
D | $375 |
Question 43 |
A | A |
B | B |
C | A and B |
D | C |
E | C and D |
Question 44 |
A | ...artificial. |
B | ...elastic. |
C | ...inelastic. |
D | ...distorted. |
Question 45 |
A | private sector regulations. |
B | individual property rights. |
C | government intervention. |
D | market power. |
E | the invisible hand. |
Question 46 |
A | The amount a buyer would gain before the tax being paid. |
B | The difference between what the buyer's willingness to pay minus the amount the buyer actually pays. |
C | The amount a seller is paid by the buyer for a given item minus the seller's cost. |
D | The value of everything that a producer earns as a result of selling an item. |
Question 47 |
... | 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 | 4/3 Cheese |
C | 6 Cheese |
D | 3 Cheese |
E | 1 Cheese |
Question 48 |
A | The capital needed to produce an item. |
B | The number of items produced. |
C | The all inputs needed to produce an item. |
D | The added costs such as taxes and transportation fees. |
Question 49 |
A | Graph D |
B | Graph B |
C | Graph C |
D | Graph A |
Question 50 |
... | 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 Cheese. |
C | ...Jam and USA has an absolute advantage in Cheese. |
D | ...Cheese and USA has an absolute advantage in Jam. |
E | ...neither good and USA has an absolute advantage in Jam. |
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Credits: Based on the excellent class notes provided by, Dr. Ronald Schlenker during Summer 2014.
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