Scribd
Upload
797 views4 pages

Foundations of Economics

You scored 74% on a 34 question economics exam, answering 25 questions correctly and 9 incorrectly. Microeconomics deals with individual economic behavior and sectors, while macroeconomics studies the economy as a whole. Demand curves can shift due to changing incomes, prices of related goods, or tastes, while supply curves are directly affected by technology, input costs, and government regulation. [/SUMMARY]

Uploaded by

mostafa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
797 views4 pages

Foundations of Economics

You scored 74% on a 34 question economics exam, answering 25 questions correctly and 9 incorrectly. Microeconomics deals with individual economic behavior and sectors, while macroeconomics studies the economy as a whole. Demand curves can shift due to changing incomes, prices of related goods, or tastes, while supply curves are directly affected by technology, input costs, and government regulation. [/SUMMARY]

Uploaded by

mostafa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

ResultsReporter

Outof34questions,youanswered25correctly,forafinalgradeof74%.
25correct(74%)
9incorrect(26%)
0unanswered(0%)

YourResults:
Thecorrectanswerforeachquestionisindicatedbya

INCORRECT Economicsisthestudyof
A)productiontechnology
B)consumptiondecisions
C)howsocietydecideswhat,how,andforwhomtoproduce
D)thebestwaytorunsociety

CORRECT

Aresourceisscarceifsupplyexceedsdemandatzeroprice
A)TRUE
B)FALSE

CORRECT

Theopportunitycostofagoodis
A)thetimelostinfindingit
B)thequantityofothergoodssacrificedtogetanotherunitofthatgood
C)theexpenditureonthegood
D)thelossofinterestinusingsavings

INCORRECT Amarketcanaccuratelybedescribedas
A)aplacetobuythings
B)aplacetosellthings
C)theprocessbywhichpricesadjusttoreconciletheallocationofresources
D)aplacewherebuyersandsellersmeet

CORRECT

Acommandeconomydecidesresourceallocationbygovernmentplanning
A)TRUE
B)FALSE

CORRECT

Inafreemarket_____________________
A)governmentsintervene
B)governmentsplanproduction
C)governmentsinterfere
D)pricesadjusttoreconcilescarcityanddesires

CORRECT

Inthemixedeconomy
A)economicproblemsaresolvedbythegovernmentandmarket
B)economicdecisionsaremadebytheprivatesectorandfreemarket
C)economicallocationisachievedbytheinvisiblehand
D)economicquestionsaresolvedbygovernmentdepartments

CORRECT

Positiveeconomicsstudiesobjectiveexplanationsoftheworkingsoftheeconomy
A)TRUE

B)FALSE

INCORRECT Normativeeconomicsforms___________basedon_____________
A)positivestatements,facts
B)opinions,personalvalues
C)positivestatements,values
D)opinions,facts

10

CORRECT

Microeconomicsisconcernedwith
A)theeconomyasawhole
B)theelectronicsindustry
C)thestudyofindividualeconomicbehaviour
D)theinteractionswithintheentireeconomy

11

CORRECT

Macroeconomicsisthestudyof___________________
A)individualbuildingblocksintheeconomy
B)therelationshipbetweendifferentsectorsoftheeconomy
C)householdpurchasedecisions
D)theeconomyasawhole

12

INCORRECT Aneconomicmodelisaphysicalrepresentationofaneconomy
A)TRUE
B)FALSE

13

CORRECT

Dataareimportantineconomicsbecause__________and__________
A)theysuggestrelationshipsforexplanation,allowtestingofhypotheses
B)theycanbeusedfortables,theycanbegraphed
C)theycanbeusedincomputers,governmentsusethem
D)theyprovideinterestinginformation,canbesummarised

14

INCORRECT Timeseriesdatashowinformation
A)aboutthesamepointintimeoverdifferentplaces
B)aboutdifferentpointsintimeoverthesamevariable
C)aboutdifferentvariablesoverdifferentplaces
D)aboutdifferentpointsintimeoverdifferentplaces

15

INCORRECT Indexnumbersexpressbasedatainrelationtosomerelativevalue
A)TRUE
B)FALSE

16

CORRECT

Theretailpriceindexisusedto______________
A)constructpricelists
B)compareshopprices
C)measurechangesinthecostofliving
D)noneoftheabove

17

CORRECT

Arealvaluecanbederivedfromanominalvalueby
A)adjustingforchangesovertime
B)adjustingfordatacollectionerrors
C)adjustingforpopulationchanges

D)adjustingforchangesinprices

18

CORRECT

Tofindthepercentagechangeinanumber,dividetheabsolutechangebytheoriginal
numberandmultiplyby100
A)TRUE
B)FALSE

19

CORRECT

Ifyourincomeduringoneyearis10,000andthefollowingyearitis12,000,thenithas
grownby
A)20%
B)2%
C)12%
D)16%

20

INCORRECT Astraightlinediagramcanbedrawnknowingthe______and_________
A)verticalaxisandhorizontalaxis
B)interceptandslope
C)scaleandslope
D)interceptandscale

21

CORRECT

Onagraph,apositivelinearrelationship
A)movesdowntotheright
B)movesuptotheleft
C)movesuptotheright
D)movesdowntotheleft

22

CORRECT

Ifthediagramofalineshowsthatlowervaluesontheverticalscaleareassociatedwith
highervaluesonthehorizontalscale,thisisanexampleof_____________
A)anonlinearrelationship
B)apositivelinearrelationship
C)ascatterdiagram
D)anegativelinearrelationship

23

CORRECT

Whenweknowthequantityofaproductthatbuyerswishtopurchaseateachpossible
price,weknow
A)Demand
B)Supply
C)Excessdemand
D)Excesssupply

24

INCORRECT Supplyisthequantityofagoodsellerswishtoselleachtimethemarketopens
A)TRUE
B)FALSE

25

CORRECT

Theequilibriumpriceclearsthemarketitisthepriceatwhich_________________
A)Everythingissold
B)Buyersspendalltheirmoney
C)Quantitydemandedequalsquantitysupplied
D)Excessdemandiszero
E)candd

26

CORRECT

Whenamarketisinequilibrium
A)Quantitydemandedequalsquantitysupplied
B)Excessdemandandexcesssupplyarezero

C)Themarketisclearedbytheequilibriumprice
D)Alloftheabove

27

CORRECT

________and________donotdirectlyaffectthedemandcurve
A)thepriceofrelatedgoods,consumerincomes
B)consumerincomes,tastes
C)thecostsofproduction,bankopeninghours
D)thepriceofrelatedgoods,preferences

28

CORRECT

Achangeinpricecancauseashiftofademandcurve
A)TRUE
B)FALSE

29

CORRECT

Ademandcurvecanshiftbecauseofchanging
A)incomes
B)pricesofrelatedgoods
C)tastes
D)alloftheabove

30

CORRECT

Asupplycurveisdirectlyaffectedby
A)technology
B)inputcosts
C)governmentregulation
D)alloftheabove

31

CORRECT

Anincreaseinpricewillcauseasupplycurvetoshifttotheleft
A)TRUE
B)FALSE

32

CORRECT

IfapriceincreaseofgoodAincreasesthequantitydemandedofgoodB,thengoodBisa
A)substitutegood
B)complementarygood
C)bargain
D)inferiorgood

33

CORRECT

Anincreaseinconsumerincomewillincreasedemandfora_______butdecreasedemand
fora_________
A)substitutegood,inferiorgood
B)normalgood,inferiorgood
C)inferiorgood,normalgood
D)normalgood,complementarygood

34

INCORRECT Priceceilingsareimposedincreasepriceabovethefreemarketequilibriumprice
A)TRUE
B)FALSE

You might also like