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Economics Midterm Study Guide

45 Questions  I  By Xamboozi
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Midterm Questions

  
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1.  All final goods and services that make up GDP can be expressed in the form:
A.
B.
C.
D.
2.  Compared to a perfectly competitive firm, a monopolist:
A.
B.
C.
D.
3.  A demand curve usually has a
A.
B.
C.
D.
4.  Oligopolistic industries consist of
A.
B.
C.
D.
5.  As a result of the decline in the demand for beef in the United States, the demand for cattle ranchers has
A.
B.
C.
D.
6.  Which of the following statements are true?
A.
B.
C.
D.
7.  Market failure occurs when:
A.
B.
C.
D.
8.  If the price of peanut butter increases, other things constant, demand for jelly will
A.
B.
C.
D.
9.  The short run is a period of time:
A.
B.
C.
D.
10.  Economists emphasize the importance of equilibrium in markets because
A.
B.
C.
D.
11.  The market produces too few public goods because:
A.
B.
C.
D.
12.  A perfectly competitive firm is a price taker because:
A.
B.
C.
D.
13. 
  National income account (billions of   dollars)  
  Personal consumption expenditures (C) $500  
  Government expenditures (G) 50  
  Gross private domestic investment (I) 300  
  Exports (X) 50 
  Imports (M) 100
  As shown in the above exhibit, GDP as calculated by the expenditure approach is
A.
B.
C.
D.
14.  If real GDP increased by 3 percent, then
A.
B.
C.
D.
15.  Marginal physical product is
A.
B.
C.
D.
16.  The optimal mix of output is the:
A.
B.
C.
D.
17.  When the additional satisfaction from a good declines as more of it is consumed, this illustrates the law of
A.
B.
C.
D.
18.  A minimum wage:
A.
B.
C.
D.
19.  A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70, i.e. MR > MC. What would you advise this firm to do?
A.
B.
C.
D.
20.  Opportunity cost is defined
A.
B.
C.
D.
21.  Which of the following is true for monopoly?
A.
B.
C.
D.
22.  In order to demand a good, the buyer must
A.
B.
C.
D.
23.  Which of the following is not necessarily a characteristic of perfect competition?
A.
B.
C.
D.
24.  Which of the following is the best example of a microeconomic topic?
A.
B.
C.
D.
25.  If Stimpson University increases tuition in order to increase its revenue, it will:
A.
B.
C.
D.
26.  If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
A.
B.
C.
D.
27.  Which of the following is not true regarding a change in quantity demanded?
A.
B.
C.
D.
28.  The communal nature of a highway means that no one individual is motivated to pay for it because even those who do not pay for it will still benefit from using it. This is an example of:
A.
B.
C.
D.
29.  If the tea harvest is very good in a particular year, the supply of tea will be
A.
B.
C.
D.
30.  Economics
A.
B.
C.
D.
31.  ____ is the situation in which the marginal product of labor is declining as more labor is hired.
A.
B.
C.
D.
32.  An improvement in a firm's technology that reduces its production costs will result in a (an):
A.
B.
C.
D.
33.  Suppose the market for hot pretzels in New York City is perfectly competitive. What is true of demand in this market?
A.
B.
C.
D.
34.  A monopolist is
A.
B.
C.
D.
35.  A model is defined as a:
A.
B.
C.
D.
36.  The golden rule of profit maximization states that any firm maximizes profit by producing where
A.
B.
C.
D.
37.  A public good:
A.
B.
C.
D.
38.  Monopolistic competition is identified by
A.
B.
C.
D.
39.  If all resources are used efficiently to produce goods and services, a nation will find itself producing
A.
B.
C.
D.
40.  A firm hires labor in a labor market. If the wage rate is $44, the firm should hire
A.
B.
C.
D.
41.  Gross Domestic Product (GDP) equals the
A.
B.
C.
D.
42.  Which of the following items is included in the calculation of GDP?
A.
B.
C.
D.
43.  If the MPP of an additional unit of labor is 20 units per hour, the product price is $5 per unit, and the wage rate is $60 per hour, then, (Hint: MRP = MPP X p)
A.
B.
C.
D.
44.  Marginal cost is the:
A.
B.
C.
D.
45.  Macroeconomics is best described as the study of
A.
B.
C.
D.
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