This Econ Final Exam Practice Quiz assesses understanding of economic principles, focusing on scarcity, market requirements, and differences between microeconomics and macroeconomics. It's designed to prepare students for final exams by testing key concepts in economics.
$10,000
$9,000
$900
$100
Rate this question:
It makes at least one person better off
It makes no one worse off
It makes at least one person better off and makes no one worse off
It makes a majority of people better off
Rate this question:
Market failures
Government failures
Both a and b
Neither a nor b
Rate this question:
The point can be produced if all factors are fully used
The point cannot possibly be produced given the current available factors of production
The point can be produced even when some of the factors are idle
No conclusion can be drawn from the information given
Rate this question:
Qs=100, Qd=200
Qs= 100, Qd=100
Qs=200, Qd=100
Not enough information given for an answer
Rate this question:
Tariff
Quota
Trading bloc
Voluntary export restraint
Rate this question:
MC =ATC
MC = MR
MR = AVC
AVC =AR
Rate this question:
An increase in real income
A decrease in real income
No change in real income
There is not enough information given to determine the answer
Rate this question:
Best measured in objective terms such as tons or kilowatt hours.
A problem only in less-developed countries
A matter of the relationship between resources and human wants
Important for microeconomics, but not macroeconomics.
Rate this question:
Inelastic demand for all customers
Knowledge of demand elasticity of different groups of customers
Elastic demand for all customers
Knowledge of consumer surplus for all customers
Rate this question:
Was in an almost constant state of recession
Experienced some recessions, but grew at an average rate of about 3 percent per year
Avoided recession, but also failed to achieve any growth of real GDP
Experienced no recessions and grew steadily at about 3 percent per year
Rate this question:
An open market purchase by the Fed
An increase in world commodity prices (for commodity-importing country)
An appreciation of the county's currency relative to foreign currencies
A decrease in tax rates
Rate this question:
Fiscal policy
Monetary policy
Trade policy
None of the above
Rate this question:
In periods where the rate of growth and inflation are steady from year to year
In developing countries that have small, simple economies
When the economy is approaching a peak of the business cycle
When the economy is approaching the trough of the business cycle
Rate this question:
An exogenous real bound for the nominal interest rate
Introducing a fixed exchange rate of the nation's currency relative to a stable foreign currency
Exchange of real bills for liquid assets issues by the central bank
Fiscal consolidation to eliminate the real budget deficit
Rate this question:
Macroeconomics
Microeconomics
Normative Economics
Econometrics
Rate this question:
Rise
Fall
Remain unchanged
No generalization is possible
Rate this question:
A shift outward of the nations production possibilities frontier because of an increase in the potential labor force
A shift inward of the nations production possibilities frontier as unemployment increases.
No change in the production possibilities frontier.
An inward shift of the nations production possibilities frontier because of new technology
Rate this question:
The economy cannot be in equilibrium
There must either be a government budget surplus or a foreign trade deficit or both
Prices and/or output must increase
None of the above
Rate this question:
Creating money
Putting money in the bank
Increasing the economy's stock of capital
Inventing new ways of doing things
Rate this question:
Total revenue minus explicit costs minus implicit costs.
Total revenue plus explicit costs plus implicit costs.
Total revenue minus explicit costs
Total revenue minus implicit costs
Rate this question:
Inflation
Growth in total labor input
Labor productivity growth
Population growth
Rate this question:
-25
0
25
None of the above
Rate this question:
An upward shift of the short-run aggregate supply curve
A rightward shift of the long-run aggregate supply curve
A leftward shift of the long-run aggregate supply curve
A downward shift of the short-run aggregate supply curve
Rate this question:
Time-inconsistency
Inside lags
A taylor rule
Monetarism
Rate this question:
Output
Price
Producer Surplus
Deadweight loss
Rate this question:
Gradually
Instantly and completely
Not at all
In the opposite direction
Rate this question:
Its liquid assets
Its total assets
The deposits to which the reserve requirement applies
Its net worth
Rate this question:
The price level
The level of real output
Both a and b
None of the above
Rate this question:
The rate of inflation was lower in 2009 than in 2008
The rate of inflation was below 6 percent per year in 2009
The rate of inflation should be held below 6 percent regardless of what happens to unemployment
If the budget deficit is reduced, other things being equal, the rate of inflation will fall.
Consumer incomes
The prices of other goods
Consumer tastes and preferences
All of the above
Rate this question:
A girl, 15, working 10 hours per week on her family's farm, without being paid
A construction worker off the job because of a winter storm
A 16-year-old person entering the labor force for the first time who is looking for a job, but has never before worked
None of the above would be classified as officially unemployed
Rate this question:
An open market purchase of securities
An open market sale of securities
An increase in discount rate
None of the above would help
Rate this question:
A current account deficit
A net financial outflow
A cyclical surplus
An external entitlement
Rate this question:
The out-of-pocket cost of her college education
The opportunity cost of her college education
Both a and b
Neither a nor b
Rate this question:
Consumption plus investment plus government purchases
Consumption plus investment plus government purchases plus exports
Consumption plus investment plus government purchases plus net exports
Investment plus government purchases plus net exports
Rate this question:
Increase by $100,000
Increase by $500,000
Decrease by $100,000
Decrease by $500,000
Rate this question:
The rate of inflation
The output gap
Both a and b
Neither a nor b
Rate this question:
One country has an absolute advantage in both goods
One country has a comparative advantage in both goods
The opportunity cost of meat, in terms of what, is the same in both countries
Each country has an absolute advantage in one of the goods
Rate this question:
Appropriations
PAYGO expenditures
Entitlements
Earmarks
Rate this question:
The United States
The European Union
Chino
Canada
Rate this question:
Monopoly
Monopolistic competition
Perfect competition
None of the above
Rate this question:
Command and control
Property rights
Emission charges
Cap-and-trade
Rate this question:
Poor countries being deprived of the benefits of improved cash standards
Production moving to countries that ignore core labor standards
Low-income countries sacrificing environmental quality to keep production costs low
All of the above
Rate this question:
-$5 million
$5 million
$60 million
$65 million
Rate this question:
Age 16 or higher
65 or under
Both a and b
None of the above
Rate this question:
Federal funds rate
Prime rate
Discount rate
Window rate
Rate this question:
The discount rate
The federal funds target rate
The rate paid by the Fed on deposits of reserves
All three rates must be equal when the market for bank reserves is in equilibrium
Rate this question:
Quiz Review Timeline (Updated): Feb 2, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
Wait!
Here's an interesting quiz for you.