Practice Exam 1
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Practice Exam 1

Course Number: ECON 1120, Spring 2007

College/University: Cornell

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Macroexam1-uml-Winter2007(practice) Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The main reason that finished goods are scarce is that a. raw material resources are scarce. b. factories are not operated efficiently. c. distribution systems are clogged. d. taxes are destroying work incentives. e. All of the above are correct. 2. How are the...

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Choice Macroexam1-uml-Winter2007(practice) Multiple Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The main reason that finished goods are scarce is that a. raw material resources are scarce. b. factories are not operated efficiently. c. distribution systems are clogged. d. taxes are destroying work incentives. e. All of the above are correct. 2. How are the slope of a production possibilities frontier and the opportunity cost of the goods related? a. The slope is a graphical representation of the cost of expanding production of both goods. b. The slope is a graphical measure of the growth rate of the economy. c. The slope is a graphical representation of the cost of decreasing unemployment. d. The slope is a graphical representation of the rate of trade-off between the goods. e. The slope is a graphical representation of the cost of economic growth in the economy. 3. A production possibilities curve has a downward slope because a. increased production of one good always reduces the additional profit of production. b. decreased production of one good is associated with lower profit from that good. c. economists have a negative view of life and human nature. d. increased production of one good always reduces production of the other. e. increased production of one good necessarily causes production of other goods to increase. 4. If an economy is operating inefficiently, then a. the economy can increase production of consumption goods without reducing capital goods. b. there is always a positive opportunity cost to increasing output. c. output can only be increased through capital investment. d. output cannot be increased. 5. Employment discrimination is a source of a. economic inefficiency. b. increased economic growth. c. innovation. d. shifting production possibilities. e. All of the above are correct. 6. Specialization in production a. raises productivity. b. requires money. c. stimulates exchange. d. All of the above are correct. 7. The division of labor benefits society only if a. a system of exchange exists. b. society uses all of its resources efficiently. c. society has no specialized resources. d. labor resources are not scarce. 8. The most basic investigative tool of economics is the a. concept of scarcity. b. mechanism of supply and demand. c. coordination and trade syndrome. ____ ____ ____ ____ ____ ____ ____ d. inflation-unemployment trade-off. e. regulation of business. Figure 4-2 ____ ____ ____ ____ ____ ____ ____ 9. If the government has stated that it will buy any amount of good X offered at $30, which demand curve in Figure 4-2 is appropriate? a. 1 b. 2 c. 3 d. 4 10. Firms often seek to borrow money to expand their capital stock, and the price they pay for that money is the interest rate. What happens to the demand for money if the interest rate increases? a. It increases. b. It decreases. c. It does not change. d. The quantity of money demanded will increase. 11. Which of the following will shift the demand curve for milk? a. change in the income of buyers of milk b. change in the price of milk c. change in input prices for milk d. All of the above are correct. 12. If the price of oil, a close substitute for coal, increases then the a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the right. c. equilibrium price and quantity of coal will not change. d. demand curve for coal will shift to the left. e. supply curve of coal will shift to the left. 13. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of a. both products to the right. b. both products to the left. c. grapefruit to the right. d. oranges to the left. 14. Why does quantity supplied increase when price increases? a. Producers find it more profitable to make the item. b. People "drop out" of the market, so buyers find it more abundant. c. As demand decreases with a high price, surpluses appear. d. All of the above. 15. The quantity of newspapers sold will decline if a. newsprint becomes more expensive. b. the printers' union makes wage concessions. c. prices are reduced. d. magazine prices rise. Figure 4-16 ____ 16. Assume that Figure 4-16 shows the supply of new houses. An improvement in the technology for building houses will shift supply from a. S1 to S2. b. S2 to S1. c. S3 to S2. d. S3 to S1. ____ 17. Equilibrium in a market is a. a situation in which there are no inherent forces that produce change. b. the natural state of affairs in the market. c. the actual price and quantity that will exist in a market. d. the best price and quantity that can exist in a market. e. All of the above are correct. ____ 18. Throughout history, governments have used price controls to a. protect buyers. b. protect sellers. c. serve the "public interest." d. All of the above are correct. ____ 19. Why do price ceilings tend to cause persistent imbalances in the market? a. Quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage. b. Quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus. c. Quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage. d. Quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus. ____ 20. Economists generally recognize that rent controls cause shortages in housing, yet rent controls tend to persist. Why does this occur? a. Many people do not understand the effects that controls cause. b. Property owners are politically unpopular. c. Many persons tend to benefit from rent controls. d. All of the above are correct. Exhibit 4-1 The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd = 20 - 2P Supply: Qs = 5 + 3P where Qd is the quantity demanded, Qs is the quantity supplied, and P is the price per weezil in dollars. ____ 21. Refer to Exhibit 4-1. If the government imposes a price floor of $4 a weezil, how many weezils will be sold? a. 5 b. 10 c. 12 d. 14 ____ 22. The U.S. government restricts the production of peanuts by limiting production licenses. By also prohibiting imports, the government maintains prices well above levels peanut farmers would obtain if supply were not restricted. Economists call this of type program a(n) a. price ceiling. b. price floor. c. opportunity cost. d. shortage. e. efficiency move. ____ 23. Legal limits on prices will tend to cause misallocation of resources because a. production (or opportunity) cost no longer corresponds to market price. b. people are unable to determine their preferences at the high or low price. c. producers no longer have incentive to be profitable. d. consumers no longer have incentive to spend their income efficiently. e. All of the above are correct. ____ 24. The major difference between nominal GDP and real GDP is that a. real GDP is the absolute value of goods and services and nominal GDP is a relative value. b. real GDP refers to products made in the United States and nominal GDP refers to both exports and imports. c. nominal GDP is the market value and real GDP has been adjusted for inflation. d. real GDP is a relative value and nominal GDP is an absolute value. ____ 25. Real GDP is another term for a. current dollar GDP. b. actual GDP. c. constant dollar GDP. d. tangible GDP. ____ 26. In her book on the American work week, economist Juliet Schorr argues that Americans work too much. Her argument may be interpreted as concluding that this behavior a. increases GDP but decreases well being. b. decreases well-being. c. decreases GDP and decreases well being. d. decreases GDP and increases well being. ____ 27. When people smoke cigarettes, their friends and family members may become sick. This affects GDP by a. reducing GDP by the amount of medical care needed. b. reducing GDP by the cost of the cigarettes purchased. c. increasing GDP by the cost of the medical care and the cost of the cigarettes purchased. d. decreasing GDP by the cost of the medical care and increasing GDP by the cost of the cigarettes purchased. ____ 28. During the Great Depression of the 1930s, how much did output fall between 1929 and 1933? a. 5 percent b. 10 percent c. 20 percent d. 30 percent e. 50 percent ____ 29. The successes of the 1960s were ascribed to the effects of a. the "Age of Transitions." b. the "Age of Aquarius." c. the "New Paradigm." d. the "New Economics." e. the "New Frontier." ____ 30. The tax cut of 2001 turned out to be well-timed because it caused a a. rightward shift of the aggregate demand curve. b. rightward shift of the aggregate supply curve. c. leftward shift of the aggregate demand curve. d. leftward shift of the aggregate supply curve. ____ 31. In the past, when the United States enjoyed a continuing trade surplus, wages in the United States a. were much lower than wages in countries that imported U.S. products. b. were much higher than wages in countries that imported U.S. products. c. were roughly the same as wages in countries that imported U.S. products. d. fell throughout that period, enabling the continuing trade surplus. e. rose throughout that period, ending the trade surplus. ____ 32. When every country does what it is best at, a. every other nation will lose because of the inability to compete. b. all other nations can benefit because more of every commodity can be produced. c. some nations will gain at the expense of other nations. d. rich nations will gain at the expense of poor nations. Table 17-1 Alternate Outputs from One Day's Labor Input Wheat Textiles United States (One person's/day's labor) Great Britain (One person's/day's labor) 12 bushels 3 bushels or or 3 yards 12 yards ____ 33. From Table 17-1, the United States a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. Table 17-2 Output Per Unit Labor Input England Portugal 20 24 2 12 Cloth Wine ____ 34. Using the data from Table 17-2, suppose England transfers 2 units of labor from wine to cloth and Portugal transfers 1 unit from cloth to wine. The combined production of wine and cloth will be increased by a. 16 wine, 8 cloth. b. 16 wine, 16 cloth. c. 12 wine, 12 cloth. d. 8 wine, 16 cloth. Figure 17-2 ____ 35. In Figure 17-2, a. the opportunity cost of 1 unit of wheat in the United States is a 2/3 unit of petroleum. b. the opportunity cost of 1 unit of wheat in Mexico is a 2/3 unit of petroleum. c. the opportunity cost of wheat is higher in the United States than it is in Mexico. d. the United States has a comparative advantage over Mexico in the production of petroleum. ____ 36. Is it possible for a country to have an absolute disadvantage and a comparative advantage in the production of a good? a. No, these are incompatible on theoretical grounds. b. No, theory prevents it, but some economists claim it could occur. c. Yes, this situation can occur. d. Yes, in theory, although not in reality. Figure 17-7 ____ 37. In Figure 17-7, it is probably true that wages are a. equal in Pestoland and Pastaland. b. greater in Pestoland than Pastaland. c. greater in Pastaland than in Pestoland. d. higher in pasta production than in pesto production in both countries. ____ 38. As a result of pure free trade in a commodity the a. price of the commodity must be the same in all countries. b. total quantity imported will exceed the total quantity exported. c. price of the commodity will be higher in the producing country. d. price of the commodity will be lower in the producing country. ____ 39. A country that must inhibit imports should give preference to a. quotas over tariffs because quotas are less likely to distort trade patterns between nations. b. tariffs over quotas because, unlike quotas, tariffs offer no special benefits to inefficient exporters. c. export subsidies over quotas or tariffs because export subsidies can protect a nation's domestic producers. d. an embargo wherever possible because an embargo can serve as a political weapon in addition to being a "trade stopper." ____ 40. The Trade Adjustment Assistance program is intended to help a. businesses that seek to expand exports into protected foreign markets. b. local governments that are harmed when businesses fail as imports increase. c. protected industries obtain improved technology in order to increase productivity. d. workers and businesses that lose markets because of increases in imports.

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