econ test 1

econ test 1 - [1 From among the following the role of an...

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[1] From among the following, the role of an economist is most closely related to a) making judgments about what people should do. b) making judgments about how resources should be allocated in an economy. c) making judgments about how individuals and/or their behavior will be affected by policy. Price Quantity Demanded Quantity Supplied $15 28 18 16 26 21 17 24 24 18 22 27 19 20 30 20 18 33 [2] According to the table above, a) At a price of $16, unsatisfied sellers will put downward pressure on the price. b) At a price of $19, there is a shortage of 10 units of the good. c) At a price of $18, there is a surplus of 5 units of the good. d) Consumers will react to a fall in the price from $20 to $18 by decreasing the quantity they demand. e) None of the above. [3] Who coordinates the needs and desires of the US economy? a) The Federal Reserve Board. b) The Federal Government. c) No single individual or government agency. [4] What is a price? a) The price of a good represents the total value of the good to consumers. b) The price of a good represents the marginal value of the good to consumers. c) The price of a good is the ratio at which that good can be exchanged with another. d) None of the above. [5] Fill in the blanks in the following statement: It is __________ to change just one __________. a) It is difficult to change just one behavior. b) It is impossible to change just one price. c) It is beneficial to change just one price. d) It is impossible to change just one policy. [6] If Pepsi Cola and US dollars exchange at a ratio of 1 bottle to $1.40 and beer and US dollars exchange at a ratio of 1 bottle to $4.50, what is the price of Beer in terms of Pepsi? a) The price of beer is 1.40 / 4.50 = bottles of Pepsi. b) The price of beer is 4.50 / 1.40 = bottles of Pepsi. c) The price of beer is 4.50 bottles of Pepsi. d) The price of beer is equal to $1.40 worth of Pepsi. e) The price of beer cannot be determined without more information. [7] As the price of Pepsi rises from US$1.40 per bottle to US$1.60 per bottle, a) the price of beer implicitly falls. b) the price of beer implicitly rises. c) the price of beer does not change.
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[8] The opportunity cost of reading a single chapter from a textbook a) has nothing to do with the price you paid for the book. b) is about 1/13 th of the price you paid for the book if there are 13 chapters. c) is zero, since you have already paid for the book. [9] If there were significantly more females than males at a particular college a) competition would encourage for females to pay on dates, on average. b) competition would encourage or males to pay on dates, on average. c) competition would encourage for either to pay. d) None of the above. [10] One’s statement that “Econ 201 is the coolest class I’ve taken yet,”
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This note was uploaded on 04/07/2008 for the course ECON 201 taught by Professor Wadell during the Winter '08 term at Oregon.

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econ test 1 - [1 From among the following the role of an...

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