Quiz 7 TA Questions-Revised
1. Which of the following statements best describes the difference between gross
domestic product and gross national product?
a. Gross domestic product is always larger than gross national product
Practice Questions for Quiz 9
1. A fall in the rate of inflation is known as
d. GDP Deflator
2. Which types of unemployment occur no matter what the level of economic activity is,
and make up th
Fall 2010 Practice Quiz #11 Questions
1. If rising incomes in China result in an increase in demand for imports in China, then what
will happen to the supply of the Chinese Yuan and the exchange rate for the Chinese Yuan?
a. The supply of the Chi
Practice Quiz #3 Questions (based on Spring 2010 Questions)
1. Which of the following situations indicates a change in demand (instead of a
change in quantity demanded)?
a. The price of Coke products increases and consumers buy more Pepsi.
Quiz 4 Questions
1. Sarah runs her own farm. She pays $30,000 a year for seeds. She employs 2
workers each year and pays them each $25,000 a year. Sarah rents farm
equipment for $100,000 each year. Instead of farming her land, Sarah c
Practice Questions for Quiz 10
1. If the interest rate is 7%, what is the present value of $1500 to be received in 4
If the interest rate is 7%, how much would you be willing to
Spring 2010 Quiz #2 Questions
Suppose that Alex and Kevin work for 10 hours during which they can either make Guns or
butter. The table below shows the productivity of both of them in producing these two goods in
Quiz 5 TA Questions
1. An increase in supply leads to:
a. An increase in equilibrium price and an increase in quantity sold
b. An increase in equilibrium price and a decrease in quantity sold
c. A decrease in equilibrium price and an
Quiz 6 Questions
1. According to the second law of demand:
a. Beyond some input level, the marginal product of an input declines with
successive increases in the use of the input.
b. Beyond some input level, the marginal product of an
Quiz 7 Questions
1. Assume that demand and supply are neither perfectly elastic nor perfectly
inelastic. If an excise tax is imposed on chocolate, the price consumers pay for
chocolate after the tax will _ and the quantity of chocolat
Quiz 12 TA Questions
1. According to lecture, which of the following is NOT a characteristic of money?
a. It is a store of value
b. It is a medium of exchange
c. It can be redeemed for gold from the government
d. It is a unit of accou
ECO210: Midterm 1
Suggested solutions for the rst midterm.
1. (8 points) Convert the following system of equations to matrix form, and use Cramer's rule to solve
for each of x, y , and z .
2x y + z = 3
y 3z + 2 = 0
(a) The matrix would look like