Macroeconomics Online Quiz Review

3/12/13
Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1
Macroeconomics - ECO202 - UF3 - AUM Spring 2013
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American University of the Middle East

AUM Macroeconomics - EC O202 - UF3 - AUM Spring 2013 Quizzes Online Quiz #1 Review
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Online Quiz #1 Review of attempt 2

Zainab Al-Hazeem Attempts Started on Completed on Time taken Grade 1, 2 Sunday, 10 March 2013, 02:21 PM Monday, 11 March 2013, 02:10 PM 23 hours 48 mins 100 out of a maximum of 100 (100%)
1 5
The highest valued alternative that must be given up to engage Marks:in an activity is the definition of Choose one answer. a. opportunity cost. b. marginal benefit. c. marginal cost. d. economic equity. Make comment or override grade Correct
Marks for this submission: 5/5.
correct
2 5
The relationship between consumer spending and disposable Marks:personal income is Choose a. a direct relationship. correct
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myportal.aum.edu.kw/mod/quiz/review.php?q=3436&attempt=80293
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one answer.
b. an inverse relationship. c. independent. d. a negative relationship.
Make comment or override grade Correct

Table 8-1 Quantity 50 40 1,000 2,000 Price $35.00 75.00 4.00 0.50
Marks: Product 5 Sweatshirts Dental examinations Coffee drinks Coffee beans
Refer to Table 8-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals Choose one answer. a. $7,250. b. $9,750. c. $8,750. d. 3,090 units. Make comment or override grade Correct
correct
If, in response to an increase in the price of chocolate, the Marks:quantity demanded of chocolate decreases economists would describe this as 5 Choose one answer. a. a decrease in demand. b. a decrease in consumers' taste for chocolate.
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c. a decrease in quantity demanded. d. a change in consumer income. Make comment or override grade Correct
correct
Which of the following is a positive economic statement? a. The government should revamp the health care system. b. The standard of living in the United States should be higher. c. The U.S. government should not have bailed out U.S. auto manufacturers. d. If the price of iPhones falls, a larger quantity of iPhones will be purchased. Make comment or override grade Correct
Marks: 5 Choose one answer.
correct
How are the fundamental economic questions answered in a market economy? Marks: 5 a. Individuals, firms, and the government Choose interact in markets to decide the answers one to these questions. answer. b. The government alone decides the answers. c. Large corporations alone decide the answers. d. Households and firms interact in markets correct to decide the answers to these questions. Make comment or override grade Correct
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If an increase in income leads to a decrease in the demand for popcorn, then popcorn is Marks: 5 a. a neutral good. Choose one b. an inferior good. correct answer. c. a normal good. d. a necessity. Make comment or override grade Correct
8 5
Increases in real GDP would understate the well-being of a Marks:country over time if, over that time period, the Choose one answer. a. amount of pollution decreased. b. percentage of people addicted to illegal drugs increased. c. average hours worked per week decreased. d. crime rate increased. Make comment or override grade Correct
correct
Economists reason that the optimal decision is to continue any activity up to the point where the Marks: 5 a. marginal benefit is greater than the Choose marginal cost. one answer. b. marginal benefit is zero. c. marginal cost is zero. d. marginal benefit equals the marginal cost. Make comment or override grade Correct
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correct
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10
Which of the following would cause a decrease in the supply of milk? Marks: 5 a. a decrease in the price of milk Choose one b. an increase in the number of firms that answer. produce milk c. an increase in the price of cookies (assuming that milk and cookies are complements) d. an increase the price of a product that producers sell instead of milk Make comment or override grade Correct
correct
11
In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods Marks: and services. 5 Choose one answer. a. may be greater than or less than b. is less than c. is greater than d. equals Make comment or override grade Correct
correct
12 Marks: 5
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Figure 3-7 ...
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what
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happens in this market when the price of steak rises? Choose one answer. a. Panel (b) b. Panel (a) c. Panel (c) d. Panel (d) Make comment or override grade Correct
correct
13
Which of the following statements is true about competition in a market? Marks: 5 a. Competition forces firms to add only low Choose profit margins to their costs of production. one answer. b. Competition forces firms to produce and correct sell products as long as the marginal benefit to consumers exceeds the marginal cost of production. c. Competition forces firms to undercut their selling price, thus benefiting consumers who will be able to purchase products at the lowest price possible. d. Competition forces firms to outsource the production of their labor-intensive products. Make comment or override grade Correct
14
If the Apple iPad and the Samsung Galaxy Tab are considered Marks:substitutes, then, other things equal, an increase in the price of the iPad will 5 Choose one answer. a. decrease the demand for the iPad. b. increase the quantity demanded for the Galaxy Tab. c. increase the demand for the Galaxy Tab. correct
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d. increase the quantity demanded for the iPad. Make comment or override grade Correct
15
Table 8-8 Year 2005 2011 Guns Produced 80 90 Price of Guns $5 6 Butter Produced 40 60 Price of Butter $4 10
Marks: 5
Consider the following data for Tyrovia, a country that produces only two products: guns and butter. Refer to Table 8-8. Real GDP for Tyrovia for 2011 using 2005 as the base year equals Choose one answer. a. $1,140. b. $880. c. $690. d. $560. Make comment or override grade Correct
correct
16
Macroeconomics seeks to understand a. economic growth, business cycles, and inflation. b. public choices, private choices, and consumer maximization. c. product demand, product cost, and profit maximization. d. industry sales, marketing strategies and correct
Marks: 5 Choose one answer.
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corporate growth. Make comment or override grade Correct

17 5
If a firm has an incentive to increase supply now and decrease Marks:supply in the future, the firm expects that the Choose one answer. a. price of inputs will be lower in the future than they are today. b. price of its product will be lower in the future than it is today. c. demand for the product will be lower in the future than it is today. d. price of its product will be higher in the future than it is today. Make comment or override grade Correct
correct
18
Table 8-9 Year 2008 2009 2010 2011 Nominal GDP $7,400 7,813 8,301 8,760 Real GDP $7,537 7,813 8,165 8,516
Marks: 5
Refer to Table 8-9. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is Choose one answer. a. 2008. b. 2011. c. 2009. d. 2010.
correct
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19
Select the phrase that correctly completes the following statement. "A positive change in technology caused an increase Marks: in the supply of flat-screen televisions. As a result ________." 5 Choose one answer. a. the price of flat-screen televisions decreased and the quantity demanded of flat-screen televisions increased b. the price of flat-screen televisions decreased and the demand for flat-screen televisions increased c. the price of flat-screen televisions decreased. The lower price caused the supply of flat-screen televisions to decrease d. the equilibrium quantity of flat-screen televisions decreased Make comment or override grade Correct
correct
20
Table 8-4 $800 300 300 400 300 100
Marks: Consumption 5 expenditures Investment expenditures Government purchases Government transfer payments Exports Imports
Refer to Table 8-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals Choose a. $2,200.
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one answer.
b. $1,400. c. $2,100. d. $1,600. correct

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3/12/13

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Macroeconomics - ECO202 - UF3 - AUM Spring 2013

You are logged in as Hong Lee (Logout)

American University of the Middle East

of attempt 2 Update this Quiz

Edit Item analysis

Online Quiz #1 Review of attempt 2

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

b. an inverse relationship. c. independent. d. a negative relationship.

Make comment or override grade Correct

Marks: Product 5 Sweatshirts Dental examinations Coffee drinks Coffee beans

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Marks: 5 Choose one answer.

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Figure 3-7 ...

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Marks: 5 Choose one answer.

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

corporate growth. Make comment or override grade Correct

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

Make comment or override grade Correct

Table 8-4 $800 300 300 400 300 100

Macroeconomics - ECO202 - UF3 - AUM Spring 2013: Online Quiz #1

b. $1,400. c. $2,100. d. $1,600. correct

Make comment or override grade Correct

You are logged in as Hong Lee (Logout)

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