MTTC: Microeconomics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Economics is best described as the study of:

Question 2 2. Which of the following allows us to cope with scarcity of resources?

Question 3 3. If you needed to increase the GDP, why might you focus on consumption to do this?

Question 4 4. How is an individual demand curve created?

Question 5 5. If a new clothing brand becomes more popular because some recent movie stars endorsed the clothing line, how will it affect the market equilibrium for the clothing brand?

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Question 6 6. What are the factors of production?

Question 7 7. Scarcity means:

Question 8 8. Investments in which of these do more to increase economic growth?

Question 9 9. The supply curve is _____ sloping, which means that _____ of a good will be supplied at higher prices.

Question 10 10. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following?

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Question 11 11. ____ can cause a new market equilibrium point to be created.

Question 12 12. It takes Joan 1 hour to make a pizza and 2 hours to make a cake. Joan's opportunity cost of making a pizza is which of the following?

Question 13 13. Which of the following groups of people will benefit from unexpected inflation?

Question 14 14. All of the following factors impact an economy's production possibility curve except

Question 15 15. If the unemployment rate rose from 5% to 7%, but more people were employed, what LIKELY occurred?

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Question 16 16. Which of the following is an ethereal or intangible added utility to a consumer?

Question 17 17. How do producers try to better understand their consumers?

Question 18 18. Which is the best example of a regional monopoly?

Question 19 19. All of the following are true about the demand curve in microeconomics, except what?

Question 20 20. What does the circular flow model of the economy illustrate?

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Question 21 21. The perpetual problem in economics is:

Question 22 22. Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie?

Question 23 23. You have an economics test tomorrow that you would like to pass. Which of the following activities has the greatest utility?

Question 24 24. What does the word domestic in Gross Domestic Product refer to?

Question 25 25. _____ refers to the various quantities offered for sale at various prices.

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Question 26 26. Which of the following groups includes the sum of employed and unemployed workers?

Question 27 27. Unexpectedly high inflation _____ savers and _____ borrowers.

Question 28 28. When demand for a product is greater than supply, a _____ exists and there is _____ pressure on prices.

Question 29 29. During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following?

Question 30 30. What field of economics concerns itself with the actions of individuals?

MTTC: Microeconomics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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