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Econ 202 Questions with Correct Answers.
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Econ 202 Questions with Correct Answers.
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Econ 202 Questions with Correct Answers-Which of the following are common positive macroeconomic frames of
reference? Correct Answer-Emperical, Theoretical and historical
-Which of the following is an accurate description of the question, "should Germany support Ukraine in its conflict with Russia if that support results in a fall in German economic growth?" Correct Answer-
A microeconomic reasoned judgment question
-Which one of the following is an example of a menu cost? Correct Answer-The cost of changing the prices of items on a store shelf
-The lecture by Harvard philosopher Michael Sandel focuses on: Correct
Answer-the importance of non-market forms of decision making
- Which one of the following is NOT a reason that markets produce efficient outcomes, according to the basic neoclassical model? Correct Answer-Markets account for all negative and positive externalities
-Which one of the following statements is FALSE? Correct Answer-
Moneterists believe that the economy can be fine tuned by governments
-The opportunity cost of something is the value of the next best alternative - TRUE Correct Answer-... -The normal boundary of the 'macroeconomy' is - A nation Correct Answer-...
-Which one of the following would NOT be classified as part of the public purpose sphere? Correct Answer-A farmer cooperative selling milk
-Which one of the following is an example of a transaction cost? Correct
Answer-A fee of $500 is paid to a lawyer for writing a business contract
-Which of the following is not a macroeconomics question? Correct Answer-How much will the freeze in Brazil drive up the price of coffee
-A transfer of goods or services is referred to as... Correct Answer-an in-
kind transfer
-Depreciation occurs whenever a stock is greater in quantity than a flow - FALSE Correct Answer-...
-Suppose there is a decrease in the demand for hats. What would we expect to happen to the equilibrium price and quantity of hats? Correct Answer-Price and quantity will both fall
-When economist engage in normative analysis, the two most common frames of reference that they use are: Correct Answer-Efficiency and fairness -The two ways distribution can occur is through exchange or transfer - True Correct Answer-...
-The rise of oil prices in the 1970s is an example of a supply shock - True Correct Answer-...
-The economic activity of production would include the mailing of Social Security checks by the US federal government - False Correct Answer-...
-What is the difference between a stock and flow? Correct Answer-Flow
measured over time, stock is at a point and time
-The Machin video focuses on - reasons for the increase in income inequality over the past several decades Correct Answer-reasons for the increase in income inequality over the past several decades
-Critical thinking about macroeconomic issues requires that you do what
before analyzing the particular macroeconomic issue at hand? - Correct Answer-Don't worry about what macro information, theories, and conclusions that you already hold or believe
-The buying and selling of assets on the expectation of profiting from price changes is known as... Correct Answer-Speculation
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