Econ 211 Exam 1 Practice Questions & Complete Solutions 2024
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Course
Econ 211
Institution
Econ 211
Which concept would be addressed by microeconomics?
A) the national unemployment rate
B) the reasons for a decline in a country's total output
C) the price of college tuition that an individual student pays
D) the inflation rate in Brazil - Correct Answer C
Consider the following statement...
Econ 211 Exam 1 Practice Questions & Complete
Solutions 2024
Which concept would be addressed by microeconomics?
A) the national unemployment rate
B) the reasons for a decline in a country's total output
C) the price of college tuition that an individual student pays
D) the inflation rate in Brazil - Correct Answer C
Consider the following statements. Which, if any, are positive statements?
I. Main Street needs more coffee shops.
II. A new parking garage on campus will reduce parking congestion.
III. Last winter, the state should have spent more money on snow removal.
A) I
B) I and II
C) II only
D) I, II, and III - Correct Answer C
A common definition of economics is that it is the study of:
A) the allocation of scarce resources to satisfy competing wants.
B) maximizing net personal disposable income.
C) the factors underlying financial markets.
D) maximizing personal financial wealth. - Correct Answer A
The basic idea of opportunity cost is that:
A) buyers miss opportunities to find better bargains.
B) using resources in an activity imposes costs on other people.
C) the decision to use resources in one activity means that the resources cannot be used elsewhere.
D) economic agents are always looking for better opportunities. - Correct Answer C
, Which example represents incentives for decisions?
A) tax deductions for individual retirement accounts
B) investment tax credits for businesses
C) tax deductions for education saving accounts
D) All of these are incentives. - Correct Answer D
A basic belief of economics is that:
A) people always, and in every case, respond to economic incentives.
B) in general, people respond to economic incentives.
C) history shows that tax incentives rarely work.
D) people do not respond to changes in costs and prices. - Correct Answer B
Marginal analysis would put an emphasis on:
A) total monetary costs and benefits.
B) total opportunity costs and benefits.
C) additional costs and benefits.
D) total tangible costs and benefits. - Correct Answer C
(Figure: Mileage and Speed by Car Weight) Which statement about the graph is CORRECT?
I. The heavier the vehicles, ceteris paribus, the lower the mileage.
II. The higher the speed of the vehicle past 50 miles per hour, ceteris paribus, the lower the mileage.
III. Weight and speed have a linear relationship with mileage.
A) I only
B) II only
C) I and II
D) I, II, and III
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