Exam (elaborations)
BBA Exit Exam Study Questions And Answers Already Passed
- Course
- Institution
BBA Exit Exam Study Questions And Answers Already Passed
[Show more]
Content preview
BBA Exit Exam Study Questions AndAnswers Already Passed
What occurs when the price level rises? CORRECT ANSWERS People need to hold
more money, so interest rates rise, making firms borrow and invest less
The federal government enacted regulation in the 1960's requiring people to wear
seatbelts in their cars. All of the following resulted from this regulation except:
CORRECT ANSWERS Fewer pedestrians were killed in car accidents
Which of the following is true regarding the production possibilities frontier model of the
economy? CORRECT ANSWERS Any point along it represents an efficient level of
production
If the price in a market happens to be above equilibrium, there will be a ____ in the
market, and the price will tend to ____ CORRECT ANSWERS surplus, drop
The price elasticity of demand tends to be more elastic... CORRECT ANSWERS At
points further up and to the left along D curve
If a tax imposed on a good and the incident of the tax ends up falling more heavily on
the sellers, this will be because CORRECT ANSWERS Demand is less elastic than
supply for that good
If the quantity traded in a market less the equilibrium quantity... CORRECT ANSWERS
value to consumers for additional units is greater than the cost to sellers of producing
those units
Economics: A given tax will cause a bigger deadweight loss if demand and supply are:
CORRECT ANSWERS Elastic
What statement is true regarding international Trade? CORRECT ANSWERS Gains
from international trade outweigh losses for importing country
What statement is true regarding the revenues of a firm? CORRECT ANSWERS
Marginal revenue and average revenue are equal to price.
Suppose the price of fish increases, so households now buy less fish and more chicken.
This will cause the... CORRECT ANSWERS CPI to measure more inflation than there
really is
The unemployment that results because it takes time for workers to search for the jobs
that best suit their tastes and skills is called? CORRECT ANSWERS Frictional
unemployment
, What occurs when the fed reduces the reserve requirement? CORRECT ANSWERS
Money multiplier gets bigger
In a housing bust what would an economist expect the price of homes to do?
CORRECT ANSWERS Go down because of excess supply
What does balance of payment (BOP) mean? CORRECT ANSWERS Method countries
use to monitor all international monetary transactions at a specific period of time.
What is an example of events that would decrease the supply of money? CORRECT
ANSWERS Banks increase amount of excess reserve
What is money? CORRECT ANSWERS Store of value and medium of exchange
What market types describe most modern economics? CORRECT ANSWERS Mixed
Rational people make decisions on the margins. Which statement would not result in a
purchase of the product being analyzed? CORRECT ANSWERS Marginal Cost >
Marginal Benefit
How does the Federal Reserve control the money supply? CORRECT ANSWERS
Prints more as needed
Which statement is false? CORRECT ANSWERS Tariffs generate tax revenue for the
firms that hold an import license
What two terms are used to describe the aggregate supply curve? CORRECT
ANSWERS Long & Short run
If the price of a good is artificially set below the equilibrium price, what does this create?
CORRECT ANSWERS shortage
What is the name of unwanted side effects of the production of goods? CORRECT
ANSWERS Negative externality
What are the gains from specialization and trade based on? CORRECT ANSWERS
Comparative advantage
What costs should be considered when making non-routine decisions? CORRECT
ANSWERS Price of material, Factory overhead cost, Price of labor
What is product cost per unit? CORRECT ANSWERS Total product/Units produced
&sold
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ElevatedExcellence. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now