ECON 302 Intermediate Microeconomic Theory II
Exam Multiple Choice study guide solution for
2024 exam prep Concordia University
, ECON 302 Intermediate Microeconomic Theory II Exam Multiple Choice study guide solution
for 2024 exam prep Concordia University
The study of the economy as a whole is called:
A) household economics.
B) business economics.
C) microeconomics.
D) macroeconomics - CORRECT ANSWER D.) Macroeconomics
GDP is the market value of all ______ goods and services produced within an economy
in a given period of time.
A) used
B) intermediate
C) consumer
D) final - CORRECT ANSWER D.) final
According to the definition used by the U.S. Bureau of Labor Statistics, a person is not
in the labor force if that person:
A) is going to school full time.
B) is temporarily absent from a job because of illness.
C) has been temporarily laid off.
D) is out of a job and looking for work during the previous four weeks. - CORRECT ANSWER
A.) is going to school full time.
If an increasing proportion of the adult population is retired, then the labor force
, participation rate:
A) will increase.
B) will decrease.
C) will remain constant.
D) may increase, decrease, or remain constant. - CORRECT ANSWER B.) will decrease.
Which of the following is not a variable considered by macroeconomists:
A) Gross Domestic Product (GDP)
B) Consumer Price Index (CPI)
C) unemployment rate
D) consumer surplus - CORRECT ANSWER D.) consumer surplus
A production function is a technological relationship between:
A) factor prices and the marginal product of factors.
B) factors of production and factor prices.
C) factors of production and the quantity of output produced.
D) factor prices and the quantity of output produced. - CORRECT ANSWER C.) factors of
production and the quantity of output produced.
The investment function slopes ______ because there are ______ investment projects
that are profitable as the interest rate decreases.
A) upward; fewer
B) upward; more
C) downward; fewer
D) downward; more - CORRECT ANSWER D.) downward; more
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