Econ 101 quiz 1 7 - Study guides, Class notes & Summaries

MACRO ECON 101 PRACTICE QUIZ ANSWERS AVAILABLE 2022-2023 1. If real GNP has doubled and nominal GNP has quadrupled we can say that: a) prices have quadrupled b) prices have doubled c) prices are unchanged d) prices have fallen by 50% 2. If you purchase $10 million worth of stock in IBM, GNP would: a) be unchanged b) rise by $10 million c) rise by $10 million plus a share of the profits earned by Digital d) rise, the exact amount of this increase would depend on whether the s...

ECON 101 Quizzes, Midterm and Final Exam (ECON 101 QUIZ 1-7, ECON 101 MIDTERM EXAM & ECON 101 FINAL EXAM)

ECON 101 Week 2 Quiz Ch 3 Week 2 Quiz (Chapter 3) Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points A shift of a demand curve to the right, all other things unchanged, will: A.increase equilibrium price and quantity. B.decrease equilibrium price and quantity. C.decrease quantity and increase price. D.increase quantity and decrease price. Question 2 of 10 10.0 Points If the current price is above t...

ECON 101 Quiz 6 Week 6 Ch. 9 Week 6 Quiz (Chapter 9 & 10) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points Perfect competition is characterized by: A. rivalry in advertising. B. fierce quality competition. C. the inability of any one firm to influence price. D. widely recognized brands. Question 2 of 10 10.0 Points An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by p...

ECON 101 Quiz 7 Week 7 Ch 11 Week 7 Quiz (Chapter 11) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points Monopolistic competition is an industry characterized by a: A. small number of firms producing identical products, with barriers to entry for firms. B. small number of firms producing similar products, with relatively easy entry for firms. C. large number of firms producing similar products, with relatively easy entry for firms. D. large number of firms produc...

ECON 101 Quiz 5 Week 5 Ch. 8 Week 5 Quiz (Chapter 8) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points Average variable cost is: A. the firm's variable cost per unit multiplied by the quantity. B. total variable cost divided by quantity. C. the difference between average total cost and total variable cost. D. the difference between total cost and total variable cost. Question 2 of 10 10.0 Points Which of the following is (are) correct? A. Firms are or...

ECON 101 Week 1 quiz Week 1 Quiz (Chapters 1 & 2) Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points The branch of economics that examines the impact of choices on aggregates in the economy is: A. positive economics. B. normative economics. C. macroeconomics. D. microeconomics. Question 2 of 10 10.0 Points When we are forced to make choices we are facing the concept of: A. ceteris...