ECON 102 (ECON102)
American Public University
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ECON 102 QUIZ Chapter 1-3 Latest 2023
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ECON 102 QUIZ Chapter 1-3 Latest 2023. Which of the following will shift the production possibilities curve to the right? 
An increase in the unemployment rate from 6 to 8 percent. 
A decline in the efficiency with which the present labor force is allocated. 
A decrease in the unemployment rate from 8 to 6 percent. 
A technological advance that allows farmers to produce more output from given inputs. 
9. A market: 
reflects upsloping demand and downsloping supply curves. 
entails the exchange of...
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ECON 102 QUIZ Chapter 1-3 Latest 2023
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ECON 102 QUIZ Chapter 1-3 Latest 2023. Microeconomics: 
is the basis for the "after this, therefore because of this" fallacy. 
is not concerned with details, but only with the overall big picture of the economy. 
is concerned with individual economic units and specific markets. 
describes the aggregate flows of output and income. 
4. Normative statements are concerned primarily with: 
facts and theories. 
what ought to be. 
what is. 
rational choice involving costs and benefits 
5. A positive ...
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ECON 102 QUIZ Chapter 1-3 Latest 2023
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ECON 102 QUIZ Chapter 1-3 Latest 2023. The study of economics is primarily concerned with: 
keeping private businesses from losing money. 
demonstrating that capitalistic economies are superior to socialistic economies. 
choices that are made in seeking the best use of resources. 
determining the most equitable distribution of society's output. 
2. The saying that "there is no free lunch" means that: 
there are always trade-offs between economic goals. 
all production involves the use of scar...
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Econ 102 quiz 1, Quiz 2, Quiz 3, quiz 4, quiz 5 & Quiz 6 LATEST (UPDATED) QUESTIONS AND ANSWERS.
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Econ 102 quiz 1, Quiz 2, Quiz 3, quiz 4, quiz 5 & Quiz 6 LATEST (UPDATED) QUESTIONS AND ANSWERS.
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ECON 102 Quiz 6 UPDATED SOLUTIONS.
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ECON 102 Quiz 6 UPDATED SOLUTIONS. 1. Select the answer below that corresponds to the idea of a derived demand curve. 
A. A bagel producer hires more workers because she would like to reduce the number of hours she 
personally works at the bagel factory 
B. A bagel producer invests in a new bagel oven to take advantage of a new investment tax deduction 
C. A bagel producer decides to supply more bagels to the market, and as a result her demand for bagel 
workers increases*** 
D.All of the above ...
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Econ 102 quiz 5 LATEST QUESTIONS AND ANSWERS.
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Econ 102 quiz 5 LATEST QUESTIONS AND ANSWERS. Question 1 of 10 10.0/ 10.0 Points 
Technological progress occurs when the economy gets more output 
A. without any more capital or labor. 
 
B. by using more capital per worker. 
 
C. by using more capital but not more workers. 
 
D. by using more labor but not more capital. 
Answer Key: A 
Question 2 of 10 10.0/ 10.0 Points 
If a firm increases its use of capital while holding constant the number of workers employed, the firm 
is said to experience...
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Econ 102 quiz 4 LATEST QUESTIONS AND ANSWERS
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Econ 102 quiz 4 LATEST QUESTIONS AND ANSWERS. Question 1 of 10 10.0/ 10.0 Points 
The supply of money in the U.S. economy is determined primarily by 
A. decisions made by the Federal Reserve and the U.S. Treasury. 
 
B. the actions of the Federal Reserve and the banking system. 
 
C. consumers and the banking system. 
 
 D. the demand for money in the economy. 
Answer Key: B 
Question 2 of 10 10.0/ 10.0 Points 
One of the essential functions that a bank performs is 
A. purchasing government bond...
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ECON 102 Quiz 3 Questions And Answers (UPDATED SOLUTIONS).
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ECON 102 Quiz 3 Questions And Answers (UPDATED SOLUTIONS). 1) Suppose that the real return on assets is 4% forever. Approximately what 
is it worth to have a gift from your grandparents when you are young 
that pays $2000 a year until you die: 
a. About $2,000 
b. About $5,000; 
c. About $120,000 if you expect to live for another 60 years; 
d. About $20,000 
e. About $8,000 
f. About $50,000 
Solution: The present value of the sum of all money to be received in the 
future on this “perpetuity...
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ECON 102 Quiz 2 Questions And Answers.
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ECON 102 Quiz 2 Questions And Answers. Question 1 
0.5 / 0.5 pts 
Macroeconomics considers ________ and microeconomics considers 
________Correct! 
 economywide phenomena; choices of individuals 
Question 2 
0.5 / 0.5 pts 
Dr. Dave’s economics students are creating models explaining gasoline price changes. 
Minjun's model has realistic assumptions and is very complex. Ava's model is less 
complicated and less realistic. Minjun's model correctly predicts gas price increases 
25% of the time...
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Econ 102 quiz 1 ( QUESTIONS AND ANSWERS).
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Econ 102 quiz 1 ( QUESTIONS AND ANSWERS). Question 1 of 10 10.0/ 10.0 Points 
Economics is best defined as the study of 
 A. financial decision-making 
 
 B. how consumers make purchasing decisions. 
 
 C. choices made by people faced with scarcity. 
 
 D. inflation, unemployment, and economic growth 
Answer Key: C 
Question 2 of 10 10.0/ 10.0 Points 
Macroeconomics differs from microeconomics in that 
A. macroeconomics is the study of individual markets, while microeconomics deals with the 
nat...
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