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Date
May 17, 2024
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Uploaded by BarristerOryx4479
5/15/24, 6:55 PM
Unit 1 Test: Macroeconomics - ECO101_4000
https://egcc.instructure.com/courses/41738/quizzes/256615?module_item_id=4043512
1/9
Unit 1 Test
Due Mar 31 at 11:59pm
Points 30
Questions 30
Available Mar 25 at 12am - Apr 5 at 11:59pm
Time Limit None
Allowed Attempts 2
This quiz was locked Apr 5 at 11:59pm.
Attempt History
Attempt
Time
Score
KEPT
Attempt 2
35 minutes
29 out of 30
LATEST
Attempt 2
35 minutes
29 out of 30
Attempt 1
68 minutes
26 out of 30
Score for this attempt: 29 out of 30
Submitted Mar 31 at 9:36pm
This attempt took 35 minutes.
Question 1
1 / 1 pts
Correct!
allocative efficiency
the production possibilities frontier
trade-offs
scarcity
Question 2
1 / 1 pts
prices rise
equilibrium is achieved
Correct!
The choice on a production possibilities set that is socially preferred, or the choice on an individual’s
budget constraint that is personally preferred, will display _____________________.
When __________________, a firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the
right.
5/15/24, 6:55 PM
Unit 1 Test: Macroeconomics - ECO101_4000
https://egcc.instructure.com/courses/41738/quizzes/256615?module_item_id=4043512
2/9
costs of production fall
there is a population increase
Question 3
1 / 1 pts
balanced budget
prudent monetary policy
Correct!
low inflation
assuring competition between firms
Question 4
1 / 1 pts
budget constraint
sunk cost
Correct!
opportunity cost
budget constraint
Question 5
1 / 1 pts
Correct!
government spending
bank lending
financial capital markets
household spending
Question 6
1 / 1 pts
Rent controls
When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
In many cases, it is reasonable to refer to the ________________ as the price.
Which of the following best describes a fiscal policy tool?
______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.
5/15/24, 6:55 PM
Unit 1 Test: Macroeconomics - ECO101_4000
https://egcc.instructure.com/courses/41738/quizzes/256615?module_item_id=4043512
3/9
Price ceilings
Correct!
Price floors
Subsidies
Question 7
1 / 1 pts
nothing, because he enjoys playing basketball more than studying.
the increase in skill he obtains from playing basketball for that hour.
Correct!
the benefit to his grades from studying for an hour.
nothing, because he had a free pass into the sports complex to play basketball.
Question 8
1 / 1 pts
division of labour
Correct!
international trade
economies of scale
command economy
Question 9
1 / 1 pts
everything is variable.
Correct!
all else is held equal
no one knows which variables will change and which will remain constant.
what is true for the individual is not necessarily true for the whole.
Question 10
Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:
Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for
Belgium, Korea, and Canada to take full advantage of specialization?
Any given demand or supply curve is based on the ceteris paribus assumption that ___________________.
5/15/24, 6:55 PM
Unit 1 Test: Macroeconomics - ECO101_4000
https://egcc.instructure.com/courses/41738/quizzes/256615?module_item_id=4043512
4/9
1 / 1 pts
law of trade-offs
Correct!
law of diminishing marginal utility
production possibilities frontier
law of increasing marginal utility
Question 11
1 / 1 pts
higher demand
Correct!
lower costs of production
equilibrium
a shift in demand
Question 12
1 / 1 pts
Correct!
opportunity set
consumption choice
time value of money
risk premium
Question 13
1 / 1 pts
Economists refer to this pattern, the ___________________________________, which means that as a
person receives more of a good, the additional or marginal utility from each additional unit of the good
declines.
If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm’s profits will
increase.
The model that economists use for illustrating the process of individual choice in a situation of scarcity is
the budget constraint, sometimes also called the _______________, a diagram which shows what
choices are possible.
Most real-world choices aren't about getting all of one thing or another, instead, most choices involve
_________________, which involves comparing the benefits and costs of choosing a little more or a little
less of a good.
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Homework (Ch 15)
5. Monopoly outcome versus competition outcome
Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the
city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power.
The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs.
%3D
Place the black point (plus symbol) on the graph to indicate the market price and quantity that will result from competition.
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+.
4.5
PC Outcome
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3.0
2.5
S=MC
1.5
0.5
D.
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140
160 180
09
QUANTITY (Hot dogs)
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F6
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Units
Units
Sold
767
787
817
817
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0.80
Month
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1.20
743
843
0.89
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827
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300
400
500
600
Total cost
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Price per
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$7900
$420
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$5900
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$1015
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Quantity of Workers
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10,000
7,000
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8,000
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$20
6,000
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10,000
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Draw
Design
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Аa v
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AaBbCcDdEe
AaBbCcDc AaBbCcDdE AaBbCcDc
AaBbCcDdEe
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Econ 2100
HW 14
Chapter 14
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Labor
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1
10|
$4
2
8
$4
3
7
$4
5
$4
3
$4
1
$4
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