Unit 1 Test

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Eastern Gateway Community College *

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101

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Economics

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May 17, 2024

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pdf

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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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