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ANSWERS
ECO 212 Final Exam
1) Which of the following issues is an
application of using macroeconomics to make a real world decision?
2) The forces that make market economies work
are
3) A market is a
4) If a decrease in income increases the
demand for a good, then the good is
5) Two goods are substitutes if a decrease in
the price of one good
6) A likely example of substitute goods for
most people would be
7) Another term for equilibrium price is
8) If, at the current price, there is a
shortage of a good,
9) If there is suddenly an increase in
population in North Carolina, then the average wage for North Carolina will
10) The marginal product of labor is equal to
the
11) When we focus on the firm as a supplier
of a good or a service, we assume that the firm is a profit maximizer. eco 212
final exam, When we focus on the firm as a demander of labor, we assume that
the firm`s objective is to
12) What are the two types of imperfectly
competitive markets?
13) Monopolistically competitive firms are
typically characterized by
14) The commercial jetliner industry,
consisting of Boeing and Airbus, would best be described as a (an)
15) Imperfectly competitive firms are
characterized by
16) Gross domestic product serves as a
measure of two things:
17) Which of the following newspaper
headlines would be more closely related to what macroeconomists study than to
what macroeconomists study?
18) A fiscal policy can be
19) Stagflation exists when prices
20) An expansionary fiscal policy will
21) If money is used as a mechanism to hold
purchasing power for a period of time, it is functioning as a
22) Inflation can be measured by the
23) Given the following information about AAA
bank:
24) Sally sells 40 bags of lettuce for a
total of $80 at the farmers’ market.
25) Monetary neutrality implies that an
increase in the quantity of money will
26) For any country, if the world price of
computers is higher than the domestic price of computers without trade, that
country should
27) Outflow represents the quantity of
dollars
28) In the open economy macroeconomic model,
net capital outflow is equal to the quantity of
29) A tariff on a product
30) Aquilonia has decided to end its policy
of not trading with the rest of the world. When it ends its trade restrictions,
it discovers that it is importing incense, exporting steel, and neither
importing nor exporting rugs. Eco 212 final exam, Which groups in Aquilonia are
better off as a result of the new free-trade policy?
