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ECO 415 Final Exam Guide
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Page 1
- According to Figure 1.3, The Production Possibilities Curve. the point where only satellites are produced is:
- According to Figure 1.3, at which point is it possible for the economy to produce more of both goods?
- According to Figure 1.3, which point cannot be obtained without an increase in production technology?
- The principle that the cost of something is what is sacrificed to get it, is known as the:
- The opportunity cost of going to college:
PAGE 2
- A demand curve is defined as the relationship between
- The law of demand states that quantity demanded of a product increases as
- The law of supply states that
PAGE 3
- Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, there is
- Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $50, there is
- Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, we would expect that
- Judy demands more peanuts as her income increases. From this, we can conclude that
- A normal good is defined as a good for which demand decreases when
PAGE 4
- Two goods are complements if
- Suppose that consumers expect the price of a product to decrease in the future. The result is that
- Figure 4.2 illustrates the demand for guitars. An increase in the demand for guitars is represented by the movement from
- Figure 4.2 illustrates the demand for guitars. A decrease in the demand for guitars is represented by the movement from
PAGE 5
- An inferior good is defined as a good for which demand decreases when
- When Mary’s income increases, she purchases less hamburger. We can conclude that hamburger is
- If a technological advance makes it possible to produce bananas at a lower cost,
- The value of all final goods and services produced during a given time period measures a nation’s:
- How does real gross domestic product (GDP) differ from nominal GDP?
- If Sam does not have a job and is actively looking for work, he is considered:
- Which of the following should be included in U.S. GDP?
PAGE 6
- A period when economic growth is negative for at least six months is called a:
- The period of time in which the level of output moves out of recession to a peak is called:
- Which of the following would cause an increase in aggregate demand?
- The relationship between the level of prices and the quantity of real GDP supplied is known as:
- Which of the following factors influence the position of the aggregate demand curve?
- Keynesian fiscal policy refers to:
- Government policies designed to decrease total demand and GDP are called _ policies.
PAGE 7
- Government policies designed to increase total demand and GDP are called _ policies.
- When money is accepted as payment for a good or service, it is being used as a:
- For the perfectly competitive firm:
- A perfectly competitive market:
- A market in which firms sell a homogenous product and cannot influence market price is most likely:
- Pepsi uses advertising to create the impression that Pepsi is superior to any other soft drink. Pepsi is attempting to:
- As compared to a perfectly competitive firm, a monopolistically competitive firm will:
- Price fixing is an arrangement whereby firms agree to:
PAGE 8
- Which of the following statements is false?
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