ECON 1113 Test 1- University of Oklahoma
Exam Questions With Correct Answers
Which of the following is NOT one of the major categories of economic
| | | | | | | | | | | | |
resources directly used to produce goods and services? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Money/currency
Consumers "Dollar Votes" [or other currencies in countries other than
| | | | | | | | | |
the USA] are the primary guide in answering which of the fundamental
| | | | | | | | | | | |
questions in a market economy? - CORRECT ANSWER✔✔-What will be
| | | | | | | | | |
produced?
Deregulation can solve the problem of regulatory capture and increase
| | | | | | | | | |
economic efficiency: - CORRECT ANSWER✔✔-If the deregulated
| | | | | | |
industry becomes more competitive
| | |
In a market system, which of the following will eliminate high-cost
| | | | | | | | | | |
producers, and allow only the low-cost producers to survive? - CORRECT
| | | | | | | | | |
|ANSWER✔✔-Competition
An increase in the demand for a product and a reduction in its costs of
| | | | | | | | | | | | | | |
production would: - CORRECT ANSWER✔✔-Encourage firms to enter an
| | | | | | | | |
industry
, Based on cost-benefit analysis, Normal University should undertake: -
| | | | | | | | |
CORRECT ANSWER✔✔-Level Four | |
At a price of $5, the weekly market quantity demanded for hamburger
| | | | | | | | | | | |
is: - CORRECT ANSWER✔✔-24
| | |
If the nation produces more and more tanks, the opportunity cost of
| | | | | | | | | | | |
each additional tank in terms of autos: - CORRECT ANSWER✔✔-
| | | | | | | | |
Increases
Which is most likely to be observed in a community where price ceilings
| | | | | | | | | | | | |
are imposed on residential rents? - CORRECT ANSWER✔✔-A shortage of
| | | | | | | | |
available units to rent
| | | |
As a result of a decline in the price of gasoline, driving trips become
| | | | | | | | | | | | | |
more affordable relative to flying by airplane. This is an illustration of: -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-The substitution effect | | |
Where there are positive externalities (spillover benefits) from
| | | | | | | |
producing a good, the private market left alone - CORRECT
| | | | | | | | | |
ANSWER✔✔-will not produce enough of the good | | | | | |
Exam Questions With Correct Answers
Which of the following is NOT one of the major categories of economic
| | | | | | | | | | | | |
resources directly used to produce goods and services? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Money/currency
Consumers "Dollar Votes" [or other currencies in countries other than
| | | | | | | | | |
the USA] are the primary guide in answering which of the fundamental
| | | | | | | | | | | |
questions in a market economy? - CORRECT ANSWER✔✔-What will be
| | | | | | | | | |
produced?
Deregulation can solve the problem of regulatory capture and increase
| | | | | | | | | |
economic efficiency: - CORRECT ANSWER✔✔-If the deregulated
| | | | | | |
industry becomes more competitive
| | |
In a market system, which of the following will eliminate high-cost
| | | | | | | | | | |
producers, and allow only the low-cost producers to survive? - CORRECT
| | | | | | | | | |
|ANSWER✔✔-Competition
An increase in the demand for a product and a reduction in its costs of
| | | | | | | | | | | | | | |
production would: - CORRECT ANSWER✔✔-Encourage firms to enter an
| | | | | | | | |
industry
, Based on cost-benefit analysis, Normal University should undertake: -
| | | | | | | | |
CORRECT ANSWER✔✔-Level Four | |
At a price of $5, the weekly market quantity demanded for hamburger
| | | | | | | | | | | |
is: - CORRECT ANSWER✔✔-24
| | |
If the nation produces more and more tanks, the opportunity cost of
| | | | | | | | | | | |
each additional tank in terms of autos: - CORRECT ANSWER✔✔-
| | | | | | | | |
Increases
Which is most likely to be observed in a community where price ceilings
| | | | | | | | | | | | |
are imposed on residential rents? - CORRECT ANSWER✔✔-A shortage of
| | | | | | | | |
available units to rent
| | | |
As a result of a decline in the price of gasoline, driving trips become
| | | | | | | | | | | | | |
more affordable relative to flying by airplane. This is an illustration of: -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-The substitution effect | | |
Where there are positive externalities (spillover benefits) from
| | | | | | | |
producing a good, the private market left alone - CORRECT
| | | | | | | | | |
ANSWER✔✔-will not produce enough of the good | | | | | |
