ECON 2030 Test Questions with Correct Answers Latest Update 2025 Already Passed
Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce
resources available in that economy?
consumers
the government, consumers, and producers
producers
consumers and producers
the government - Answers the government
Economics is the study of the ________ people make to attain their goals, given their ________
resources.
choices; scarce
income; available
decisions; household
purchases; unlimited - Answers choices; scarce
Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a modern mixed economy, decides what goods and services will be produced with the scarce
resources available in that economy?
,producers
consumers
the government
all of the above - Answers all of the above
In a market economy, who decides what goods and services will be produced?
consumers and producers
only the producers
only consumers
the government - Answers consumers and producers
Every society faces economic trade-offs. This means
not everyone can have enough goods to survive.
society's output cannot be made available to all.
some people live better than others do.
producing more of one good means less of another good can be produced. - Answers producing more of
one good means less of another good can be produced.
Which of the following is a microeconomic question?
Why do economies experience periods of recession?
Why has growth in the economy slowed down over the past decade?
How will Apple decide on a selling price for the iPad?
Will government intervention lower the unemployment rate? - Answers How will Apple decide on a
selling price for the iPad?
The branch of economics which studies how households and firms make choices, interact in markets,
and how government attempts to influence their choices is called
,normative economics.
macroeconomics.
positive economics.
microeconomics. - Answers microeconomics.
Which of the following is a macroeconomic question?
What factors determine the price of iPhones?
What determines the unemployment rate?
What determines the wages and benefits of flight attendants?
How is the production quantity of digital cameras determined? - Answers What determines the
unemployment rate?
The branch of economics which studies the behavior of entire economies and policies that affect the
economy as a whole is called
public economics.
normative economics.
microeconomics.
macroeconomics. - Answers macroeconomics
If a graph has a line that shows the quantity of flat-screen televisions sold in the last five years, it is
known as
a supply curve of outsourcing.
a demand curve for outsourcing.
a time-series graph.
a pie chart. - Answers a time-series graph.
In 2019, Smileytown consumed 50,000 tubes of toothpaste. In 2020, toothpaste consumption rose to
62,000 tubes. Calculate the percentage change in toothpaste consumption.
, 12%
16.42%
19.35%
24% - Answers 24%
A demand curve shows the relationship between
the quantity that consumers are willing and able to buy and the quantity that sellers are willing and able
to offer.
the price of a produce and the demand for the product.
the price of a product and the quantity of the product demanded.
the amount of a product sellers are willing to sell at a particular price and the amount consumers are
willing to buy at that price. - Answers the price of a product and the quantity of the product demanded.
The law of demand implies, holding everything else constant, that as the price of yogurt
increases, the demand for yogurt will increase.
decreases, the quantity of yogurt demanded will decrease.
increases, the quantity of yogurt demanded will decrease.
decreases, the demand for yogurt will increase. - Answers increases, the quantity of yogurt demanded
will decrease.
The phrase "demand has increased" means that
there has been an upward movement along a demand curve.
a demand curve has shifted to the right.
a demand curve has shifted to the left.
there has been a downward movement along a demand curve. - Answers a demand curve has shifted to
the right.
Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce
resources available in that economy?
consumers
the government, consumers, and producers
producers
consumers and producers
the government - Answers the government
Economics is the study of the ________ people make to attain their goals, given their ________
resources.
choices; scarce
income; available
decisions; household
purchases; unlimited - Answers choices; scarce
Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a modern mixed economy, decides what goods and services will be produced with the scarce
resources available in that economy?
,producers
consumers
the government
all of the above - Answers all of the above
In a market economy, who decides what goods and services will be produced?
consumers and producers
only the producers
only consumers
the government - Answers consumers and producers
Every society faces economic trade-offs. This means
not everyone can have enough goods to survive.
society's output cannot be made available to all.
some people live better than others do.
producing more of one good means less of another good can be produced. - Answers producing more of
one good means less of another good can be produced.
Which of the following is a microeconomic question?
Why do economies experience periods of recession?
Why has growth in the economy slowed down over the past decade?
How will Apple decide on a selling price for the iPad?
Will government intervention lower the unemployment rate? - Answers How will Apple decide on a
selling price for the iPad?
The branch of economics which studies how households and firms make choices, interact in markets,
and how government attempts to influence their choices is called
,normative economics.
macroeconomics.
positive economics.
microeconomics. - Answers microeconomics.
Which of the following is a macroeconomic question?
What factors determine the price of iPhones?
What determines the unemployment rate?
What determines the wages and benefits of flight attendants?
How is the production quantity of digital cameras determined? - Answers What determines the
unemployment rate?
The branch of economics which studies the behavior of entire economies and policies that affect the
economy as a whole is called
public economics.
normative economics.
microeconomics.
macroeconomics. - Answers macroeconomics
If a graph has a line that shows the quantity of flat-screen televisions sold in the last five years, it is
known as
a supply curve of outsourcing.
a demand curve for outsourcing.
a time-series graph.
a pie chart. - Answers a time-series graph.
In 2019, Smileytown consumed 50,000 tubes of toothpaste. In 2020, toothpaste consumption rose to
62,000 tubes. Calculate the percentage change in toothpaste consumption.
, 12%
16.42%
19.35%
24% - Answers 24%
A demand curve shows the relationship between
the quantity that consumers are willing and able to buy and the quantity that sellers are willing and able
to offer.
the price of a produce and the demand for the product.
the price of a product and the quantity of the product demanded.
the amount of a product sellers are willing to sell at a particular price and the amount consumers are
willing to buy at that price. - Answers the price of a product and the quantity of the product demanded.
The law of demand implies, holding everything else constant, that as the price of yogurt
increases, the demand for yogurt will increase.
decreases, the quantity of yogurt demanded will decrease.
increases, the quantity of yogurt demanded will decrease.
decreases, the demand for yogurt will increase. - Answers increases, the quantity of yogurt demanded
will decrease.
The phrase "demand has increased" means that
there has been an upward movement along a demand curve.
a demand curve has shifted to the right.
a demand curve has shifted to the left.
there has been a downward movement along a demand curve. - Answers a demand curve has shifted to
the right.
