Econ 201 MIDTERM 1 PRACTICE EXAM QUESTIONS AND ANSWERS.pdf

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Econ 201 MIDTERM 1 PRACTICE EXAM QUESTIONS AND ANSWERS.pdf

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Institution Econ 201

Course Econ 201

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Econ 201 MIDTERM 1 PRACTICE EXAM QUESTIONS AND ANSWERS.pdf

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Econ 201 MIDTERM 1 PRACTICE EXAM QUESTIONS AND ANSWERS
./ ./ ./ ./ ./ ./ ./ ./

1. The "law of demand" states that, all other things constant, price and:
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

a. income are directly related ./ ./ ./

b. income are inversely related c.quantity ./ ./ ./ ./ ./

demanded are directly related ./ ./ ./

d.quantity demanded are inversely related e.tastes ./ ./ ./ ./ ./ ./

are directly related: D
./ ./ ./

2. 2. If a nation moves from position B to position A:
./ ./ ./ ./ ./ ./ ./ ./ ./ ./

a. the opportunity cost to the nation of this move is equal to 2 gutters
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

b. the opportunity cost to the nation of this move is equal to 1 gutter
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

c. the opportunity cost to the nation of this move is equal to 2 buns
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

d. the opportunity cost to the nation of this move is equal to 10 buns
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

e. none of the above: C ./ ./ ./ ./

3. 3. If the nation moves from position C to position A, the opportunity cost to the
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

economy of this move is: ./ ./ ./ ./

a. 10 buns ./

b. 4 gutters
./

c. 5 gutters
./

d. zero
e. none of the above: D ./ ./ ./ ./

4. On the production possibilities graph, production is efficient if:
./ ./ ./ ./ ./ ./ ./ ./

a. The production point is inside the frontier
./ ./ ./ ./ ./ ./

b. The production point is outside the frontier
./ ./ ./ ./ ./ ./

, c. The production point is on the frontier
./ ./ ./ ./ ./ ./

d. The production point is on or inside the frontier
./ ./ ./ ./ ./ ./ ./ ./

e. None of the above: C ./ ./ ./ ./

5. 5. In the basic circular flow diagram, households and firm interact
./ ./ ./ ./ ./ ./ ./ ./ ./ ./

a. in the markets for goods and services and in the markets for factors of pr
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

oduction
b. in the markets for goods and services and in the financial markets
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

c. in the stock markets and the market for the factors of production
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

d. in the markets for goods and services and in the foreign exchange markets
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

e. none of the above: A ./ ./ ./ ./

6. Which of the following will NOT shift the demand curve for hotdogs sold at MS
./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./ ./

U football games?:
./ ./

a. increase in income in the State of Michigan ./ ./ ./ ./ ./ ./ ./

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Uploaded on: August 29, 2025
Number of pages: 15
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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