UTA ECON 2305 PRINCIPLES OF
MACROECONOMICS EXAM 1 (107 Questions and
answers) 2025 verified University of Texas at
Arlington
Correct
Incorrect
Your answers
X
good X demand for good X
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2 of 107
Term
Other things remaining equal, the law of demand says that higher
prices will lead to a
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smaller quantity demanded
smaller quantity supplied and stable
and lower prices to a larger
prices
quantity demanded.
larger quantity demanded and larger quantity supplied and higher
stable prices prices
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3 of 107
Definition
that people must make choices and face trade-offs in using their
resources
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, The existence of abundance The absence of scarcity
ensures necessitates
The presence of unlimited The existence of scarcity
resources allows requires
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4 of 107
Term
Shortages and scarcity are the same thing
A shortage occurs when quantity demanded is _____ than quantity
supplied at a price ________ the market clearing price.
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False False
same; opposite greater; below
False
False
Frictional and structural
change is uncertain; decreases
unemployment
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5 of 107
, Term
According to the example in the book, medical research has shown
that grapefruit juice can adversely affect the effectiveness of certain
medications. This is likely to affect the demand for grapefruit
because
According to the same example in the book, medical research has
shown that grapefruit juice can reduce the effectiveness of certain
medications. However, there is also evidence that grapefruit
consumption can lower cholesterol in young people. The net effect
on demand from these two findings
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Producers will offer more units at a higher price and fewer units at a lower price.
The law of supply then implies that a movement along the supply curve occurs
due to a change in market price.
How people allocate limited resources to satisfy unlimited wants
direct (or positive) and is called the law of supply.
people will buy less grapefruits because their tastes and preferences have
changed.
cannot be determined because they have opposite effects on demand.
Don't know?
MACROECONOMICS EXAM 1 (107 Questions and
answers) 2025 verified University of Texas at
Arlington
Correct
Incorrect
Your answers
X
good X demand for good X
, Don't know?
2 of 107
Term
Other things remaining equal, the law of demand says that higher
prices will lead to a
Give this one a go later!
smaller quantity demanded
smaller quantity supplied and stable
and lower prices to a larger
prices
quantity demanded.
larger quantity demanded and larger quantity supplied and higher
stable prices prices
Don't know?
3 of 107
Definition
that people must make choices and face trade-offs in using their
resources
Give this one a go later!
, The existence of abundance The absence of scarcity
ensures necessitates
The presence of unlimited The existence of scarcity
resources allows requires
Don't know?
4 of 107
Term
Shortages and scarcity are the same thing
A shortage occurs when quantity demanded is _____ than quantity
supplied at a price ________ the market clearing price.
Give this one a go later!
False False
same; opposite greater; below
False
False
Frictional and structural
change is uncertain; decreases
unemployment
Don't know?
5 of 107
, Term
According to the example in the book, medical research has shown
that grapefruit juice can adversely affect the effectiveness of certain
medications. This is likely to affect the demand for grapefruit
because
According to the same example in the book, medical research has
shown that grapefruit juice can reduce the effectiveness of certain
medications. However, there is also evidence that grapefruit
consumption can lower cholesterol in young people. The net effect
on demand from these two findings
Give this one a go later!
Producers will offer more units at a higher price and fewer units at a lower price.
The law of supply then implies that a movement along the supply curve occurs
due to a change in market price.
How people allocate limited resources to satisfy unlimited wants
direct (or positive) and is called the law of supply.
people will buy less grapefruits because their tastes and preferences have
changed.
cannot be determined because they have opposite effects on demand.
Don't know?
