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Exam (elaborations)

ECON 101 MACROECONOMICS CH1-7 QUESTIONS WITH CORRECT ANSWERS 2025

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ECON 101 MACROECONOMICS CH1-7 QUESTIONS WITH CORRECT ANSWERS 2025

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Business Finance
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Institution
Business finance
Course
Business finance

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Uploaded on
November 11, 2024
Number of pages
15
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • econ 101 macroeconomics ch1 7 questions with corre

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ECON 101 MACROECONOMICS CH1-7
QUESTIONS WITH CORRECT ANSWERS
2025
MINIMUMOWAGEO_________

LAWOTHATOSTIPULATESOTHEOMAXIMUMOINTERESTORATEOONOLOANS_________

USOGOVTOGUARANTEEOONOTHEOMINIMUMOPRICEOOFOSUGAR________

RENTOCONTROLOINOLARGEOUSOCITIES_________O-OcorrectOanswer-PRICEOFLOOR

PRICEOCEILING

PRICEOFLOOR

PRICEOCEILING



REDUCTIONOINOTHEOQUALITYOOFOGOODOANDOSERVICES_______

THEOGOVTOREGULATEDOPRICEOISOHIGHEROTHANOTHEOMARKETOEQUILLIBRIUMOPRICE_______

AOSHORTAGEOWILLOLIKELYOOCCUROINOTHEOMARKET______

AOSURPLUSOWILLOLIKELYOOCCUROINOTHEOMARKET______O-OcorrectOanswer-PRICEOCEILING

PRICEOFLOORO

PRICEOCEILING

PRICEOFLOOR



RENTOCONTROLOESTABLISHESOAOPRICEOCEILINGOFOROAPARTMENTSOINOAOCITY.OASOAORESULT,OTHEORENTOPAI
DOBYORENTERSO_____,OANDOTHEORENTORECEIVEDOBYOAPARTMENTOOWNERSO____.OAO______OWILLOOCCU
ROINOTHEOAPARTMENTORENTALOMARKET.O-OcorrectOanswer-DECREASES,ODECREASES,OSHORTAGE



IFOFINANCIALOINVESTORSOEXPECTOAOCORPORATION'SOPROFITSOTOODECREASE,OTHENOTHEODEMANDOCURV
EOOFOITSOSTOCKO______,OANDOTHEOSUPPLYOCURVEOOFOITSOSTOCKO_______.OTHEORESULTOWILLOBEO______
_INOTHEOPRICEOOFOTHEOCORPORATIONSOSTOCKOSHARES.O-OcorrectOanswer-
SHIFTOTOOTHEOLEFT,OSHIFTSOTOOTHEORIGHT,OAODECREASE



PEOPLEOOFTENOARGUEOTHATOTHEREOISOAOSHORTAGEOOFOCHILDCARE.OUSINGOTHEOMODELOOFODEMANDOA
NDOSUPPLY,OWHICHOOFOTHEOFOLLOWINGOEVALUATIONSOWOULDOBEOTRUE?O-OcorrectOanswer-

, CHILDOCAREOISOAORELATIVELYOEASYOINDUSTRYOTOOENTER,OSOOITOSHOULDOBEOEXPECTEDOTOOHAVEOAOPRICE
ODETERMINEDOBYODEMANDOANDOSUPPLY.OTHATOSUGGESTSOTHATONOOSHORTAGEOSHOULDOEXIST.




AOminimumOpriceOsetOaboveOtheOequilibriumOpriceOisOa:O-OcorrectOanswer-PRICEOFLOOR



THEOEQUILIBRIUMOPRICEOISOOFTENOCONSIDEREDOTOOBEOJUSTORIGHTOBECAUSEO-OcorrectOanswer-
NOOSURPLUSOOROSHORTAGEOEXISTS



AOPRICEOCEILINGOISO-OcorrectOanswer-
AOGOVTOPRICEOCONTROLOTHATOSETSOTHEOMAXIMUMOALLOWABLEOPRICEOANDOTENDSOTOOCAUSEOAOSHOR
TAGE



WHICHOOFOTHEOFOLLOWINGOISOTHEOREASONOWHYOOILOPRICESODIPPEDOINTOOTHEONEGATIVEOINO2020?O-
OcorrectOanswer-

MANYOBUYERSOANDOPRODUCERSORANOOUTOOFOROOMOTOOSTOREOOILOTHATOWASOTOOBEOTRADEDOONTOOT
HEOMARKET



AOMARKETOPRICEOFLOOROFOROCOTTONO-OcorrectOanswer-
INCREASESOTHEOCOTTONOPRICEOPAIDOBYOCONSUMERS



REFEROTOOABOVEODIAGRAMOIFOTHEOGOVERNMENTOSETSOAOPRICEOFLOOROATO$6OPEROBUSHELOTOOHELPOFA
RMERSOANDOENSURESOTHATOTHEIROOUTPUTOWILLOBEOPURCHASED,OITOWOULDOHAVEOTOOPURCHASEOANO
AMOUNTOOFOWHEATOEQUALOTOO-OcorrectOanswer-2OMILLIONOBUSHELSOPEROMONTH



FARMOPRODUCTSOAREONORMALOGOODS.OASOHOUSEHOLDOINCOMESOINCREASEO-OcorrectOanswer-
THEODEMANDOCURVEOSHIFTSOTOOTHEORIGHT



AOTAXOONOPICKLESO-OcorrectOanswer-RAISESOTHEOPRICEOPAIDOBYOBUYERSOOFOPICKLES



INOTHEOPERSONALOCOMPUTEROMARKET,OTHEOPRIMARYOREASONOFOROTHEOFALLOINOPRICESOAFTERO1980O
WASO-OcorrectOanswer-TECHNOLOGICALOCHANGE



PRICEOCONTROLSO-OcorrectOanswer-RESULTOINOINEFFICIENTOOUTCOMES
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