ECON 2102 Test 1 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
1. If corn products are found to cause cancer, then the
a. Demand curve for corn will shift left
b. Supply curve for corn will shift left
c. Supply curve for corn with shift right
d. None of the choices are correct - 🧠ANSWER ✔✔a. Demand curve for
corn will shift left
1. Firms in Colorado dump waste into the Colorado River and as a result,
people in California and Mexico cannot use the water. What type of market
failure is most likely involved?
a. Inequality
b. Market power
,c. Public goods
d. Externalities - 🧠ANSWER ✔✔Externalities
1. Which of the following is not a basic decision that all nations must
confront?
a. Should we have economic growth?
b. How should we produce goods and services?
c. What goods and services should we produce?
d. For whom should goods and services be produced? - 🧠ANSWER ✔✔a.
Should we have economic growth?
1. If the actual market price were fixed at $15 per unit in Figure 3.2,
a. There would be a shortage of 40 units
b. There would be a surplus of 40 units
c. There would be a surplus of 20 units
d. There would be a shortage of 20 units - 🧠ANSWER ✔✔a. There would
be a surplus of 40 units
1. Refer to Figure 1.7. The cost of producing at point D rather than poin J is
, a. AC units of food
b. OM units of clothing
c. OA units of food
d. KM units of clothing - 🧠ANSWER ✔✔a. KM units of clothing
1. A private good
a. Results in market failure when provided in markets characterized by
laissez faire
b. Experiences free riders
c. Is provided most efficiently by the government
d. Is consumed by one person and excludes consumption by others -
🧠ANSWER ✔✔a. Is consumed by one person and excludes consumption
by others
1. A market is said to be in equilibrium when
a. A demand is fully satisfied at all alternative prices
b. The buying intentions of all consumers are realized
c. They supply intentions of all sellers are realized
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
Questions with 100% Correct Answers |
Latest Update
1. If corn products are found to cause cancer, then the
a. Demand curve for corn will shift left
b. Supply curve for corn will shift left
c. Supply curve for corn with shift right
d. None of the choices are correct - 🧠ANSWER ✔✔a. Demand curve for
corn will shift left
1. Firms in Colorado dump waste into the Colorado River and as a result,
people in California and Mexico cannot use the water. What type of market
failure is most likely involved?
a. Inequality
b. Market power
,c. Public goods
d. Externalities - 🧠ANSWER ✔✔Externalities
1. Which of the following is not a basic decision that all nations must
confront?
a. Should we have economic growth?
b. How should we produce goods and services?
c. What goods and services should we produce?
d. For whom should goods and services be produced? - 🧠ANSWER ✔✔a.
Should we have economic growth?
1. If the actual market price were fixed at $15 per unit in Figure 3.2,
a. There would be a shortage of 40 units
b. There would be a surplus of 40 units
c. There would be a surplus of 20 units
d. There would be a shortage of 20 units - 🧠ANSWER ✔✔a. There would
be a surplus of 40 units
1. Refer to Figure 1.7. The cost of producing at point D rather than poin J is
, a. AC units of food
b. OM units of clothing
c. OA units of food
d. KM units of clothing - 🧠ANSWER ✔✔a. KM units of clothing
1. A private good
a. Results in market failure when provided in markets characterized by
laissez faire
b. Experiences free riders
c. Is provided most efficiently by the government
d. Is consumed by one person and excludes consumption by others -
🧠ANSWER ✔✔a. Is consumed by one person and excludes consumption
by others
1. A market is said to be in equilibrium when
a. A demand is fully satisfied at all alternative prices
b. The buying intentions of all consumers are realized
c. They supply intentions of all sellers are realized
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
