ECO-210 Midterm Exam: ECO-210 Midterm Exam Midterm (Covers Chapters 1,2,3,5,6,7,8,11) - Results Attempt 1 of 1

ECO-210 Midterm Exam
Midterm (Covers Chapters 1,2,3,5,6,7,8,11) - Results
Attempt 1 of 1

Attempt Score - 98 %
Overall Grade (Highest Attempt) - 98 %
Question 1 (Mandatory)
What is market demand?
Question options:
a) the addition of the individual prices of the product at each level of quantity


b) the multiplication of the prices of each product by the individual quantities demanded
by each buyer in a market

c) the addition of the individual quantities demanded by each buyer in a market at each price


d) the division of the total spending by an individual buyer by the prices paid for the product


e) the subtraction of the individual quantities demanded by each buyer in a market at each price

Question 2 (Mandatory)
Ice is a major component in the manufacture of smoothies. If the
price of ice were to increase, the price of smoothies would ________
and the quantity would ________.
Question options:
a) decrease; decrease


b) increase; decrease


c) increase; stay the same


d) decrease; increase


e) increase; increase



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,Question 3 (Mandatory)
Real gross domestic product (GDP) can be calculated as
Question options:
a) (nominal GDP) − (the GDP deflator) × 100.


b) (nominal GDP)/(the GDP deflator) × 100.


c) (nominal GDP) × (the long-run trend growth rate of GDP) × 100.


d) (nominal GDP) × (the GDP deflator) × 100.


e) (the GDP deflator)/(nominal GDP) × 100.

Question 4 (Mandatory)
A positive statement
Question options:
a) is a claim that can be tested.


b) is a claim that cannot be tested.


c) cannot be evaluated using the scientific method.


d) is a declaration of opinion.


e) is a statement about what ought to be.

Question 5 (Mandatory)
When the demand curve shifts to the left and all else is held
constant, the equilibrium price ________ and the equilibrium quantity
________.
Question options:
a) falls; remains constant


b) rises; rises




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, c) rises; falls


d) falls; rises


e) falls; falls

Question 6 (Mandatory)
The percentage change in the overall level of prices in an economy is
called
Question options:
a) contraction.


b) economic growth.


c) expansion.


d) real gross domestic product (GDP).


e) the inflation rate.

Question 7 (Mandatory)
The gross domestic product (GDP) deflator is a measure of
Question options:
a) how much the economy contracts during a recession.


b) the growth rate of real GDP.


c) the growth rate of long-run trend GDP.


d) the growth rate of nominal GDP.


e) price level.

Question 8 (Mandatory)
Which of the following is an example of frictional unemployment?
Question options:

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