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ECON 1010 Macroeconomics and Microeconomics
EXAM QUESTIONS AND CORRECT VERIFIED
ANSWERS LATEST UPDATE JUST RELEASED THIS
YEAR
Question: The Great Depression of 1929 was worse than the Great Recession of 2009 because
in 1929 there were no
A) stock market crashes.
B) government programs to help the unemployed.
C) bank failures.
D) government blunders.
E) falling prices. - ANSWER✔✔B) government programs to help the unemployed.
Question: Speculative bubbles that helped trigger the Great Depression and the Global
Financial Crisis involve
A) money.
B) banks.
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C) expectations.
D) all of the above.
E) none of the above. - ANSWER✔✔D) all of the above.
Question: Which statement is false?
A) Consumer spending is business income.
B) Business spending is consumer income.
C) If consumers and businesses both cut spending, everyone's incomes falls.
D) If consumers and businesses both cut spending, employment increases.
E) Falling wages decrease demand in output markets. - ANSWER✔✔D) If consumers and
businesses both cut spending, employment increases.
Question: Which statement is false?
A) Consumer spending is business income.
B) Business spending is consumer income.
C) If consumers and businesses both increase spending, everyone's incomes falls.
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D) If consumers and businesses both increase spending, employment increases.
E) Falling wages decrease demand in output markets. - ANSWER✔✔C) If consumers and
businesses both increase spending, everyone's incomes falls.
Question: The fallacy of composition suggests
A) all for one and one for all.
B) the needs of the many outweigh the needs of the few.
C) what is true for one is not true for all.
D) what goes around, comes around.
E) be true to your school. - ANSWER✔✔C) what is true for one is not true for all.
Question: Input markets determine
A) all prices.
B) loans.
C) outputs.
D) incomes.
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E) connections. - ANSWER✔✔D) incomes.
Question: When everybody saves their money, aggregate savings decrease. This is an example
of
A) the Zero Sum Scenario.
B) the Fallacy of Combination.
C) the Kobayashi Maru Scenario.
D) Say's Law.
E) the Paradox of Thrift. - ANSWER✔✔E) the Paradox of Thrift.
Question: The economist most associated with the "Yes - Markets Self-Adjust" view is
A) J.B. Say.
B) J.K. Rowling.
C) J.M. Keynes.
D) G.B. Shaw.
E) A.C. Pigou. - ANSWER✔✔A) J.B. Say.
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SUCCESS!
ECON 1010 Macroeconomics and Microeconomics
EXAM QUESTIONS AND CORRECT VERIFIED
ANSWERS LATEST UPDATE JUST RELEASED THIS
YEAR
Question: The Great Depression of 1929 was worse than the Great Recession of 2009 because
in 1929 there were no
A) stock market crashes.
B) government programs to help the unemployed.
C) bank failures.
D) government blunders.
E) falling prices. - ANSWER✔✔B) government programs to help the unemployed.
Question: Speculative bubbles that helped trigger the Great Depression and the Global
Financial Crisis involve
A) money.
B) banks.
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C) expectations.
D) all of the above.
E) none of the above. - ANSWER✔✔D) all of the above.
Question: Which statement is false?
A) Consumer spending is business income.
B) Business spending is consumer income.
C) If consumers and businesses both cut spending, everyone's incomes falls.
D) If consumers and businesses both cut spending, employment increases.
E) Falling wages decrease demand in output markets. - ANSWER✔✔D) If consumers and
businesses both cut spending, employment increases.
Question: Which statement is false?
A) Consumer spending is business income.
B) Business spending is consumer income.
C) If consumers and businesses both increase spending, everyone's incomes falls.
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D) If consumers and businesses both increase spending, employment increases.
E) Falling wages decrease demand in output markets. - ANSWER✔✔C) If consumers and
businesses both increase spending, everyone's incomes falls.
Question: The fallacy of composition suggests
A) all for one and one for all.
B) the needs of the many outweigh the needs of the few.
C) what is true for one is not true for all.
D) what goes around, comes around.
E) be true to your school. - ANSWER✔✔C) what is true for one is not true for all.
Question: Input markets determine
A) all prices.
B) loans.
C) outputs.
D) incomes.
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E) connections. - ANSWER✔✔D) incomes.
Question: When everybody saves their money, aggregate savings decrease. This is an example
of
A) the Zero Sum Scenario.
B) the Fallacy of Combination.
C) the Kobayashi Maru Scenario.
D) Say's Law.
E) the Paradox of Thrift. - ANSWER✔✔E) the Paradox of Thrift.
Question: The economist most associated with the "Yes - Markets Self-Adjust" view is
A) J.B. Say.
B) J.K. Rowling.
C) J.M. Keynes.
D) G.B. Shaw.
E) A.C. Pigou. - ANSWER✔✔A) J.B. Say.
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