ECON1002 Study guides, Class notes & Summaries
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ECON1002 Cumulative Quizzes (Wk8-12) Questions With Complete Solutions
- Exam (elaborations) • 17 pages • 2023
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For a given level of inflation, if bright prospects for the future of the economy cause businesses to increase their spending on new capital, then the _____ shifts _____. 
- aggregate demand curve; right 
- aggregate demand curve; left 
- aggregate supply line; upward 
- aggregate supply line; downward correct answer: - aggregate demand curve; right 
 
Policymakers' use of stabilisation policy to eliminate output gaps is more appropriate when an economy self-corrects very _____ and when the ou...
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REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS
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REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS 
What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...
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ECON 1002 Microeconomics Exam 2 Latest 2021 With Complete Solution
- Exam (elaborations) • 15 pages • 2021
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ECON 1002 Microeconomics Exam 2 Latest 2021 With Complete Solution 
ECON1002: Microeconomics 
Instructor: Qingbin Wang 
Exam2 
Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to 
each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be 
graded. 
1. If many people in a community install fire hydrants, the whole community benefits including those 
that did not install it. Therefore, not enough people may decid...
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IMPROVED ECONOMIC 1002 FINAL EXAM
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IMPROVED ECONOMIC 1002 FINAL EXAM 
Why must an economy's income equal its expenditure (spending) ? - CORRECT ANSWER -Every transaction has a buyer and a seller, therefore Total expenditure must be equal to total income otherwise it doesn't make sense. 
 
Expenditure (spending) by the buyers must equal the income of the seller. 
 
I paid 20$ for my friends skateboard (Buyer (me) expenditure = 20$ = income of seller (friend)). 
 
What is GDP? - CORRECT ANSWER -The Market Value of All Fi...
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REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS
- Exam (elaborations) • 20 pages • 2024
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REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS 
What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...
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EXAMINED ECONOMIC 1002 FINAL EXAM
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EXAMINED ECONOMIC 1002 FINAL EXAM 
The law of demand states that: - CORRECT ANSWER -The lower the price, the greater the quantity demanded. 
 
Which of the following is TRUE about demand curves? 
A. Demand curves are negatively sloped. 
B. Demand curves reflect the law of demand. 
C.Demand curves are plots of quantities demanded at various prices. - CORRECT ANSWER -All of the answers are correct. 
 
(Figure: Willingness to Pay) Refer to the figure. What is the maximum amount that buyer...
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EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS
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EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS 
The benefits of trade include: 
I. Higher output due to specialization 
II. Higher output due to comparative advantage 
III. Increased welfare when preferences differ - CORRECT ANSWER -I, II, and III 
 
If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same thing about all aspects of medicine it would be: - CORRECT ANSWER -Worse because total medical knowledge in s...
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SOPHIA Microeconomics Unit 1, 2 ,3 & 4 - All milestones and questions with answers!!!!
- Exam (elaborations) • 228 pages • 2022
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SOPHIA Microeconomics 
 
Sophia Learning - Microeconomics - Unit 1, Challenge 1 
 
 
What is Economics? 
Which of the following statements describes macroeconomics? 
Macroeconomics studies the behavior of 
 	. 
 
 
Decision Making 
Relationships: Rational 
Consumer 
Which of the following best describes a rational consumer? 
 
Microeconomics focuses mainly on the study of decisions made 
 
by	. 
Which of the following is a characteristic of a rational consumer? 
 
decisions. 
Ben was offer...
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IMPROVED ECONOMIC 1002 FINAL EXAM
- Exam (elaborations) • 22 pages • 2024
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IMPROVED ECONOMIC 1002 FINAL EXAM 
Why must an economy's income equal its expenditure (spending) ? - CORRECT ANSWER -Every transaction has a buyer and a seller, therefore Total expenditure must be equal to total income otherwise it doesn't make sense. 
 
Expenditure (spending) by the buyers must equal the income of the seller. 
 
I paid 20$ for my friends skateboard (Buyer (me) expenditure = 20$ = income of seller (friend)). 
 
What is GDP? - CORRECT ANSWER -The Market Value of All Fi...
-
REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS
- Exam (elaborations) • 20 pages • 2024
-
- $14.49
- + learn more
REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS 
What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...
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