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- This work comprises XECO 212 Week 8 Assignment International Trade Simulation
- General Questions - General General Questions
- ECO 212 final exam version 6
- 1) Which of the following issues is an application of using macroeconomics to make a real world decision?
- A. Whether a company should increase its worker benefits
- B. Whether this year's enrollment will increase for University of Phoenix.
- C. Whether the growth rate of the Chinese economy will exceed 10% in 2010
- D. Whether workers should choose to remain in a factory
- 2) The forces that make market economies work are
- A. work and leisure
- B. demand and supply
- C. regulation and restraint
- D. taxes and government spending
- 3) A market is a
- A. group of buyers and sellers of a particular good or service
- B. group of people with common economic characteristics
- C. place where buyers and sellers come together to engage in trade
- D. place where an auctioneer helps set prices and arrange sales
- 4) If a decrease in income increases the demand for a good, then the good is
- A. a substitute good
- B. a complement good
- C. a normal good
- D. an inferior good
- 5) Two goods are substitutes if a decrease in the price of one good
- A. decreases the demand for the other good
- B. decreases the quantity demanded of the other good
- C. increases the demand for the other good
- D. increases the quantity demanded of the other good
- 6) A likely example of substitute goods for most people would be
- A. peanut butter and jelly
- B. tennis balls and tennis rackets
- C. televisions and subscriptions to cable television services
- D. pencils and pens
- 7) Another term for equilibrium price is
- A. dynamic price
- B. market-clearing price
- C. quantity-defining price
- D. satisfactory price
- 8) If, at the current price, there is a shortage of a good,
- A. sellers are producing more than buyers wish to buy
- B. the market must be in equilibrium
- C. the price is below the equilibrium price
- D. quantity demanded equals quantity supplied
- 9) If there is suddenly an increase in population in North Carolina, then the average wage for North Carolina will
- A. decrease because the supply of labor increases
- B. increase because the supply of labor increases
- C. decrease because the demand of labor increases
- D. increase because the demand of labor i
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