ECO 212 Final Exam

 This pack of ECO 212 Final Exam consists of:


 ECO 212 ECO212 Final Exam A

 1)Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior?

 2) By definition, what is economics the study of?

 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?

 4) Which of the following statements describes the actions of producers in the circular flow model?

 5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so?

 6) Which of the following is not a critical function of the government in facilitating the operation of a market economy?

 7) If demand is inelastic, the absolute value of the price elasticity of demand is

 8) Economists in general

 9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand.

 10) A decrease in the price of GPS systems will result in

 11) At a product's equilibrium price

 12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until

 13) Marginal revenue product of labor for a competitive seller is

 14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is

 15) Marginal revenue product for a perfectly competitive seller is equal to

 16) An individual's labor supply curve shows

 17) A firm's demand for labor curve is also called its

 18) A decrease in the wage rate causes

 19) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?

 20) Which of the following is an example of a quasi-public good?

 21) Which of the following displays these two characteristics: rivalry and nonexcludability?

 22) A monopoly is a seller of a product

 23) The labor supply for an industry would decrease if

 24) A characteristic found only in oligopolies is

 25) The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude

 26) Gross domestic product understates the total production of final goods and services because of the omission of

 27) Gross domestic product is calculated by summing up

 28) Fiscal policy refers to changes in

 29) If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?

 30) Which of the following is an objective of fiscal policy?

 31) Which of the following assets is most liquid?

 32) If credit card balances rise in the economy, then M1 will ________ and M2 will ________.

 33) Economists estimate that ________ of U.S. currency is outside the United States and held primarily by ________.

 34) The M2 measure of the money supply equals

 35) The M1 measure of the money supply equals

 36) Which of the following is one of the most important benefits of money in an economy?

 37) Open market operations refer to the purchase or sale of ________ to control the money supply.

 38) Which of the following determines the amount of money the banking system as a whole can create?

 39) Money market mutual funds

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