2/18/2020 Prelims: Attempt review

Dashboard / My courses / BL-BAMM-6101-LEC-1933T / Week 4: Preliminary Examination / Prelims

Started on Tuesday, 18 February 2020, 10:05 PM

State Finished
Completed on Tuesday, 18 February 2020, 11:06 PM
Time taken 1 hour
Marks 21.00/30.00
Grade 70.00 out of 100.00

Question 1 The point where the curve crosses the vertical axis is referred as ____________.
Correct

Mark 1.00 out of Select one:

1.00
a. Inverse

a
b. Direct

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c. Intercept 

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d. None of the above

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Question 2
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The test of a proposition or theory using actual observations or numbers is
Incorrect
as

Mark 0.00 out of Select one:

1.00
a. Empirical Study
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b. None of the choices 

m e

c. Scientific Study
co rc

d. Comparative Study
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Question 3 ____________ a graph that indicates all possible combinations of two goods or services that can be produced
Correct within an economy given the full and efficient use of all available resources.
se dy

Mark 1.00 out of

1.00 Select one:
ur tu

a. Production Possibilities curve 

s
H

b. None of the choices

Co is

c. Demand curve
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d. Cost curve

Question 4 Recession is
Correct

Mark 1.00 out of Select one:

1.00
a. None of the choices

b. A period of decline in total output, income, employment, and trade, usually lasting from six months to a
year. 

c. Is the result of low rate of unemployment only

d. A period when percentage decline in the average level of prices.

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Question 5 Macroeconomics is analysis of the behavior of an economy as a nation.

Incorrect

Mark 0.00 out of Select one:

1.00
True

False 

Question 6 ___________, as more scarce resources are used to increase production of one good or service, production of
Correct another good or service falls by larger and larger amount.
Mark 1.00 out of
1.00 Select one:
a. None of the choices

b. Economic Cost

c. Production Cost

d. Increase Opportunity Cost 

Question 7

a
Money is a common medium of exchange and represents the general purchasing power.

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Correct

Mark 1.00 out of Select one:

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1.00
True 

False ar
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Question 8 Percentage of Change = ending value- starting value /starting value x 100.
as

Correct
w

Mark 1.00 out of Select one:

1.00
True 
m e

False
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o. ou

Question 9
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___________if a person can produce a good or service with lower opportunity cost than can another
Correct

Mark 1.00 out of Select one:

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1.00
a. None of the choices

b. Absolute Advantage
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c. Comparative advantage 
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H

d. Opportunity Advantage
Co is

e. person.
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Question 10 Political Science is the study of mankind in the ordinary business of life.
Correct

Mark 1.00 out of Select one:

1.00
True

False 

Question 11 Independent variable can be seen in the _______________ of the equation.

Correct

Mark 1.00 out of Select one:

1.00
a. Left

b. None of the choices

c. Center
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d. Right  

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Question 12 Is the number of unemployed individuals divided by the total of those employed and unemployed total labor
Correct force.
Mark 1.00 out of
1.00 Select one:
a. Interest Rate

b. Inflation Rate

c. Deflation Rate

d. Unemployment Rate 

Question 13 Ceteris paribus, means

Correct

Mark 1.00 out of Select one:

1.00
a. Other things being equal 

b. None of the choices

c. Cut away all the complicating details

d. Keep It Simple Stupid.

a
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Question 14

ed
Quantity of goods and services that can be purchased with a given amount of money.
Correct

Mark 1.00 out of

1.00
Select one:
a. Purchasing Power 
ar
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b. None of the above
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c. Price Stability
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d. Producer Price Index

m e
co rc

Question 15 According to __________, that if more of the time is spent in one activity then you must invest your resources to
o. ou

Correct develop specialized tools or machines to aid me in my task.

Mark 1.00 out of
er res

1.00 Select one:

a. Smith 
se dy

b. David

c. Ricardo
ur tu

d. None of the choices

s
H
Co is
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Question 16 __________ a variable that depends on the value of the independent variable(s) can be seen in the left side of the
Correct equation.
Mark 1.00 out of
1.00 Select one:
a. Dependent variable 

b. None of the above

c. Independent variable

d. Y

Question 17 Common characteristics in each of the relationship of two variables is that the change in independent variable X
Correct produces a change in dependent variable Y and represented in a math equation.
Mark 1.00 out of
1.00 Select one:
True 

False
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Question 18 GDP Per Capita

Incorrect

Mark 0.00 out of Select one:

1.00
a. Macroeconomics/Microeconomics

b. Total GDP/Total Population

c. Average price of level of goods and services included in GDP 

d. Total Population/Total GDP

Question 19 Consumer Price Index (CPI) includes

Incorrect

Mark 0.00 out of Select one:

1.00
a. Exports

b. Imports

c. Domestic producers of commodities 

d. The prices received for the output of domestic industries.

a
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Question 20 What is the value of total output (nominal GDP) corrected for any changes in prices.

ed
Correct

Mark 1.00 out of Select one:

1.00
a. None of the choices ar
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b. Real GDP 

c. Nominal Gross Domestic Product (GDP)

as

d. Nominal Gross National Product (GNP)

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m e

Question 21 ______________ is the characteristic of money or currency where it can be used as a medium of exchange for any
co rc

Not answered good or service.

o. ou

Marked out of
1.00 Select one:
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a. Opportunity cost

b. General Purchasing Power

se dy

c. None of the above

d. Barter
ur tus
H
Co is

Question 22 A recession that is major both in scale and duration.

Th

Correct

Mark 1.00 out of Select one:

1.00
a. Deflation

b. None of the choices

c. Deterioration

d. Depression 

Question 23 Percent Change in (P x Q) = (Percent Change in P) + (Percent Change in Q)

Correct

Mark 1.00 out of Select one:

1.00
True 

False

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Question 24 One of the Macroeconomic objectives is to develop better laws and government policies to maximize welfare of
Correct the society.
Mark 1.00 out of
1.00 Select one:
True 

False

Question 25 __________ is also referred to as a direct relationship. As the value of X increases, the value of Y increases.
Not answered

Marked out of Select one:

1.00
a. None of the choices

b. Neutral

c. Negative

d. Positive

Question 26

a
Percent Change in (Q/L) = (Percent Change in Q) - (Percent Change in P).

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Correct

Mark 1.00 out of Select one:

ed
1.00
True

False  ar
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Question 27 _________ represents a combination of percentage change and marginal analysis.
as

Correct
w

Mark 1.00 out of Select one:

1.00
a. Elasticity 
m e

b. Marginal analysis
co rc

c. Marginal Change
o. ou

d. None of the above

er res

Question 28
se dy

Compute the opportunity cost , where 10 mobile phones is to 5 Simcards.

Not answered
ur tu

Marked out of Select one:

1.00
a. 10/5
s
H

b. 1 mobile phone
Co is

c. None of the choices

Th

d. _________ simcard.

e. 3/4

f. 1/2

Question 29 ____________ is when we specialize and both benefit after the exchange
Not answered

Marked out of Select one:

1.00
a. None of the choices

b. Negative sum game

c. Opportunity cost

d. Positive sum game

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Question 30 Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are
Not answered infrequent in Macroeconomics
Marked out of
1.00 Select one:
True

False

Lesson 4: Microeconomic Laws of

◄ Quiz 002 Jump to...
Demand and Supply ►

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