Kahoot for ECON exam 1 - Lecture notes 2-6 PDF

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QUIZ QUESTIONS MODULE 2: 1. In the United States, control of the quantity of money is given to the: President. None Bureau of Printing and Engraving. Department of the Treasury Federal Reserve System. 2. To an economist, the term "inflation" refers to: None increases in prices of important goods like food and energy. a one-time change in the average price level. a continually rising price level. any price increases. 3. "Official" recessions in the United States are declared by: the National Bureau of Economic Research. the Federal Reserve. None the U.S. department of the Treasury. Congress. Congress. 4. Nominal prices and nominal wages are _____. adjusted for the effect of prices inversely related to inflation constant at all levels of output None not adjusted for inflation 5. The CPI is a measure of the overall cost of stocks on the New York Stock Exchange. goods and services produced in the economy None inputs purchased by a typical producer goods and services bought by a typical consumer 6. Which of the following agencies calculates the CPI? the National Price Board the Department Of Weight and Measurements the Bureau of Labor Statistics the Congressional Budget Office 7. The interest rate the Fed charges on loans it makes to banks is called the federal funds rate. the LIBOR. the prime rate. the discount rate. 8. The Federal Funds rate is the interest rate the Federal Reserve charges banks for short-term loans. banks charge each other for short-term loans of reserves. the Federal Reserves charges for loans it makes to the federal government. on newly issued one-year Treasury bonds. 9. The Federal Reserve does all except which of the following?

control the value of money make loans to individuals control the supply of money regulate the banking system MODULE 2 KAHOOT 1. Managerial Economics is the study of: How to make a profit How to maximize revenue How to direct scarce resources How to identify inflation 2. Monetary Policy is controlled by: Congress Federal Reserve President Treasury 3. Which of the following is NOT a required key economic function of money? Medium of exchange Store of a value Unit of account Inflation adjustment MODULE 3 QUIZ QUESTIONS 1. Economic profits are total revenue minus total fixed cost total profits of the economy as a whole total revenue minus total variable cost total revenue minus total opportunity cost 2. The primary inducement for new firms to enter an industry is: presence of economic profits low capital costs availability of labor increased technology 3. The value of the firm is the: total value of all future profits average value of all future profits present discounted value of all future profits current value of profits 1. An example of an Implicit Cost is: The cost of paper clips The value of hourly labor recently paid The value of equipment recently purchased The value of another job offer that was declined 2. The difference between Accounting Profit and Economic Profit is: a.Economic Profit subtracts Implicit Costs b.Accounting Profit subtracts Implicit Costs c.Accounting Profit subtracts Explicit Costs d.Economic Profit subtracts Explicit Costs 3)Economic Profit is calculated as: a.Total Revenues – Explicit Costs b.Total Revenues – Explicit Costs – Implicit Costs c.Total Revenue – Implicit Costs d.Total Revenue – Objective Costs 4)When evaluating a project the difference between Present Value and Net Present Value is: a.Present Value considers future values b.Net Present Value must be greater than zero c.Net Present Value subtracts

the cost of the projectd.Present Value is always less than Net Present Value5)Net Benefits is maximized if: a.Total Benefits are greater than Total Costs b.Marginal Costs are positive c.Marginal Benefits are greater than Marginal Cost d.Marginal Benefits equal Marginal Cost MODULE 4 MODULE QUIZ 1. Which of the following would not shift the demand for good A? Change in the level of advertising of good A Drop in price of good B Drop in price of good A Consumer income 2. Advertising can influence demand by altering tastes of consumers. This type of advertising is known as influential advertising informative advertising persuasive advertising strategic advertising 3. Producer surplus is the: minimum amount required by a producer for producing the good area above the supply curve but below the demand curve area above the supply curve but below the market price of the good maximum amount a producer can collect from consumers 4. Suppose both supply and demand increase. What effect will this have on the equilibrium Quantity? It may rise or fall It will fall It will remain the same It will rise 5. Suppose supply decreases and demand increases. What effect will this have on the price? It will rise It may rise or fall It will fall It will remain the same MODULE 4 KAHOOT 1. If the Demand for GOOD X decreases as Income increases then GOOD X is considered an: (ex: Ramen noodles for a broke college student) Inferior Good Luxury Good Normal Good Substitute Good 2. If when the price of GOOD Y increases and the demand for GOOD X decreases then GOOD Y is an: Inferior Good Substitute Good Normal Good Complement Good 3. The area under the demand curve that lies above the market price is the: Producer Surplus Substitute Surplus Consumer Surplus Income Surplus 4. Which of the following would not shift the demand for GOOD X? Price of GOOD X Consumer Income

Price of GOOD Y Population 5. For a Price Ceiling to be effective the price must be __________ the market price and creates a _________: Above, shortage Below shortage Above, surplus Below, surplus MODULE 5 KAHOOT 1. Which of the elasticity items noted below are always a NEGATIVE value? Own Price Elasticity Income Elasticity Cross Price Elasticity Significant Elasticity 2. An item with an Own Price elasticity of -1.5 would be considered: Elastic Unit Elastic In Elastic Band Inelastic 3. Which of the following factors would NOT affect own price elasticity of a good? Available Substitutes Price of an input Time Expenditure Share 4. When demand is elastic a price INCREASE leads to a(n) _____________ in total revenue: Increase Marginal Growth Expansion Decrease 5. If cross price (change of two goods) elasticity is POSITIVE that means that the two goods are: Normal goods Complements Substitutes Inferior Goods 6. If income elasticity (change in income) is NEGATIVE that means that the good is an: Normal Good Complement Substitute Inferior Good 7. If cross price elasticity is -2.00 (complement) when Price of Good Y increased 5% then regarding Good X: Increase Qdx by 10% Decreased Qdx by 10% Increased Qdx by 2% Decreased Qdx by 2%...