Economics for Non-Majors Exam Questions
Course Introduction
Economics for Non-Majors provides an accessible introduction to the fundamental principles of economics, tailored for students with little or no prior background in the subject. The course covers both microeconomic and macroeconomic concepts, including supply and demand, market structures, national income, inflation, unemployment, and fiscal and monetary policy. Emphasis is placed on real-world applications and contemporary economic issues, enabling students to better understand how economic forces shape everyday life, influence business decisions, and inform public policy. Through interactive lectures, case studies, and group discussions, students will develop critical thinking skills to analyze economic problems and make informed choices as consumers, professionals, and citizens.
Recommended Textbook
Survey of Economics 8th Edition by Irvin B. Tucker
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Page 2
Chapter 1: Introducing the Economic Way of Thinking
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Sample Questions
Q1) Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
A) money.
B) an economic model.
C) a resource.
D) Ceteris paribus.
E) scarcity.
Answer: B
Q2) To abstract from reality in an economic model means that:
A) we include only a few of the essential aspects of reality.
B) the economic study surveys only a very limited period of time.
C) we include only those elements which support our hypothesis.
D) the model includes every aspect of the real world.
E) the model examines the actions of the consumers in the absence of producers and the government.
Answer: A
Q3) Distinguish macroeconomics and microeconomics.
Answer: Macroeconomics studies the entire national economy.Microeconomics focuses on a particular segment within the entire economic system.
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Page 3
Chapter 1: A: Appendix: Applying Graphs to Economics
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Sample Questions
Q1) Which of the following would cause a shift in the relationship shown in Exhibit 1A-8?
A) A fall in household incomes.
B) A fall in the price of pizza.
C) A fall in the quantity of pizza that people wish to purchase.
D) All of the above would shift the line in the graph.
Answer: A
Q2) As shown in Exhibit 1A-5,the slope of straight line CD:
A) decreases with increases in X.
B) increases with increases in X.
C) increases with decreases in X.
D) remains constant with changes in X.
Answer: D
Q3) In Exhibit 1A-6,the slope of straight line A-D is:
A) greater than 1.
B) equal to 1.
C) less than 1.
D) zero.
Answer: D
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4
Chapter 2: Production Possibilities,Opportunity Cost,and Economic Growth
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Sample Questions
Q1) In Exhibit 2-6,the concept of increasing opportunity costs is represented by the fact that:
A) the quantity of capital goods produced must be less than 150.
B) the quantity of consumer goods is constant for each change in the quantity of capital goods produced.
C) greater amounts of capital goods must be sacrificed to produce each additional unit of consumer goods.
D) the amount of consumer goods produced must be greater than zero.
Answer: C
Q2) Which of the following would most likely cause the production possibilities curve for DVDs and food to shift outward?
A) A choice of more food and more DVDs.
B) A choice of more food and less DVDs.
C) A choice of more DVDs and less food.
D) An increase in the quantity of natural resources.
Answer: D
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Chapter 3: Part 1: Market Demand and Supply
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Q1) If there is an increase in income,which of the following is true?
A) The demand for complementary goods decreases.
B) The demand for substitute goods decreases.
C) The demand for normal goods decreases.
D) The demand for normal goods increases.
E) The supply for all goods decreases.
Q2) An advance in technology results in:
A) suppliers offering a larger quantity than before at each given price.
B) suppliers offering the same quantity as before at a lower price.
C) a rightward shift of the supply curve.
D) an increase in supply.
E) all of the above.
Q3) Suppose there are only three people in the economy: Jane,Harry,and Bob.The individual demand for corn for each of these consumers is given in Exhibit 3-1.The total quantity demanded of corn if the market price is $5 is ____.
A) 3
B) 25
C) 17
D) 8
E) 26
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Chapter 3: Part 2: Market Demand and Supply
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Q1) A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price.
A)True
B)False
Q2) All of the following apply to the description of a market in equilibrium except:
A) quantity supplied equals quantity demanded.
B) the intersection of the supply and demand curves.
C) no excess supply exists.
D) no excess demand exists.
E) the price of the good is falling.
Q3) If a shortage exists in a market then:
A) the price is below equilibrium.
B) the quantity demanded exceeds the quantity supplied.
C) the price will rise in the near future.
D) all of the above.
Q4) Surpluses cause prices to fall while shortages cause prices to rise.
A)True
B)False
Q5) Discuss how a market reaches equilibrium.How is it expressed graphically?
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Chapter 4: Markets in Action
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Q1) Ceteris paribus,if consumer tastes change so that more people are eating broccoli,then what will happen to the market equilibrium for cabbage,a substitute good for broccoli?
A) Price will increase, and quantity will increase.
B) Price and quantity will stay the same.
C) Price will decrease, and quantity will increase.
D) Price will increase, and quantity will decrease.
E) Price will decrease, and quantity will decrease.
Q2) The possibility of a free rider exists:
A) in the presence of external costs and benefits.
B) only in the presence of external costs.
C) only in the presence of external benefits.
D) only in the presence of internal costs.
E) only in the presence of a government-produced good.
Q3) Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?
A) A decrease in the demand for strawberries.
B) An increase in the demand for strawberries.
C) A decrease in the supply of strawberries.
D) An increase in the supply of strawberries.
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Chapter 5: Price Elasticity of Demand
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Sample Questions
Q1) Which of the following events would increase the price elasticity of demand for Chicago Bears tickets that sell at a price of $20?
A)b and c.
B)The Bears are having a successful season.
C)The visiting team is having a successful season
D)The Bears have been defeated in their previous seven games.
E)The weather on game day will be warm.
Q2) If the price elasticity of demand for a product measures .45,
A) this good has many available substitutes.
B) this good must be a nonessential good.
C) this good is a high-priced good.
D) a decrease in price will increase total revenue.
E) this good is demand price inelastic.
Q3) Along the elastic range of a demand curve,a price change causes:
A) a change in total revenue in the opposite direction.
B) a change in total revenue in the same direction.
C) no change in total revenue.
D) an unpredictable change in the total revenue.
Q4) What are the characteristics of the product that has an inelastic demand?
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Chapter 6: Production Costs
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Sample Questions
Q1) Diseconomies of scale cause the short-run marginal cost curve to slope upwards.
A)True
B)False
Q2) At the point where marginal cost equals average variable cost,
A)b and c.
B)marginal cost is rising.
C)average total cost is at its minimum.
D)average variable cost is falling.
E)there is no total cost.
Q3) Which of the following best describes a production function?
A) The relationship between consumer preferences and market demand.
B) The relationship between the quantity of labor employed and total cost.
C) The relationship between the maximum amounts of output a firm can produce and various quantities of inputs.
D) The relationship between price and quantity supplied by sellers in a market.
Q4) Variable inputs are defined as any resource that:
A) varies with the size of the firm's plant.
B) cannot be changed as output changes.
C) can be changed as output changes.
D) can be increased or decreased hourly.
Page 10
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Chapter 7: Perfect Competition
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Sample Questions
Q1) In Exhibit 7-15,if the market price of mowing lawns is $16 per lawn,then E-Z-Care will earn the biggest profit by mowing:
A) 5 lawns per day.
B) 7 lawns per day.
C) 8 lawns per day.
D) as many lawns per day as is physically possible.
Q2) If a firm in a competitive industry is making zero economic profit but still producing,it must be the case that:
A) MC = MR > ATC.
B) MC = MR < ATC.
C) MC = ATC > MR.
D) MC = MR = ATC.
E) this situation is not possible.
Q3) Which of the following is true of a perfectly competitive firm?
A) The firm is a price maker.
B) If the firm wishes to maximize profits it will produce an output level in which total revenue equals total cost.
C) The firm will not earn an economic profit in the long run.
D) The firm's short-run supply curve is its MC curve below its AVC curve.
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Page 11
Chapter 8: Monopoly
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Sample Questions
Q1) The two theoretical extremes of the market structure spectrum are occupied at one end by perfect competition and on the other end by monopoly.
A)True
B)False
Q2) Under both perfect competition and monopoly,a firm:
A) is a price taker.
B) maximizes profit by setting marginal cost equal to marginal revenue.
C) will shut down in the short-run if price falls short of average total cost.
D) always earns a pure economic profit.
Q3) What should a profit maximizing monopolist do if she is currently producing where MC < MR?
A) Increase output until MC = MR.
B) Decrease output until MC = MR.
C) Shut down in the long run.
D) Keep producing at this level.
E) Operate only in the short run.
Q4) A natural monopoly exists whenever economies of scale are very extensive.
A)True
B)False
Q5) Why can a monopoly earn economic profits in the long run?
Page 12
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Chapter 9: Monopolistic Competition and Oligopoly
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Sample Questions
Q1) Game theory is a model for describing oligopoly price decisions among firms that are:
A) interdependent.
B) independent.
C) regulated
D) merging
Q2) Which of the following is the best example of a firm operating in a monopolistically competitive market?
A) A Kansas wheat farmer.
B) TGI Fridays, a family restaurant.
C) U.S. Postal Service.
D) Boeing, an aircraft manufacturer
Q3) A market situation where a small number of sellers dominate the entire industry is called:
A) monopolistic competition.
B) monopsony.
C) monopoly.
D) oligopoly.
Q4) What are the characteristics of an oligopoly?
Q5) What are the characteristics of monopolistic competition?
Page 13
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Chapter 10: Labor Markets and Income Distribution
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Sample Questions
Q1) The firm's demand for labor curve is exactly the same as the:
A) wage rate.
B) price of the output.
C) MRP curve.
D) MP curve.
E) labor supply curve.
Q2) The number of workers hired by a firm at a particular wage rate can be calculated if you know which of the following?
A)c and d.
B)Product supply curve.
C)Marginal product of labor.
D)Marginal factor cost.
E)Marginal revenue product of labor.
Q3) Make a case for income inequality.
Q4) An increase in the demand for a product will shift the demand curve for labor producing the product to the left.
A)True
B)False
Q5) Describe the two basic strategies of unions in increasing wage rates for their members.
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Chapter 11: Gross Domestic Product
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Sample Questions
Q1) As shown in Exhibit 11-3,total expenditures by businesses for fixed investment (capital)and inventories is:
A) $1,000 billion.
B) $100 billion.
C) $400 billion.
D) $20 billion
E) $75 billion.
Q2) Social Security payments are included in personal income.
A)True
B)False
Q3) Suppose in a given year,GDP was $7,242 billion and the GDP chain price index for that year is 117.5.Real GDP is:
A) $5,488 billion.
B) $6,163 billion.
C) $6,740 billion.
D) $7,789 billion.
Q4) In any year,nominal GDP divided by the GDP chain price index equals real GDP.
A)True
B)False
Q5) Discuss how economists calculate NI,PI and DI.
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Chapter 12: Business Cycles and Unemployment
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Sample Questions
Q1) Which of the following is true of the business cycle record of the United States?
A) Recessions have been lengthier during the last two decades than was true prior to 1980.
B) Real GDP contracted throughout most of the 1950s.
C) Real GDP in 2000 was approximately the same as 1950.
D) Since 1950, the fluctuations in GDP have been less severe than before 1950.
Q2) Which of the following statements would come from someone classified as unemployed?
A) I'm not working because I'm going to Jamaica with my buddy.
B) I haven't had a job in a year, and I stopped looking for a job nine months ago.
C) I'm a full-time student at the University of Illinois who doesn't have time to work.
D) I can't stand my current job as a telemarketer. I used to be a nuclear engineer.
E) I'm not working. I had three interviews this week, and I'm trying to find a job.
Q3) What is full employment? What are the different kinds of unemployment? What constitutes the natural (normal)rate of unemployment?
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Chapter 13: Inflation
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Q1) Cost-push inflation is a result of an increase in the per unit costs of production.
A)True
B)False
Q2) Suppose the consumer price index (CPI)for Year X is 130.This means the average price of goods and services is:
A) currently $130.
B) 130 percent more in Year X than in the base year.
C) 130 percent more in the base year than in Year X.
D) priced at 30 percent more in Year X than in the base year.
Q3) Demand-pull inflation is associated with:
A) decreasing total spending (demand).
B) increasing total spending (demand).
C) decreasing costs of production (supply).
D) increasing costs of production (supply).
Q4) Suppose the consumer price index (CPI)for a given year is 150.This means the rate of inflation for the given year is 50 percent.
A)True
B)False
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Chapter 14: Aggregate Demand and Supply
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Q1) In Exhibit 14-4,point E represents:
A) real GDP above full-employment GDP.
B) real GDP that equals full-employment GDP.
C) a depression.
D) real GDP below full-employment GDP.
Q2) In Exhibit 14-6,when the economy moves from a GDP of $1,000 billion to a GDP of $1,100 billion,
A) higher wages will lower the cost of producing goods.
B) real GDP and employment both increase, but only under conditions of constant prices.
C) real GDP increases and employment decreases, but only under conditions of price level increases.
D) real GDP and employment both increase, but only under conditions of price level increases.
E) the economy has reached full employment.
Q3) The aggregate demand curve shifts due to changes in consumption expenditures,investment expenditures government spending,and net exports.
A)True
B)False
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Chapter 14: A: Appendix: The Self-Correcting Aggregate
Demand and Supply Model
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Q1) In Exhibit 14A-4,the level of real GDP represented by Yp:
A) would be associated with considerable unemployment.
B) indicates that the economy is experiencing zero inflation.
C) indicates that the economy is experiencing a recessionary gap.
D) is potential real GDP for this economy.
Q2) Economic growth is represented by a:
A) rightward shift of the rule of 72 curve.
B) movement along a production possibilities curve.
C) rightward shift in potential real GDP (LRAS).
D) leftward shift of the long-run aggregate supply curve (LRAS).
Q3) If both the price level and nominal incomes change by the same percentage:
A)real GDP will remain constant.
B)the aggregate supply curve will be upward-sloping.
C)profit margins will change in real terms.
D)the long-run aggregate supply curve will be horizontal.
E)both a and d.
Q4) The short-run aggregate supply curve (SRAS)is based on the theory that wages are flexible.
A)True
B)False
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Chapter 15: Fiscal Policy
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Sample Questions
Q1) The tax multiplier is equal to the spending multiplier.
A)True
B)False
Q2) According to supply-side economists,lowering corporate income taxes:
A) results in wage hikes for employees but no economic growth.
B) moves society toward greater income equality.
C) checks the expansion of real GDP and employment.
D) stimulates investment and economic growth.
E) does not create enough incentive for producers to increase production.
Q3) The presence of the automatic stabilizers means an increase in the budget deficit will be automatically experienced during an economic expansion whereas a budget surplus will be automatically experienced during a recession.
A)True
B)False
Q4) The ratio of a change in consumption to a change in income is the:
A) consumption function.
B) propensity to consume.
C) average propensity to consume.
D) extra propensity to consume.
E) marginal propensity to consume.
Page 20
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Chapter 16: The Public Sector
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Q1) Which of the following statements is true?
A) The most important source of revenue to the federal government is personal income taxes.
B) The most important source of revenue to state governments are sales and property taxes.
C) The most important source of revenue to local governments are local property taxes.
D) The taxation burden, measured by taxes as a percentage of GDP, is lighter in the United States than in most other advanced industrial countries.
E) All of the above.
Q2) In which of the following countries are taxes (measured as a percentage of GDP)the lowest?
A) Canada.
B) France.
C) Sweden.
D) The United States.
Q3) Under a progressive tax system,the tax rate increases as income increases.
A)True
B)False
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Chapter 17: Federal Deficits,Surpluses,and the National Debt
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Q1) If Congress fails to pass a budget before the fiscal year starts,then federal agencies may continue to operate only if Congress has passed a:
A) balanced budget amendment.
B) deficit reduction plan.
C) conference resolution.
D) continuing resolution.
Q2) The total accumulated debt of the federal government due to deficit spending is called the:
A) federal deficit.
B) Congressional debt.
C) deficit debt ceiling.
D) national debt.
Q3) Among the major industrial economies,which of the following had the lowest national debt as a percent of GDP?
A) Canada
B) Australia
C) United States
D) Italy
Q4) Can the U.S.federal government go broke as a result of a large national debt?
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Chapter 18: Money and the Federal Reserve System
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Q1) The chairman of its Board of Governors is appointed by the president; the Fed operates without independence from the executive branch of the government.
A)True
B)False
Q2) M1 refers to:
A) Federal Reserve Notes and gold certificates.
B) Currency held by the public plus checking account balances.
C) The largest of the money-supply definitions.
D) None of the above.
Q3) Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
A) medium of exchange.
B) unit of account.
C) store of value.
D) store of coincidence.
Q4) The Federal Funds Committee executes the purchases and sales of government securities decisions of the Federal Reserve.
A)True
B)False
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Chapter 19: Money Creation
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Q1) If the Federal Reserve wishes to increase the money supply it should decrease the discount rate and/or decrease the required reserve ratio and/or buy government securities on the open market.
A)True
B)False
Q2) The Fed's countercyclical policy tools to eliminate a recession include lowering:
A) the required reserve ratio, cutting the discount rate, and selling government bonds on the open market.
B) the required reserve ratio, raising the discount rate, and selling government bonds on the open market.
C) the required reserve ratio, raising the discount rate, and buying government bonds on the open market.
D) the discount rate, cutting the discount rate, and raising the margin requirement.
E) the reserve requirement, lowering the discount rate, and buying government bonds on the open market.
Q3) How can the Fed increase the money supply? How can the Fed decrease the money supply? Be specific.
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Chapter 20: Monetary Policy
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Q1) When there is an excess demand for money,individuals and businesses will attempt to purchase bonds.
A)True
B)False
Q2) The V in the equation of exchange represents the:
A) variation in the GDP.
B) variation in the CPI.
C) variation in real GDP.
D) average number of times per year a dollar is spent on final goods and services.
Q3) The opportunity cost of holding money balances increases when:
A) the inflation rate decreases.
B) the interest rate increases.
C) the interest rate decreases.
D) GDP is far from full employment.
Q4) Investment is lowered by expansionary monetary policy.
A)True
B)False
Q5) Contrast the Keynesian and Monetarist views on how a change in the money supply impacts the economy?
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Chapter
Self-Correcting Aggregate Demand and Supply Model
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Q1) In Panel (b)of Exhibit 20A-1,the economy is initially in short-run equilibrium at real GDP level Y and price level P .If the federal government decides to intervene,it would most likely:
A) increase taxes.
B) decrease the money supply.
C) increase the level of government spending for goods and services.
D) decrease the level of government spending for goods and services.
Q2) Assume the economy is in short-run equilibrium at a real GDP above its potential real GDP.According to classical theory,which of the following policies should be followed?
A) The Federal Reserve should use open market operations and buy U.S. government securities.
B) The Federal Reserve should not follow a fixed rule.
C) The federal government should cut taxes.
D) Fiscal policy and monetary policy should not be activist.
Q3) Assuming the economy is in a recession,Keynesian economists predict that:
A) wages will remain fixed.
B) monetary policy will sell government securities.
C) higher wages will shift the short-run aggregate supply curve leftward.
D) lower wages will shift the short-run aggregate supply curve rightward.
Page 26
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Chapter 21: International Trade and Finance
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Q1) If it costs the DuPont Chemical Company more to make the chemical flaxinate in the United States than it does to make it in Formosa,the Formosans must have:
A) lower demand for flaxinate.
B) tariffs on flaxinate.
C) inefficient markets.
D) a more favorable political environment.
E) an absolute advantage in flaxinate production.
Q2) Tariff rates on products imported into the United States:
A) were prohibited by the Constitution.
B) have dropped substantially over the past 50 years.
C) reached an all time high in 1996.
D) have steadily increased since 1920.
E) have never played a big part in U.S. trade policy.
Q3) What are the benefits and costs to a nation that participates in international trade? Do the benefits outweigh the costs or do the costs outweigh the benefits?
Q4) A weaker dollar will stimulate sales of U.S.exports.
A)True
B)False
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Chapter 22: Economies in Transition
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Q1) The economic systems of the former Soviet Union,the People's Republic of China,and Cuba are best classified as:
A) traditional economies.
B) command economies.
C) market economies.
D) decentralized economies.
Q2) In the real world,most economic systems are:
A) market economies.
B) command economies
C) mixed economies.
D) traditional economies.
Q3) Socialism is an economic system characterized by:
A) private ownership of resources and market decision-making.
B) government ownership of resources and centralized decision-making.
C) cooperation, sharing, and little central government.
D) a complex structure of rules and traditions that dictates decision-making.
Q4) In a traditional economy,innovation is encouraged.
A)True
B)False
Q5) Discuss the three basic types of economic systems.
Page 28
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Chapter 23: Growth and the Less-Developed Countries
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Q1) If a nation remains poor over time,it could be that:
A)c and e.
B)d and e.
C)the population growth rate is at least as much as the national GDP growth rate.
D)the per capita real GDP growth rate is larger than the population growth rate.
E)the national real GDP growth rate is lower than the population growth rate.
Q2) The nation of Exland is considered a less-developed country and has the following characteristics.Which one is not typical of a less-developed country?
A) High illiteracy.
B) High unemployment.
C) Rapid growth of technology.
D) Low growth in technology.
E) Rapid population growth.
Q3) Economists believe that political instability can facilitate economic development in an LDC by making its citizens more open to change and new technology.
A)True
B)False
Q4) What role does population growth play in economic development?
To view all questions and flashcards with answers, click on the resource link above. Page 29