Foundations of Economics Final Exam
Course Introduction
Foundations of Economics introduces students to the basic principles and concepts that underpin economic theory and practice. The course covers fundamental topics such as supply and demand, opportunity cost, market structures, and the role of government in the economy. Students will explore both microeconomic and macroeconomic perspectives, gaining an understanding of how individual choices and market forces influence resource allocation, production, and distribution. Through the analysis of real-world case studies and current events, this course provides essential tools for understanding economic decision-making and the broader economic environment.
Recommended Textbook
Essentials of Economics 6th Edition by N. Gregory Mankiw
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Page 2
Chapter 1: Ten Principles of Economics
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Q1) A company that formerly produced software went out of business because too many potential customers bought illegally-produced copies of the software instead of buying the product directly from the company.This instance serves as an example of A) market power.
B) inefficient trade.
C) inadequate enforcement of property rights.
D) the invisible hand at work.
Answer: C
Q2) Explain how an attempt by the government to lower inflation could cause unemployment to increase in the short-run.
Answer: To lower inflation,the government may choose to reduce the money supply in the economy.When the money supply is reduced,prices don't adjust immediately.Lower spending,combined with prices that are too high,reduces sales and causes workers to be laid off.Hence,the lower price level is associated with higher unemployment.
Q3) Economics is the study of how society allocates its unlimited resources.
A)True
B)False
Answer: False
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3
Chapter 2: Thinking Like an Economist
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Q1) Which of the following concepts cannot be illustrated by the production possibilities frontier?
A) efficiency
B) opportunity cost
C) equality
D) trade-offs
Answer: C
Q2) A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is
A) less than 0.
B) between zero and 1.
C) between one and infinity.
D) undefined.
Answer: A
Q3) Refer to Figure 2-14.The movement from point B to point C is a(n)
A) shift of the demand curve.
B) movement along the demand curve.
C) indication that the price of grapes has changed.
D) indication that the costs incurred by firms that produce grapes have changed.
Answer: A
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Chapter 3: Interdependence and the Gains From Trade
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Q1) Refer to Table 3-9.Which of the following points would not be on Jim's production possibilities frontier,based on a 40-hour week?
A) (0 computers set up,60 computers tested)
B) (40 computers set up,30 computers tested)
C) (60 computers set up,12 computers tested)
D) (72 computers set up,6 computers tested)
Answer: C
Q2) Refer to Table 3-11.Varick has an absolute advantage in the production of A) wheat.
B) cloth.
C) both goods.
D) neither good.
Answer: B
Q3) Refer to Figure 3-9.Azerbaijan has an absolute advantage in the production of A) bolts and a comparative advantage in the production of bolts.
B) bolts and a comparative advantage in the production of nails.
C) nails and a comparative advantage in the production of bolts.
D) nails and a comparative advantage in the production of nails.
Answer: D
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Page 5
Chapter 4: The Market Forces of Supply and Demand
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Q1) What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount of labor necessary to produce steamed milk,which is used to make lattés,and scientists discovered that coffee prevents heart attacks?
A) Both the equilibrium price and quantity would increase.
B) Both the equilibrium price and quantity would decrease.
C) The equilibrium price would increase,and the effect on equilibrium quantity would be ambiguous.
D) The equilibrium quantity would increase,and the effect on equilibrium price would be ambiguous.
Q2) In a market economy,who or what determines who produces each good and how much is produced?
A) the government
B) lawyers
C) lotteries
D) prices
Q3) Price will rise to eliminate a surplus.
A)True
B)False
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Chapter 5: Elasticity and Its Application
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Q1) The case of perfectly elastic demand is illustrated by a demand curve that is A) vertical.
B) horizontal.
C) downward-sloping but relatively steep.
D) downward-sloping but relatively flat.
Q2) Refer to Table 5-6.Which scenario describes the market for oil in the short run in comparison to the long run?
A) Scenario A describes both the short run and the long run.
B) Scenario D describes both the short run and the long run.
C) Scenario D describes the short run,whereas scenario A describes the long run.
D) Scenario C describes the short run,whereas scenario B describes the long run.
Q3) A perfectly elastic demand implies that
A) buyers will not respond to any change in price.
B) any rise in price above that represented by the demand curve will result in a quantity demanded of zero.
C) quantity demanded and price change by the same percent as we move along the demand curve.
D) price will rise by an infinite amount when there is a change in quantity demanded.
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Chapter 6: Supply,demand,and Government Policies
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Q1) A price floor set above the equilibrium price causes a surplus in the market.
A)True
B)False
Q2) Suppose the government imposes a $40 tax on the buyers of refrigerators.The tax would
A) shift the demand curve downward by less than $40.
B) raise the equilibrium price by $40.
C) create a $20 tax burden each for buyers and sellers.
D) discourage market activity.
Q3) Refer to Table 6-3.How many units of the good are sold after the imposition of the price floor?
A) 5
B) 9
C) 10
D) 15
Q4) The price received by sellers in a market will decrease if the government
A) imposes a binding price floor in that market.
B) decreases a binding price ceiling in that market.
C) decreases a tax on the good sold in that market.
D) increases a binding price floor in that market.
Page 8
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Chapter 7: Consumers, producers, and the Efficiency of Markets
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Q1) Sarah buys a new MP3 player for $135.She receives consumer surplus of $25 on her purchase if her willingness to pay is
A) $25.
B) $110.
C) $135.
D) $160.
Q2) Billie Jo values a stainless steel dishwasher for her new house at $500,but she succeeds in buying one for $425.Billie Jo's willingness to pay for the dishwasher is A) $150.
B) $425.
C) $500.
D) $850.
Q3) Refer to Figure 7-18.If 40 units of the good are being bought and sold,then A) the marginal cost to sellers is equal to the marginal value to buyers.
B) the marginal value to buyers is greater than the marginal cost to sellers.
C) the marginal cost to sellers is greater than the marginal value to buyers.
D) producer surplus would be greater than consumer surplus.
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Page 9
Chapter 8: Application: the Costs of Taxation
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Q1) Refer to Figure 8-19.If the economy is at point B on the curve,then a small decrease in the tax rate will
A) increase the deadweight loss of the tax and increase tax revenue.
B) increase the deadweight loss of the tax and decrease tax revenue.
C) decrease the deadweight loss of the tax and increase tax revenue.
D) decrease the deadweight loss of the tax and decrease tax revenue.
Q2) Refer to Figure 8-4.The amount of deadweight loss as a result of the tax is
A) $105.
B) $210.
C) $490.
D) $600.
Q3) Refer to Figure 8-5.The benefit to the government is measured by A) tax revenue and is represented by area A+B. B) tax revenue and is represented by area B+D.
C) the net gain in total surplus and is represented by area B+D.
D) the net gain in total surplus and is represented by area C+H.
Q4) If a tax did not induce buyers or sellers to change their behavior,it would not cause a deadweight loss.
A)True
B)False
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Chapter 9: Application: International Trade
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Q1) Refer to Figure 9-1.When trade in wool is allowed,producer surplus in Scotland
A) increases by the area B + D.
B) increases by the area B + D + G.
C) decreases by the area C + F.
D) decreases by the area G.
Q2) Refer to Figure 9-16.The tariff
A) decreases producer surplus by the area C,decreases consumer surplus by the area C + D + E,and decreases total surplus by the area D + F.
B) increases producer surplus by the area C,decreases consumer surplus by the area C
+ D + E + F,and decreases total surplus by the area D + F.
C) creates government revenue represented by the area B + E and decreases total surplus by the area D + E + F.
D) increases producer surplus by the area C + G and creates government revenue represented by the area D + E + F.
Q3) A tariff increases the quantity of imports and moves the market farther from its equilibrium without trade.
A)True
B)False
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Chapter 10: Externalities
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Q1) Refer to Table 10-3.The market equilibrium quantity of output is A) 3 units.
B) 4 units.
C) 5 units.
D) 6 units.
Q2) Refer to Figure 10-4.If all external costs were internalized,then the market's equilibrium output would be
A) Q<sub>1</sub>.
B) Q<sub>2</sub>.
C) Q<sub>3</sub>.
D) Q<sub>4</sub>.
Q3) Which of the following is not a characteristic of pollution permits?
A) Prices are set by supply and demand.
B) Allowing firms to trade their permits reduces the total quantity of pollution beyond the initial allocation.
C) Real-world markets for pollution permits include sulfur dioxide and carbon.
D) Firms for whom pollution reduction is very expensive are willing to pay more for permits than firms for whom pollution reduction is less expensive.
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Chapter 11: Public Goods and Common Resources
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Q1) The idea that "externalities arise because something of value has no price attached to it" is associated with
A) public goods,but not with common resources.
B) common resources,but not with public goods.
C) both public goods and common resources.
D) neither public goods nor common resources.
Q2) The difference between specific knowledge and general knowledge is that A) the creation of general knowledge is usually more profitable for the creator. B) specific knowledge is excludable,while general knowledge is not excludable. C) general knowledge is excludable,while specific knowledge is not excludable. D) general knowledge is rival in consumption,while specific knowledge is not rival in consumption.
Q3) Refer to Table 11-5.Suppose the cost to hire each guard is $120 per day and the 4 store owners have agreed to split the costs of hiring guards equally.How many guards would the owner of Store A prefer to hire?
A) 0
B) 1
C) 2
D) 3
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Page 13
Chapter 12: The Costs of Production
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Q1) The marginal-cost curve intersects the average-total-cost curve at the minimum point of the marginal-cost curve.
A)True
B)False
Q2) Refer to Table 12-13.Which firm's long-run marginal cost decreases as output increases?
A) Firm 1
B) Firm 2
C) Firm 3
D) Firm 4
Q3) Refer to Table 12-6.Each worker at the Wooden Chair Factory costs $12 per hour.The cost of each machine is $20 per day regardless of the number of chairs produced.If the factory produces at a rate of 35 chairs per hour,what is the total labor cost per hour?
A) $40
B) $48
C) $384
D) $424
Q4) What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?
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Chapter 13: Firms in Competitive Markets
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Q1) Refer to Table 13-1.Over what range of output is marginal revenue declining?
A) 1 to 6 units
B) 3 to 7 units
C) 7 to 9 units
D) Marginal revenue is constant over the entire range of output.
Q2) A market is competitive if (i)firms have the flexibility to price their own product. (ii)each buyer is small compared to the market. (iii)each seller is small compared to the market.
A) (i)and (ii)only
B) (i)and (iii)only
C) (ii)and (iii)only
D) (i),(ii),and (iii)
Q3) For a firm in a perfectly competitive market,the price of the good is always
A) equal to marginal revenue.
B) equal to total revenue.
C) greater than average revenue.
D) equal to the firm's efficient scale of output.
Q4) Give two reasons why the long-run industry supply curve may slope upward.Use an example to demonstrate your reasons.
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Chapter 14: Monopoly
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Q1) Refer to Figure 14-4.A profit-maximizing monopoly's total revenue is equal to
A) P4 x Q3.
B) P5 x Q1.
C) P3 <sub> </sub>x Q4.
D) (P4-P2)x Q3.
Q2) Refer to Table 14-1.If the monopolist wants to maximize its revenue,how many units of its product should it sell?
A) 4
B) 5
C) 6
D) 8
Q3) Refer to Table 14-14.At what price does marginal revenue equal marginal cost?
A) $5
B) $4
C) $3
D) $2
Q4) Give some examples of the benefits and costs of antitrust laws.
Q5) Price discrimination is prohibited by antitrust laws.
A)True
B)False
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Chapter 15: Measuring a Nations Income
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Q1) Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP,but the value of intermediate goods produced and not sold is included directly as part of GDP.
Q2) If you buy a burger and fries at your favorite fast food restaurant,
A) then neither GDP nor consumption will be affected because you would have eaten at home had you not bought the meal at the restaurant.
B) then GDP will be higher,but consumption spending will be unchanged.
C) then GDP will be unchanged,but consumption spending will be higher.
D) then both GDP and consumption spending will be higher.
Q3) Macroeconomics is the study of the economy as a whole.
A)True
B)False
Q4) Refer to Table 15-4.In 2011,this country's
A) real GDP was $900,and the GDP deflator was 150.2.
B) real GDP was $900,and the GDP deflator was 177.8.
C) real GDP was $1065,and the GDP deflator was 177.8.
D) real GDP was $1065,and the GDP deflator was 150.2.
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Chapter 16: Measuring the Cost of Living
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Q1) Suppose a basket of goods and services has been selected to calculate the CPI and 2002 has been selected as the base year.In 2002,the basket's cost was $50; in 2004,the basket's cost was $52; and in 2006,the basket's cost was $54.60.The value of the CPI in 2004 was
A) 96.2.
B) 102.0.
C) 104.0.
D) 152.0.
Q2) For an imaginary economy,the consumer price index was 62.50 in 2004,100.00 in 2005,and 160.00 in 2006.Which of the following statements is correct?
A) If the basket of goods that is used to calculate the CPI cost $80 in 2004,then that basket of goods cost $128 in 2005.
B) If the basket of goods that is used to calculate the CPI cost $90 in 2005,then that basket of goods cost $150 in 2006.
C) The overall level of prices increased by 97.5 percent between 2004 and 2006.
D) All of the above are correct.
Q3) Why does the GDP deflator give a different rate of inflation than the CPI?
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Chapter 17: Production and Growth
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Q1) All else equal,by saving more,a country
A) has more resources for capital goods.The increase in capital raises productivity.
B) has more resources for capital goods.The increase in capital reduces productivity.
C) has fewer resources for capital goods.The decrease in capital raises productivity.
D) has fewer resources for capital goods.The decrease in capital reduces productivity.
Q2) Which of the following would,by itself,reveal the most about a country's standard of living?
A) its level of capital
B) the number of hours worked
C) its availability of natural resources
D) its productivity
Q3) Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment,poor countries tend to grow at a faster rate than rich countries. A)True
B)False
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19
Chapter 18: Saving,investment,and the Financial System
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Q1) If a firm wants to borrow it can
A) supply bonds by selling them.
B) supply bonds by buying them.
C) demand bonds by selling them.
D) demand bonds by buying them.
Q2) Lenders buy bonds and borrowers sell them.
A)True
B)False
Q3) If the government's expenditures exceeded its receipts,it would likely
A) lend money to a bank or other financial intermediary.
B) borrow money from a bank or other financial intermediary.
C) buy bonds directly from the public.
D) sell bonds directly to the public.
Q4) Suppose the issuer of a bond fails to pay some of the interest or principal that was promised to the bondholders.This failure is referred to as a A) breach.
B) default.
C) risk.
D) term failure.
Q5) What are the basic differences between bonds and stocks?
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Chapter 19: The Basic Tools of Finance
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Q1) A manufacturing company is thinking about building a new factory.The factory,if built,will yield the company $300 million in 7 years,and it would cost $220 million today to build.The company will decide to build the factory if the interest rate is
A) no less than 4.53 percent.
B) no greater than 4.53 percent.
C) no less than 5.81 percent.
D) no greater than 5.81 percent.
Q2) The market for insurance is one example of reducing risk by using diversification. A)True
B)False
Q3) You have been promised a payment of $400 in the future.In which of the following cases is the present value of this payment the lowest?
A) You receive the payment 4 years from now and the interest rate is 4 percent.
B) You receive the payment 4 years from now and the interest rate is 5 percent.
C) You receive the payment 5 years from now and the interest rate is 4 percent.
D) You receive the payment 5 years from now and the interest rate is 5 percent.
Q4) List three different ways that a risk-averse person can reduce financial risk.
Q5) Discuss the statistical evidence concerning the efficient markets hypothesis.
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Chapter 20: Unemployment
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Q1) If all workers and all jobs were the same such that all workers were equally well suited for all jobs,then there would be no frictional unemployment.
A)True
B)False
Q2) If the wage is kept above the equilibrium wage for any reason,the result is structural unemployment.
A)True
B)False
Q3) The Bureau of Labor Statistics places people in the "employed" category if they
A) are without a job,but are available for work and have tried to find a job during the previous 4 weeks.
B) work without pay in a family member's business.
C) are waiting to be recalled to a job from which they had been laid off.
D) All of the above are correct.
Q4) Unemployment insurance is designed to offer workers full protection against job loss.
A)True
B)False
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Chapter 21: The Monetary System
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Q1) Which of the following both increase the money supply?
A) an increase in the discount rate and an increase in the interest rate on reserves
B) an increase in the discount rate and a decrease in the interest rate on reserves
C) a decrease in the discount rate and an increase in the interest rate on reserves
D) a decrease in the discount rate and a decrease in the interest rate on reserves
Q2) If the federal funds rate were above the level the Federal Reserve had targeted,the Fed could move the rate back towards its target by
A) buying bonds.This buying would reduce reserves.
B) buying bonds.This buying would increase reserves.
C) selling bonds.This selling would reduce reserves.
D) selling bonds.This selling would increase reserves.
Q3) As banks create money,they create wealth.
A)True B)False
Q4) Are credit cards and debit cards money? What's the difference between credit and debit cards?
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Chapter 22: Money Growth and Inflation
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Q1) When the money market is drawn with the value of money on the vertical axis,if the Federal Reserve sells bonds,then the money supply curve
A) shifts rightward,causing the value of money measured in terms of goods and services to rise.
B) shifts rightward,causing the value of money measured in terms of goods and services to fall.
C) shifts leftward,causing the value of money measured in terms of goods and services to rise.
D) shifts leftward,causing the value of money measured in terms of goods and services to fall.
Q2) Suppose that monetary neutrality and the Fisher effect both hold.An increase in the money supply growth rate increases
A) the inflation rate and the nominal interest rate by the same number of percentage points.
B) nominal interest rates but by less than the percentage point increase in the inflation rate.
C) the inflation rate but not the nominal interest.
D) neither the inflation rate nor the nominal interest rate.
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Chapter 23: Aggregate Demand and Aggregate Supply
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Q1) Other things the same,if the money supply rises by 2% and people were expecting it to rise by 5%,then some firms have
A) higher than desired prices which increases their sales.
B) higher than desired prices which depresses their sales.
C) lower than desired prices which increases their sales.
D) lower than desired prices which depresses their sales.
Q2) The initial impact of an increase in an investment tax credit is to shift A) aggregate demand right.
B) aggregate demand left.
C) aggregate supply right.
D) aggregate supply left.
Q3) Other things the same,an unexpected fall in the price level results in some firms having
A) lower than desired prices which increases their sales.
B) lower than desired prices which depresses their sales.
C) higher than desired prices which increases their sales.
D) higher than desired prices which depresses their sales.
Q4) The recessions associated with the business cycle come at regular intervals. A)True B)False
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Chapter 24: The Influence of Monetary and Fiscal Policy on Aggregate Demand
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Q1) Which among the following assets is the most liquid?
A) corporate bonds
B) fine art
C) deposits that can be withdrawn using ATMs
D) shares of stock
Q2) As the interest rate falls,
A) the quantity of money demanded falls,which would reduce a shortage.
B) the quantity of money demanded falls,which would reduce a surplus.
C) the quantity of money demanded rises,which would reduce a shortage.
D) the quantity of money demanded rises,which would reduce a surplus.
Q3) In recent years,the Federal Reserve has conducted policy by setting a target for the A) size of the money supply.
B) growth rate of the money supply.
C) federal funds rate.
D) discount rate.
Q4) The theory of liquidity preference is largely at odds with the basic ideas of supply and demand.
A)True
B)False
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