General Economics
Final Test Solutions
Course Introduction
General Economics introduces students to the fundamental concepts and principles that underpin economic theory and practice. The course explores the basics of microeconomics, including supply and demand, market structures, consumer behavior, and production costs, as well as macroeconomics topics such as economic growth, inflation, unemployment, fiscal and monetary policy, and international trade. Through real-world examples and practical applications, students develop an understanding of how economic agents make decisions, how markets function, and how government intervention can impact overall economic activity. This foundation equips learners with essential analytical tools to evaluate current economic issues and inform decision-making in business and public policy contexts.
Recommended Textbook
Essentials of Economics 6th Edition by N. Gregory Mankiw
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Chapter 1: Ten Principles of Economics
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Q1) Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight.The marginal cost per room per night
A) is $40.
B) is $80.
C) is $120.
D) cannot be determined from the information given.
Answer: D
Q2) To say people respond to incentives means that people may alter their decisions when the costs and benefits of an action change.
A)True
B)False
Answer: True
Q3) Trade with any nation can be mutually beneficial.
A)True
B)False
Answer: True
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Chapter 2: Thinking Like an Economist
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Q1) When a production possibilities frontier is bowed outward,the opportunity cost of one good in terms of the other is constant.
A)True
B)False
Answer: False
Q2) "Minimum wage laws result in unemployment" is a normative statement,while "the minimum wage should be higher" is a positive statement.
A)True
B)False
Answer: False
Q3) An economic outcome is said to be efficient if the economy is
A) using all of the scarce resources it has available.
B) conserving on resources,rather than using all available resources.
C) getting all it can get from the scarce resources it has available.
D) able to produce more than what is currently being produced without additional resources.
Answer: C
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Chapter 3: Interdependence and the Gains From Trade
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Q1) Refer to Table 3-5.Which of the following combinations of cheese and bread could England not produce in 40 hours?
A) 5 units of cheese and 9 units of bread.
B) 10 units of cheese and 7.5 units of bread.
C) 20 units of cheese and 5 units of bread.
D) 30 units of cheese and 2.5 units of bread.
Answer: A
Q2) Refer to Figure 3-5.Hosne has an absolute advantage in the production of A) purses and Merve has an absolute advantage in the production of wallets.
B) wallets and Merve has an absolute advantage in the production of purses.
C) both goods and Merve has an absolute advantage in the production of neither good. D) neither good and Merve has an absolute advantage in the production of both goods.
Answer: C
Q3) For international trade to benefit a country,it must benefit all citizens of that country.
A)True
B)False
Answer: False
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Chapter 4: The Market Forces of Supply and Demand
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Q1) Assume Diana buys computers in a competitive market.It follows that
A) Diana has a limited number of sellers to turn to when she buys a computer.
B) Diana will find herself negotiating with sellers whenever she buys a computer.
C) if Diana buys a large number of computers,the price of computers will rise noticeably.
D) None of the above is correct.
Q2) Which of the following might cause the demand curve for an inferior good to shift to the left?
A) a decrease in income
B) an increase in the price of a substitute
C) an increase in the price of a complement
D) None of the above is correct.
Q3) In a market economy,supply and demand are important because they
A) play a critical role in the allocation of the economy's scarce resources.
B) determine how much of each good gets produced.
C) can be used to predict the impact on the economy of various events and policies.
D) All of the above are correct.
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Chapter 5: Elasticity and Its Application
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Q1) Knowing that the demand for wheat is inelastic,if all farmers voluntarily did not plant wheat on 10 percent of their land,then
A) consumers of wheat would buy more wheat.
B) wheat farmers would suffer a reduction in their total revenue.
C) wheat farmers would experience an increase in their total revenue.
D) the demand for wheat would decrease.
Q2) You and your college roommate eat three packages of Ramen noodles each week.After graduation last month,both of you were hired at several times your college income.Your roommate still enjoys Ramen noodles very much and buys even more,but you plan to buy fewer Ramen noodles in favor of foods you prefer more.When looking at income elasticity of demand for Ramen noodles,yours would
A) be negative and your roommate's would be positive.
B) be positive and your roommate's would be negative.
C) be zero and your roommate's would approach infinity.
D) approach infinity and your roommate's would be zero.
Q3) The cross-price elasticity of garlic salt and onion salt is -2,which indicates that garlic salt and onion salt are substitutes.
A)True
B)False
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Chapter 6: Supply,demand,and Government Policies
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Q1) Refer to Figure 6-19.The effective price received by sellers after the tax is imposed is
A) $3.
B) $4.
C) $5.
D) $7.
Q2) When a binding price floor is imposed on a market,
A) price no longer serves as a rationing device.
B) the quantity demanded at the price floor exceeds the quantity that would have been demanded without the price floor.
C) all sellers benefit.
D) All of the above are correct.
Q3) Whether a tax is levied on sellers or buyers,buyers and sellers usually share the burden of taxes.
A)True
B)False
Q4) The economy contains many labor markets for different types of workers.
A)True
B)False
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Chapter 7: Consumers, producers, and the Efficiency of Markets
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Q1) The distinction between efficiency and equality can be described as follows:
A) Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.
B) Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers.
C) Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost.
D) Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.
Q2) If Rosa is willing to pay $450 for hockey tickets and has consumer surplus of $175,the price of the tickets is $625.
A)True
B)False
Q3) Total surplus = Value to buyers - Costs to sellers.
A)True
B)False
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Chapter 8: Application: the Costs of Taxation
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Q1) When a tax is imposed on the sellers of a good,the
A) demand curve shifts downward by less than the amount of the tax.
B) demand curve shifts downward by the amount of the tax.
C) supply curve shifts upward by less than the amount of the tax.
D) supply curve shifts upward by the amount of the tax.
Q2) Refer to Figure 8-17.If the government changed the per-unit tax from $5.00 to $2.50,then the price paid by buyers would be $7.50,the price received by sellers would be $5,and the quantity sold in the market would be 1.5 units.Compared to the original tax rate,this lower tax rate would
A) increase government revenue and increase the deadweight loss from the tax.
B) increase government revenue and decrease the deadweight loss from the tax.
C) decrease government revenue and increase the deadweight loss from the tax.
D) decrease government revenue and decrease the deadweight loss from the tax.
Q3) Taxes cause deadweight losses because they
A) lead to losses in surplus for consumers and for producers that,when taken together,exceed tax revenue collected by the government.
B) distort incentives to both buyers and sellers.
C) prevent buyers and sellers from realizing some of the gains from trade.
D) All of the above are correct.
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Chapter 9: Application: International Trade
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Q1) Refer to Figure 9-4.The change in total surplus in Nicaragua because of trade is
A) $625,and this is an increase in total surplus.
B) $750,and this is an increase in total surplus.
C) $625,and this is a decrease in total surplus.
D) $750,and this is a decrease in total surplus.
Q2) When a country that imports a particular good imposes a tariff on that good,
A) producer surplus increases and total surplus increases in the market for that good.
B) producer surplus increases and total surplus decreases in the market for that good.
C) producer surplus decreases and total surplus increases in the market for that good.
D) producer surplus decreases and total surplus decreases in the market for that good.
Q3) Which of the following tools and concepts is useful in the analysis of international trade?
A) total surplus
B) domestic supply
C) equilibrium price
D) All of the above are correct.
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Chapter 10: Externalities
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Q1) If the production of computer chips yields greater technology spillovers than the production of potato chips,the government should
A) encourage the production of computer chips with subsidies.
B) discourage the production of potato chips with taxes.
C) encourage the production of potato chips with subsidies.
D) discourage the production of computer chips with taxes.
Q2) Refer to Figure 10-9,Panel (b).The market equilibrium price is A) P2.
B) P3a.
C) P3b.
D) P3a - P3b.
Q3) Refer to Figure 10-7.Which quantity represents the social optimum for this market?
A) Q<sub>1.</sub>
B) Q<sub>2</sub>.
C) Q<sub>3.</sub>
D) Q<sub>4.</sub>
Q4) The Coase theorem suggests that efficient solutions to externalities can be determined through bargaining.Under what circumstances will private bargaining fail to produce a solution?
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Chapter 11: Public Goods and Common Resources
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Q1) Suppose the cost to erect a tornado siren in a small town is $20,000.In addition,suppose the value of a human life is $10 million.By what percentage would the siren need to reduce the risk of a fatality for the benefits of the siren to exceed the costs of the siren?
A) By at least 0.2 percentage points.
B) By at least 0.5 percentage points.
C) By at least 2 percentage points.
D) By at least 5 percentage points.
Q2) The greatest difficulty with cost-benefit analysis of a public project is determining
A) whether government revenue is sufficient to cover the cost of the project.
B) which contractor should be awarded the project.
C) the cost of the project.
D) the value or benefit of the project.
Q3) Which of the following statements is not correct?
A) Environmental degradation is an example of the Tragedy of the Commons.
B) Cost-benefit analysis is an important tool that economists use to evaluate the benefits of providing a public good.
C) Some goods,such as lighthouses,may be either private or public goods.
D) The free-rider problem prevents governments from supplying public goods.
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Chapter 12: The Costs of Production
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Q1) Total cost is the
A) amount a firm receives for the sale of its output.
B) fixed cost less variable cost.
C) market value of the inputs a firm uses in production.
D) quantity of output minus the quantity of inputs used to make a good.
Q2) Refer to Figure 12-8.The efficient scale of production occurs at which quantity?
A) A
B) B
C) C
D) D
Q3) Refer to Table 12-16.Firm A is experiencing economies of scale.
A)True
B)False
Q4) For a construction company that builds houses,which of the following costs would be a fixed cost?
A) the $50,000 per year salary paid to a construction foreman
B) the $30,000 per year salary paid to the company's bookkeeper
C) the $10,000 per year premium paid to an insurance company
D) All of the above are correct.
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Chapter 13: Firms in Competitive Markets
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Q1) Suppose that a firm operating in perfectly competitive market sells 100 units of output.Its total revenues from the sale are $500.Which of the following statements is correct? (i)Marginal revenue equals $5.
(ii)Average revenue equals $5.
(iii)Price equals $5.
A) (i)only
B) (iii)only
C) (i)and (ii)only
D) (i),(ii),and (iii)
Q2) Refer to Figure 13-5.In the short run,if the market price is higher than P4 but less than P6,individual firms in a competitive industry will earn
A) positive profits.
B) zero profits.
C) losses but will remain in business.
D) losses and will shut down.
Q3) In the short run,if the market price is below the firm's average total cost of production,the firm will always shut down.
A)True
B)False
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Chapter 14: Monopoly
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Q1) Refer to Figure 14-16.If the monopoly firm is not allowed to price discriminate,then consumer surplus amounts to
A) $0.
B) $1,562.50.
C) $3,125.
D) $6,250.
Q2) When a monopolist increases the amount of output that it produces and sells,the price of its output
A) stays the same.
B) increases.
C) decreases.
D) may increase or decrease depending on the price elasticity of demand.
Q3) Refer to Table 14-11.What price should the firm charge to maximize its profit?
A) $4
B) $5
C) $6
D) $7
Q4) A common solution to monopoly in European countries is public ownership.
A)True
B)False
Page 16
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Chapter 15: Measuring a Nations Income
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Q1) If in some year nominal GDP was $18 billion and the GDP deflator was 120,what was real GDP?
A) $6.7 billion
B) $15 billion
C) $21.6 billion
D) $38 billion
Q2) Disposable income is
A) the total income earned by a nation's permanent residents.
B) the total income earned by a nation's residents in the production of good and services.
C) the income that households and non-corporate businesses receive.
D) the income that households and businesses have remaining after satisfying their obligations to the government.
Q3) In a simple circular-flow diagram,households buy goods and services with the income they get from
A) wages.
B) rents.
C) profits.
D) All of the above are correct.
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Chapter 16: Measuring the Cost of Living
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Q1) The producer price index measures the cost of a basket of goods and services bought by firms rather than consumers.
A)True
B)False
Q2) When the price of nuclear missiles rises,this change is reflected in the CPI but not in the GDP deflator.
A)True
B)False
Q3) Which of the following pairs of values of the consumer price index (CPI)is consistent with an inflation rate of 14 percent for 2011?
A) CPI in 2011 = 150; CPI in 2012 = 164
B) CPI in 2011 = 150; CPI in 2012 = 171
C) CPI in 2010 = 150; CPI in 2011 = 164
D) CPI in 2010 = 150; CPI in 2011 = 171
Q4) The inflation rate is defined as the A) price level in an economy.
B) change in the price level from one period to the next.
C) percentage change in the price level from the previous period.
D) price level minus the price level from the previous period.
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Chapter 17: Production and Growth
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Q1) Which of the following is physical capital?
A) the strength of workers
B) the knowledge of workers
C) financial assets like cash and bonds
D) the equipment in a factory
Q2) Country A and country B both increase their capital stock by one unit.Output in country A increases by 15 while output in country B increases by 12.Other things the same,diminishing returns implies that country A is
A) richer than Country B.If Country A adds another unit of capital,output will increase by more than 15 units.
B) richer than Country B.If Country A adds another unit of capital,output will increase by less than 15 units.
C) poorer than Country B.If Country A adds another unit of capital,output will increase by more than 15 units.
D) poorer than Country B.If Country A adds another unit of capital,output will increase by less than 15 units.
Q3) Compare and contrast the population theories of Malthus and Kremer.
Q4) Why does a nation's standard of living depend on property rights?
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Chapter 18: Saving,investment,and the Financial System
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Q1) Larry buys stock in A to Z Express Company.Curly Corporation builds a new factory.Whose transaction would be an act of investment in the language of macroeconomics?
A) only Larry's
B) only Curly Corporation's
C) Larry's and Curly Corporation's
D) neither Larry's nor Curly Corporation's
Q2) Which of the following is correct?
A) Joan takes some of her income and buys mutual fund shares.Joan's purchase will be included in the investment category of GDP.
B) If a share of stock in Virtual Pizza Corporation sells for $77,the earnings per share are $5,and the dividend per share is $2,then the P/E ratio is 11.
C) In order to use equity finance,a firm must sell about equal values of stocks and bonds.
D) None of the above is correct.
Q3) A decrease in taxes on interest income would increase the interest rate.
A)True
B)False
Q4) 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) At an annual interest rate of 20 percent,about how many years will it take $100 to triple in value?
A) 5
B) 6
C) 8
D) 9
Q2) Which of the following actions best illustrates moral hazard?
A) A person adds risky stock to his portfolio.
B) A person who has narrowly avoided many accidents applies for automobile insurance.
C) A person is unwilling to buy a stock when she believes its price has an equal chance of rising or falling $10.
D) A person purchases homeowners insurance and then checks his smoke detector batteries less frequently.
Q3) The present value of a payment of $500 to be made two years from today is greater if the interest rate is 7% than if it is 6%.
A)True
B)False
Q4) Discuss the statistical evidence concerning the efficient markets hypothesis.
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Chapter 20: Unemployment
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Q1) An American worker who becomes unemployed typically receives 100% of her former salary during the first six months she is unemployed.
A)True
B)False
Q2) The labor-force participation rate measures the percentage of the
A) total adult population that is in the labor force.
B) total adult population that is employed.
C) labor force that is employed.
D) labor force that is either employed or unemployed.
Q3) Within the U.S.,teenagers have higher rates of unemployment than older workers.
A)True
B)False
Q4) The unemployment rate equals the percentage of the labor force that is unemployed.
A)True
B)False
Q5) Why might a favorable change in the economy,such as technological improvement or a decrease in the price of imported oil,be associated with an increase in frictional unemployment?
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Chapter 21: The Monetary System
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Q1) The "yardstick" people use to post prices and record debts is called
A) a medium of exchange.
B) a unit of account.
C) a store of value.
D) liquidity.
Q2) Suppose banks decide to hold fewer excess reserves relative to deposits.Other things the same,this action will cause the
A) money supply to fall.To reduce the impact of this the Fed could sell Treasury bonds.
B) money supply to fall.To reduce the impact of this the Fed could buy Treasury bonds.
C) money supply to rise.To reduce the impact of this the Fed could sell Treasury bonds.
D) money supply to rise.To reduce the impact of this the Fed could buy Treasury bonds.
Q3) If people decide to hold less currency relative to deposits,the money supply
A) falls.The Fed could lessen the impact of this by buying Treasury bonds.
B) falls.The Fed could lessen the impact of this by selling Treasury bonds.
C) rises.The Fed could lessen the impact of this by buying Treasury bonds.
D) rises.The Fed could lessen the impact of this by selling Treasury bonds.
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Chapter 22: Money Growth and Inflation
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Q1) Economic variables whose values are measured in monetary units are called A) dichotomous variables.
B) nominal variables.
C) classical variables.
D) real variables.
Q2) You put money in the bank.The increase in the dollar value of your savings
A) and the change in the number of goods you can buy with your savings are both nominal variables.
B) and the change in the number of goods you can buy with your savings are both real variables.
C) is a nominal variable,but the change in the number of goods you can buy with your savings is a real variable.
D) is a real variable,but the change in the number of goods you buy with your savings is a nominal variable.
Q3) What assumptions are necessary to argue that the quantity equation implies that increases in the money supply lead to proportional changes in the price level?
Q4) List and define any two of the costs of high inflation.
Q5) Why did farmers in the late 1800s dislike deflation?
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Chapter 23: Aggregate Demand and Aggregate Supply
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Q1) A change in the money supply changes only nominal variables in the long run.
A)True
B)False
Q2) Suppose the economy is in long-run equilibrium.In a short span of time,there is a sharp increase in the minimum wage,a major new discovery of oil,a large influx of immigrants,and new environmental regulations that raise the cost of electricity production.In the short run
A) the price level will rise and real GDP will fall.
B) the price level will fall and real GDP will rise.
C) the price level and real GDP will both stay the same.
D) All of the above are possible.
Q3) Refer to Optimism.How is the new long-run equilibrium different from the original one?
A) both price and real GDP are higher
B) both price and real GDP are lower.
C) the price level is the same and GDP is higher.
D) the price level is higher and real GDP is the same.
Q4) What do most economists believe concerning the relation between the price level and real output?
Q5) Make a list of expenditures whose sum equals GDP.
Page 25
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Chapter 24: The Influence of Monetary and Fiscal Policy on Aggregate Demand
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Q1) Monetary policy affects the economy with a long lag,in part because
A) proposals to change monetary policy must go through both the House and Senate before being sent to the president.
B) monetary policy works through changes in interest rates,and the Fed does not have the ability to change interest rates quickly.
C) changes in interest rates primarily influence consumption spending,and households make consumption plans far in advance.
D) changes in interest rates primarily influence investment spending,and firms make investment plans far in advance.
Q2) Explain how unemployment insurance acts as an automatic stabilizer.
Q3) If the Fed increases the money supply,
A) the interest rate increases,which tends to raise stock prices.
B) the interest rate increases,which tends to reduce stock prices.
C) the interest rate decreases,which tends to raise stock prices.
D) the interest rate decreases,which tends to reduce stock prices.
Q4) What is the difference between monetary policy and fiscal policy?
Q5) Use the money market to explain the interest-rate effect and its relation to the slope of the aggregate demand curve.
Page 26
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