ECN201 QUIZ 1

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Toronto Metropolitan University *

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104

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Economics

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Jan 9, 2024

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docx

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Uploaded by jaydog90210

ECN 101 QUIZ 1 1. Question:  What is the primary goal of microeconomics? a) Analyzing the economy as a whole b) Studying individual economic units c) Investigating government fiscal policies d) Examining international trade dynamics 2. Question:  Which of the following is an example of a positive economic statement? a) The government should reduce taxes. b) The unemployment rate is 5%. c) People ought to save more money. d) Inflation is harmful to the economy. 3. Question:  If the price of good X increases and the quantity demanded for good Y decreases, what is the likely relationship between goods X and Y? a) Complementary goods b) Substitute goods c) Normal goods d) Inferior goods 4. Question:  What is the opportunity cost of a decision? a) The monetary cost of the decision b) The value of the next best alternative forgone c) The total cost incurred in making the decision d) The benefit gained from the decision 5. Question:  In which market structure does a single firm dominate and control the entire market? a) Perfect competition b) Monopoly c) Oligopoly d) Monopolistic competition 6. Question:  What is the term for the total value of all goods and services produced within a country's borders in a specific time period? a) Gross National Product (GNP) b) Gross Domestic Product (GDP) c) Net National Product (NNP) d) National Income (NI)

7. Question:  According to the law of demand, what happens to the quantity demanded when the price of a good decreases? a) Quantity demanded increases b) Quantity demanded decreases c) Quantity demanded remains constant d) Quantity demanded fluctuates randomly

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