ECO 212 ECO\212 FINAL EXAM VERSION 6

Aug 6th, 2016
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1) Which of the following issues is an application of using macroeconomics to make a real world decision? A. Whether a company should increase its worker benefits B. Whether this year's enrollment will increase for University of Phoenix. C. Whether the growth rate of the Chinese economy will exceed 10% in 2010 D. Whether workers should choose to remain in a factory 2) The forces that make market economies work are A. work and leisure B. demand and supply C. regulation and restraint D. taxes and government spending 3) A market is a A. group of buyers and sellers of a particular good or service B. group of people with common economic characteristics C. place where buyers and sellers come together to engage in trade D. place where an auctioneer helps set prices and arrange sales 4) If a decrease in income increases the demand for a good, then the good is A. a substitute good B. a complement good C. a normal good D. an inferior good 5) Two goods are substi

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ECO 212 ECO\212 FINAL EXAM VERSION 61) Which of the following issues is an application of using macroeconomics to make a real worlddecision?A. Whether a company should increase its worker benefitsB. Whether this year's enrollment will increase for University of Phoenix.C. Whether the growth rate of the Chinese economy will exceed 10% in 2010D. Whether workers should choose to remain in a factory2) The forces that make market economies work areA. work and leisureB. demand and supplyC. regulation and restraintD. taxes and government spending3) A market is aA. group of buyers and sellers of a particular good or serviceB. group of people with common economic characteristicsC. place where buyers and sellers come together to engage in tradeD. place where an auctioneer helps set prices and arrange sales4) If a decrease in income increases the demand for a good, then the good isA. a substitute goodB. a complement goodC. a normal goodD. an inferior good5) Two goods are substitutes if a decrease in the price of one goodA. decreases the demand for the other goodB. decreases the quantity demanded of the other goodC. increases the demand for the other goodD. increases the quantity demanded of the other good6) A likely example of substitute goods for most people would beA. peanut butter and jellyB. tennis balls and tennis racketsC. televisions and subscriptions to cable television servicesD. pencils and pens7) Another term for equilibrium price isA. dynam

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