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problem 1: In response to lagging production, the government decides to spend more in infrastructure. Which of the following effects would the action have on the economy:

A. Increase in aggregate demand
B. Decrease in aggregate demand
C. Increase in aggregate supply
D. Decrease in aggregate supply

problem 2: In the LONG run, an increase in aggregate demand will increase price level and:

A. Increase production
B. Decrease production
C. Keep production the same
D. Change production and undetermined direction.

problem 3: In the SHORT run, an increase in aggregate demand increases production due to:

A. Increase in the money supply
B. Pressure to increase production from the government
C. Lower taxes
D. More investment and willingness to hire

problem 4: Jim is thirsty and willing to pay $2 for a bottle of water. However, the next day he is willing to pay $500 for a new piece of art. What describes the desire to pay more for a good that is not necessary:

A. Opportunity cost
B. Luxury goods
C. Inferior goods
D. Scarcity

problem 5: In order to expand his business, John sets up a firm program allowing his workers to return to college. John is investing in:

A. Working capital
B. Real capital
C. Human capital
D. Social capital

problem 6: Which of the following would be considered durable goods?

I. Stove
II. Car
III. Clothing
IV. Medicine

A. III and IV
B. II only
C. I and II
D. None of the above

problem 7: Which of the following goods would be considered a final good:

A. Lumber sold to a construction site
B. Flour sold to a bakery
C. Shoes sold in a store
D. Meat sold to a restaurant

problem 8: Harry has a free day at a carnival where he can ride all the rides as much as he wants. He spends several hours, but with still 2 hours of his day left he leaves. Why would he leave even though it’s still free:

A. The marginal cost is too high
B. It is a sunk cost
C. He has maximized his utility
D. The opportunity cost it too high

problem 9: A good that you cannot be excluded from and is available to everyone is known as a:

A. Natural good
B. Normal good
C. Public good
D. Perfect good

problem 10: Jim and Sally own rival companies. Tired of competing with each other, they meet to decide how they’re going to price. This type of activity is known as:

A. Collusion
B. Monopolizing
C. Cheating
D. Profit maximizing

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