PRACTICE EXAM ANSWERS 

ECONOMICS 155



SCARCITY, OPPORTUNITY COSTS, AND BASIC ECONOMIC QUESTIONS
1. E 5. A 9. B 13. D
2. B 6. C 10. E  
3. D 7. C 11. A  
4. A 8. D 12. B  

THE PRODUCTION POSSIBILITY MODEL
1. D 3. B 5. E 7. C
2. C 4. E 6. C 8. B
      9. C

THE MARKET
1. A 2. D 3. B  

DEMAND AND SUPPLY
1. D 5. A 9. C 13. D
2. C 6. D 10. E 14. C
3. A 7. B 11. B 15. D
4. A 8. E 12. C  

MARKET EQUILIBRIUM AND APPLICATIONS
1. C 5. E 9. C 13. C
2. C 6. C 10. D 14. D
3. D 7. E 11. B 15. C
4. D 8. E 12. C  

MEASURING THE ECONOMY
1. E 5. C 9. E 13. D
2. B 6. E 10. B  
3. D 7. B 11. E  
4. A 8. D 12. C  

CLASSICAL MACROECONOMICS
1. A 3. A 4. D 5. D
2. C      

THE KEYNESIAN MACROECONOMIC MODEL
1. B 4. B 7. C 10. C
2. E 5. A 8. C  
3. A 6. D 9. D  

GOVERNMENT FISCAL POLICY
1. E 3. D 5. D 7. A
2. C 4. C 6. E 8. B

MONEY
1. D 3. D 5. E 7. B
2. E 4. B 6. D 8. E
      9. E

THE FEDERAL RESERVE SYSTEM
1. B 3. E 5. A 7. C
2. A 4. B 6. A 8. C

MONETARY THEORY AND POLICY
1. D 3. E 5. C 7. A
2. D 4. B 6. A  

THE PUBLIC DEBT
1. B 2. B 3. C 4. C

AGGREGATE DEMAND AND AGGREGATE SUPPLY
1. C 3. E 5. D 7. C
2. B 4. B 6. B 8. C

MONETARY AND FISCAL POLICY
1. C 2. D 3. B 4. C
      5. B

INTERNATIONAL TRADE
1. B 2. C 3. C 4. D
      5. E

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