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Macroeconomics test 1

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1.
2 points
As technology advances,
2.
2 points
The Production Possibility Frontier is used to illustrate the concept of
3.
2 points
To help unscramble cause and effect, economists
4.
2 points
The opportunity cost of choice X can be defined as
5.
2 points
Generic aspirin is an inferior good. As Julie’s income decreases we would expect
6.
2 points
If there is a surplus in the money market, the Fed can eliminate it by
7.
2 points
Which of the following would an economist classify as capital?
8.
2 points
If a country is operating at a point of production efficiency
9.
2 points
Union introduced new costly regulations in the tuna market to protect workers. We would expect the equilibrium cost of tuna to---------- and the equilibrium quantity of tuna to--------
10.
2 points
Which of the following is a positive statement?
11.
2 points
Encouraging international trade will
12.
2 points
The “Law of Demand” implies that
13.
2 points
Consumers expect their income to rise. For a normal good, this would result in an increase in
14.
2 points
The study of economics:
15.
2 points
which of the following is not one of the basic economic equation
16.
2 points
the demand curve is best illustrated by
17.
2 points
When Hurricane Andrew passed through Louisiana in the summer of 1992, approximately a quarter of the sugar cane crop was destroyed. Ceteris paribus,
18.
2 points
Because the nation N is operating at a point inside its PPF, it
19.
2 points
Any transaction that involves exchanging one good for another without using money is considered a
20.
2 points
An efficient market is a market
21.
2 points
among a given demand curve for corn, which of the following is not held constant
22.
2 points
The concept of opportunity cost is based on the principle of
23.
2 points
Depreciation is
24.
2 points
Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus.
25.
2 points
Households are
26.
2 points
Jean &co has an increasing cost production possibility frontier. Its slope must be
27.
2 points
Carlo discovers when he studies for his macroeconomics tests at the bar, he earns better grades. He advises all students to study at the bar for similar results. Carlo his guilty of committing
28.
2 points
According to the text, the reason to study economics
29.
2 points
“Lower ticket prices would lead to more people attending ball games.” This statement is
30.
2 points
Each of the following is a basic concern of any economic system except
31.
2 points
If the market is in equilibrium, a technological improvement will cause price to------------and quantity demanded to --------------
32.
2 points
The amount that households have accumulated out of past income through savings and inheritance is
33.
2 points
If the government increases unemployment benefits, then labor
34.
2 points
For Jill to have a comparative advantage inn the production of pins means that, relative to Jack, with the same resources
35.
2 points
An increase in the overall price level is known as
36.
2 points
The price of Good C increases and as a result, the demand for good D increases. The two goods are
37.
2 points
Encouraging international trade will
38.
2 points
An undergraduate student pays $ 475 for a three- credit course at Lehman College. After the official withdrawal date has elapsed, he drops the course (and cannot get back the $475). At this time, the $ 475 represents
39.
2 points
When two people trade
40.
2 points
The four (4) criteria’s that are frequently used in judging outcome of economic policy are
41.
2 points
A production possibility frontier diagram illustrates all of the following concepts except
42.
2 points
The supply of labor is defined as the relationship between the real wage and the
43.
2 points
Consider the market fur turkeys. In the US, because of Thanksgiving in the month of November
44.
2 points
Which of the following is not a criterion for judging the result of an economic policy
45.
2 points
Along a given supply curve for eggs
46.
2 points
Among the fundamental concepts in economics are
47.
2 points
A rightward shift in the supply of U.S. cars might be due to
48.
2 points
Which of the following is NOT a topic studied in Macroeconomics?
49.
2 points
Economics is the study of how
50.
2 points
That which we forgo, or give up, when we make a choice or decision is called
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