Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
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7. This is Exam which will assess your knowledge on the course
Learning Resources.
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Which of the following would be a part of
macroeconomics?
a. A study of unemployment, inflation rate and GDP
b. A study of the unemployment of workers displaced
by technological change in the typesetting industry.
c. A study of the change in automobile sales due to a
change in the price of automobiles.
d. A study of the impact of a tax reduction on the
profits of a business. - Answer>> A
The Incentive Principle states that ...
a. an action should be taken if and only if the additional
benefits from taking the action are at least as great as
the additional costs of doing so.
b. a rational person will engage in more of the activity if
the marginal benefit of an activity increases
c. a society can produce a greater amount of total
output when individuals focus their production on those
activities for which they have a comparative
advantage.
d. having more of one thing usually means getting by
with less of something else - Answer>> B
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, It is unfortunate accident but you accidentally cut off
the tip of your finger while preparing supper. At the
same time you hear of an earthquake in Myanmar. If
you were more upset and burdened by the loss of your
finger than the loss of 1,000 lives of complete
strangers, then it would seemingly suggest that you are
not a bad person but rather
a. not as good of a person as others.
b. do not care about anyone other than yourself.
c. a self-interested individual.
d. an irrational individual. - Answer>> C
Those decision making entities whom benefit from the
consumption of goods and services are known as
_________________.
a. Politicians
b. Economists
c. Firms
d. Households - Answer>> D
Choose the most appropriate statement regarding the
Production Possibilities Frontier (PPF):
a. "All Attainable combinations of output are
characterized by Productive Efficiency."
b. "A combination of goods is considered Unattainable
or Impossible if it cannot possibly be produced with the
currently available technology and resources."
c. "A combination of goods is characterized by
Productive Inefficiency if it cannot possibly be produced
with the currently available resources and technology."
d. None of the above answers are correct. - Answer>> B
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