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JCCC Macro Exam -1 and -2 Mixed Questions and Answers 2024
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JCCC Macro Exam -1 and -2 Mixed
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JCCC Macro Exam #1 and #2 MixedSuppose that a university decides to spend $1 million to upgrade personal computers
and scientific equipment for faculty rather than spend $1 million to expand parking for
students. This example illustrates - answer Opportunity Costs
Which of the following statements pertains to macroeconomics? - answer National
income grew by 2.7 percent last year.
A positive statement is concerned primarily with - answerWhat is.
The economizing problem is one of deciding how to make the best use of -
answerlimited resources to satisfy virtually unlimited wants
Which question is an example of a macroeconomic question? - answerWhat policies
would be recommended for stimulating national economic growth?
Matt observes that "there is a high correlation between educational attainment and the
level of income." Jean concurs and adds that "high school graduates should all proceed
to college." - answerMatt's statement is positive, while Jean's statement is normative.
Which one of the following is a normative economic statement? - answerThe worsening
balance of trade must be corrected if this nation is to remain competitive in the world
economy.
Which of the following is considered an economic resource? - answerthe land that is
designated as national parks by the government
A point inside the production possibilities curve is __________, while a point outside the
curve is __________. - answerattainable; unattainable
The law of increasing opportunity costs states that - answerif society wants to produce
more of a particular good, it must sacrifice larger and larger amounts of another good to
do so.
All of the following could immediately or eventually lead to an inward shift of a nation's
production possibilities curve, except
a.emigration of skilled workers to other nations.
b.a decline in the birthrate.
c.an increase in the average skill level of all occupational groups.
d.depletion and reduced availability of major energy resources. - answerC
, The French term "laissez-faire" means - answer"let it be."
A fundamental difference between the command system and laissez-faire capitalism is
that, in command systems, - answerthe division of output is decided by central planning
rather than by individuals operating freely through markets.
Broadly defined, competition involves - answerindependently acting buyers and sellers
and freedom to enter or leave markets.
The competitive market system - answerencourages innovation because successful
innovators are rewarded with economic profits.
Which of the following is not one of the five fundamental questions?
a.What prices will be charged for goods and services?
b.Who will get the goods and services?
c.What goods and services will be produced?
d.How will the system promote progress? - answerA
The two basic markets shown by the simple circular flow model are - answerproduct
and resource.
In the circular flow diagram, households get their ability to pay for their consumption
expenditures from the - answerincomes they earn for their resources.
Countries engaged in international trade specialize in production based on -
answercomparative advantage.
If a nation has a comparative advantage in the production of X, this means the nation -
answermust give up less of other goods than other nations in producing a unit of X.
Tariffs - answermay be imposed either to raise revenue (revenue tariffs) or to shield
domestic producers from foreign competition (protective tariffs).
Country A limits other nation's exports to Country A to 1,000 tons of coal annually. -
answerimport quota.
Which is an example of a nontariff barrier (NTB)? - answerbox-by-box inspection
requirements for imported fruit
The World Trade Organization - answerwas established to resolve disputes arising
under world trade rules.
NAFTA - answerhas reduced most trade barriers between Canada, Mexico, and the
United States.
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