Macroeconomics Quiz 1 Exam Questions With Verified Answers
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Microeconomics
Institution
Microeconomics
Macroeconomics Quiz 1 Exam Questions
With Verified Answers
According to economists, economic self-interest:
A. is a reality that underlies economic behavior.
B. has the same meaning as selfishness.
C. is more characteristic of men than of women.
D. is usually self-defeating. - answerA
A pers...
Macroeconomics Quiz 1 Exam Questions
With Verified Answers
According to economists, economic self-interest:
A. is a reality that underlies economic behavior.
B. has the same meaning as selfishness.
C. is more characteristic of men than of women.
D. is usually self-defeating. - answer✔✔A
A person should consume more of something when its marginal:
A. benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still positive. - answer✔✔A
The study of economics is primarily concerned with:
A. keeping private businesses from losing money.
B. demonstrating that capitalistic economies are superior to socialistic economies.
C. choices that are made in seeking the best use of resources.
D. determining the most equitable distribution of society's output. - answer✔✔C
The assertion that "There is no free lunch" means that:
A. there are always tradeoffs between economic goals.
B. all production involves the use of scarce resources and thus the sacrifice of alternative goods.
C. marginal analysis is not used in economic reasoning.
D. choices need not be made if behavior is rational. - answer✔✔B
Which of the following most closely relates to the idea of opportunity costs?
D. capitalism. - answer✔✔A
The scientific method is:
A. not applicable to economics, because economics deals with human beings.
B. also known as the economic perspective.
C. analysis that moves from broad generalizations called laws to theories and then to hypotheses.
D. used by economists and other social scientists, as well as by physical scientists and life
scientists. - answer✔✔D
Which of the following is associated with macroeconomics?
A. an examination of the incomes of Harvard Business School graduates
B. an empirical investigation of the general price level and unemployment rates since 1990
C. a study of the trend of pecan prices since the Second World War
D. a case study of pricing and production in the textbook industry - answer✔✔B
The four factors of production are:
A. land, labor, capital, and money
B. land, labor, capital, and entrepreneurial ability
C. labor, capital, technology, and entrepreneurial ability
D. labor, capital, entrepreneurial ability, and money - answer✔✔B
The production possibilities curve illustrates the basic principle that:
A. the production of more of any one good will in time require smaller and smaller sacrifices of
other goods.
B. an economy will automatically obtain full employment of its resources.
C. if all the resources of an economy are in use, more of one good can be produced only if less of
another good is produced.
D. an economy's capacity to produce increases in proportion to its population size. - answer✔✔C
A production possibilities curve illustrates:
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