ITB: Micro, Macro, & International Review

Which of the following is NOT one of the 3 most scarce items we discussed?

• time

• money

• government regulations

• attention span

The next best option you didn't choose is known as

• the tradeoff

• the absolute advantage

• marginal analysis

• the opportunity cost

Which of the following does NOT describe the Factors of Production?

• they are scarce

• they are abundant

• they are inputs to produce outputs

• they are land, labor, capital, and enterprise

Economists are obsessed with

• international relationships and Donald Trump

• Star Trek and Game of Thrones

• efficiency and productivity

• charts and graphs

Laws, rules, grades, and salary are all

• incentives

• opportunity costs

• comparative advantages

• economic indicators

You should stop when

• the marginal benefit = the marginal cost

• the marginal benefit > the marginal cost

• the marginal benefit < the marginal cost

• never. Keep going forever and ever

As price goes up, quantity goes down is

• the law of supply

• the law of demand

• the law of the land

• the law of equilibrium

Where demand and supply intersect is known as

• surplus

• shortage

• quantum

• equilibrium

Which of the following is NOT an economic indicator?

• GDP

• equity

• inflation

• unemployment

The largest % (70%) of GDP comes from

• C= Consumer Spending

• G= Government Spending

• I= Business Investment

• XM= Net Exports