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WorksheetsEconomics: Lecture 1 Review
Total questions: 10
Worksheet time: 7mins
Most of economic theory..
views charitable human actions as especially moral
views individuals as home economists
assumes that groups of people often behave irrationally
assumes people act rationally to maximize their own interest
Microeconomics is not concerned with ...
the quantities of each good produced
the size of aggregate money flows in the economy
the distribution of goods among households
microeconomics is concerned with all of the above
Which of the following is a positive statement?
An unemployment rate of 7 percent is a national disgrace
Unemployment is not so important a problem as inflation
Unemployment and inflation are equally important problems
When unemployment is 7%, youth unemployment is close to 40%
Which of the following is the best definition of opportunity cost?
amount of A to be given up to produce one more unit of B
money to be paid to purchase one more unit of a good
amount of input used to produce one more unit of a good
the price to be charged in order to sell one more unit
A production possibility curve represents the...
options for a government.
future choices for a business.
various combination of two goods that can be produced.
way factors of production can be used.
A production possibility curve is drawn on the assumption that the ______________
Amount of costumers and availability of labor is fixed
Quality of resources and state of technology is flexible
Amount of costumers and availability of labor is flexible
Quality of resources and state of technology is fixed
What will cause the production possibility frontier to shift outwards
technology
unemployment
price
business
Trump proposing to build a wall seperating Mexico and the United States to make the economy great again is what kind of statement?
Positive statement
Normative statement
An economic statement
An inebriated statement
