Quiz 1 - QUIZZ Sept 07 2007 304K Introduction to...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
QUIZZ Sept. 07 2007 QUIZZ Sept. 07 2007 304K: Introduction to Microeconomics Olivier Giovannoni
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Question 1 Question 1 Macroeconomics is the study of national employment and income A. true A. false “employment and income” are global indicators, not specific to one person or firm
Background image of page 2
Question 2 Question 2 The existence of the trade-off along the PPF means that the PPF is A. linear B. bowed outwards A. negatively sloped A. positively sloped → a trade-off means giving up something to gain something else. There is a negative relationship, hence the shape of the PPF
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Question 3 Question 3 “the sky is blue” is… A. a positive statement A. a normative statement B. just a statement C. depends on your beliefs → it is a fact that you can check. It does not call upon your beliefs. “blue” is a well defined color, and everybody knows it. No argument.
Background image of page 4
Question 4 Question 4 By comparing the cost and benefit of a small change you are making your choice at the margin A. true A. False → that’s the definition!
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Question 5 Question 5 The choice about how much to save… A. has no opportunity cost, B. has the opportunity cost of higher future consumption A. trades-off current consumption for future consumption A. None of the above →there is always a trade-off and an opportunity cost. Option B is irrelevant because an opportunity cost is what you give-up, not what you gain in the future.
Background image of page 6
Question 6 Question 6 Which of the following is a microeconomic issue? A.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 25

Quiz 1 - QUIZZ Sept 07 2007 304K Introduction to...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online