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

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QUIZZ Sept. 07 2007 QUIZZ Sept. 07 2007 304K: Introduction to Microeconomics Olivier Giovannoni
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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
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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
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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.
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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!
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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.
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Question 6 Question 6 Which of the following is a microeconomic issue? A.
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Quiz 1 - QUIZZ Sept. 07 2007 304K: Introduction to...

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