Practice_Final_Exam

Practice_Final_Exam - Practice Final Exam Choose the most...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Practice Final Exam Choose the most correct answer for each statement. 1. Money is A) a socially determined medium of exchange. B) what a person, household or nation needs to be wealthy. C) is the motivating force of all economic activity. D) none of the above. 2. A price of an economic item is A) a ratio of what must be surrendered to receive an item. B) a ratio of what is received per unit of an item that is sold. C) a ratio of what must be surrendered to receive each unit of an item. D) all of the above. 3. The study of economics includes, ceteris paribus : A) choices made by geese in flying from one continent to another. B) the choice of a butterscotch sundae or a chocolate marshmallow sundae. C) a romantically involved couple’s choice of a favorite song. D) none of the above. 4. A problem exists A) when it’s raining. B) when the sun is shining. C) when a picnic is cancelled. D) only if one of these situations is not the one desired. 5. Descriptive economics is focused primarily on A) what is produced, traded and consumed. B) relationships among economic entities and economic items. C) recommendation of rules for managing an economy. D) all of the above. 6. Economic Welfare Theory is focused primarily on A) what is produced, traded and consumed. B) relationships among economic entities and economic items. C) recommendation of rules for managing an economy. D) all of the above. 7. The properties of an economic concept include: A) a name for the concept. B) a definition of the concept. C) rules for measurement or use of the concept. D) all of the above. 8. A Production Possibility Frontier of a society is a collection of A) various bundles of products and services that can be produced by the society when using all of its resources as effectively as possible. B) bundles of pairs of some products a society can produce when using all of its resources as effectively as possible. C) bundles of products and services that the society will find equally satisfying. D) pairs of products and services that will make each member of the society as happy as any other possible pair. 1
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
Practice Final Exam 9. A Social Indifference Curve represents A) various bundles of products and services that can be produced by the society when using all of its resources as effectively as possible. B) bundles of pairs of products a society can produce when using all of its resources as effectively as possible. C) bundles of products and services that the society will find equally satisfying. D) pairs of products and services that will make each member of the society as happy as any other possible pair. 10. Most models representing economic relationships are subject to A) ceteris paribus . B) PATS parameters.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 18

Practice_Final_Exam - Practice Final Exam Choose the most...

This preview shows document pages 1 - 3. Sign up to view the full document.

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