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Review questions for midterm

Review questions for midterm - Review questions These...

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    Review questions These questions do not fully address all review questions
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    Why studies economics? A. It’s fun to study B. Everybody needs to understand about economics C. Because we have unlimited wants and limited resources to satisfy them D. It’s required for my major
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    Because of scarcity: A. We must sacrifice valuable alternatives to obtain more goods and services we desire. B. The opportunity cost of consumption is zero. C. We can obtain more of a desirable good without sacrificing other goods and services. D. Shortages of goods prevail at current market prices. E. Both a) and d) are correct.
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    Which of the followings is not a factor of  production? A. Land B. Entrepreneurship C. Stocks and bonds D. Capital E. Labor
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    Economics is the social science that  investigates the laws & conditions  underlying all of the following except A. Production B. Distribution C. Exchange D. Currency
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    Which of the following  NOT  an example  of utility as discussed in class? A. Time B. Form C. Electric D. Possession
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    What’s the difference between  Microecon. and Macroecon.? A. Microeconomics studies the economy as a whole whereas Macroeconomics studies individual aspects of the economy. B. Microeconomics studies individual aspects of the economy whereas Macroeconomics studies the economy as a whole. C. It is more difficult to draw conclusions about Microeconomic issues. D. There is not really any difference between the two since they both study money.
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    Which of the following is NOT an  example of macroeconomics? A. Inflation B. Unemployment C. GDP growth D. Demand for iPod E. Trade surplus/deficit situation
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    Which of the following is NOT an  example of microeconomics A. Utility maximization of an individual B. Profit maximization of a firm C. How to lower input costs D. Import-export balance of the US E. What happens to demand for oil/cars/education… when the economy is booming/in recession
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    The difference between positive  economics and normative economics is A. Positive economics states what is and normative economics states what should be.
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