Midterm Study guide

Midterm Study guide - Microeconomics midterm study quide...

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Microeconomics mid-term study quide Quiz Chapter 1 1. According to the text, actions that make one person happy A. are sure to please others. B. are most likely to make others happy. C. will not necessarily make others happy. D. are sure to displease others. E. do not affect other people. 2. According to the text, A. B. C. D. E. 3. The heart of the economic problem is to A. provide for full  employment. B. eliminate scarcity C. increase our standard of  living. D. allocate limited resources  among unlimited uses. E. increase leisure. 4. For the use of their resources, owners of labor receive
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A. B. C. D. E. 5. The term rational self-interest, as viewed by economists, means A. B. C. D. E. 6. Which of the following statements is correct? A. B. C. D. E. 7. Microeconomics is A. often a focal point of debates in a presidential campaign. B. the study of the behavior of individual firms and  individual consumers.
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C. often focused on the tradeoff between the rate of  inflation and the unemployment rate. D. based on theories that help us understand the  relationship between the money supply and interest  rates. E. the study of the economy in aggregate. 8. Which of the following statements is true of the way in which economists use graphs? A. B. C. D. E. 9. Macroeconomics includes the study of A. B. C. D. E. 10. Economics is concerned with A. B. C. D. E.
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Quiz Chapter 2 1. Which of the following statements is true? A. The f B. A par C. Since D. There E. All of 2. In economics, the concept of opportunity cost is A. B. C. D. E. 3. One example of opportunity cost is A. B. C. D. E. 4. If a nation is operating at a point lying inside its production possibilities curve, that is a sign of which of the following conditions? A. B.
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C. D. E. 5. A point inside the production possibilities curve represents A. B. C. D. E. 6. A point outside the PPC A. B. C. D. E. 7. Which of the following will not result in an outward shift of the production possibilities curve? A. B. C. D. E. 8. Consider a PPC with automobiles on the vertical axis and cotton on the horizontal axis. The discovery of a new fertilizer that  improves crop yield will shift A.
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B. C.
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Midterm Study guide - Microeconomics midterm study quide...

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