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Micro Final Exam Review Sheet NA f09(2)

Micro Final Exam Review Sheet NA f09(2) - Microeconomics...

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Microeconomics 2123 Final Exam Review Sheet 1. A positive statement is one which is: A. objective and is based on facts. B. derived by deduction. C. derived by induction. D. subjective and is based on a value judgment. 2. Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather than spend $1 million to expand parking for students. This example illustrates: 4. Which of the following most closely relates to the idea of opportunity costs? 5. Barter: 6. The demand for most products varies directly with changes in consumer incomes. Such products are known as: A. complementary goods. B. competitive goods. C. inferior goods. D. normal goods. 7. The supply curve shows the relationship between: 8. The four factors of production are: 9. An improvement in production technology will:
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10. Refer to the above diagram. Other things equal, this economy will achieve the most rapid rate of growth if: A. it chooses point C . B. it chooses point A . C. it chooses point B . D. the ratio of capital to consumer goods is minimized. 11. Refer to the above diagram. This economy will experience unemployment if it produces at point: A. A. B. D. C. C. D. B. 12. In economics, a group of firms that produce identical or similar products is called a(n): 13. Which of the following is one of the Five Fundamental Questions? A. What goods and services will be produced? B. Who should appoint the head of the central bank? C. Which products will be in scarce supply and which in excess supply? D. How much should the society save?
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