10SFR - 1 Econ 1A. Final Review Questions. I. Multiple...

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Econ 1A. Final Review Questions. Spring 2010 I. Multiple choices (120) Circle the letter of the one answer that you think is correct or closest to correct. 1. Economics is the study of how people choose a. abundance over scarcity. b. to use limited resources. c. to use their infinite resources. d. scarcity over abundance. 2. Economic models a. do not address questions about the economy. b. are better if they include most of the detail of the real economy. c. rely on simplification. d. make no assumptions that have not been proved. 3. Output combinations inside a PPF a. are unattainable. b. are attainable only with the full utilization of all resources. c. are associated with unemployment. d. result in more rapid growth. 4. Trade + Specialization + CA leads to a. an increase in absolute advantage. b. a decline in the standard of living of a country. c. a decrease in the total available goods and services. d. an increase in the total available goods and services. 5. If opportunity cost is constant, PPF would be a. bowed outward. b. bowed inward. c. a straight line. d. positively sloped. 6. Which of the following will not affect DD for fishing poles? a. pollution of local streams and rivers. b. an increase in the price of fishing licenses. c. an increase in the population. d. an increase in the price of a fishing pole. 7. Equilibrium in a market indicates: a. scarcity is eliminated. b. quantity demanded equals quantity supplied. c. price equals quantity. d. everyone is content. 1
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8. The standard of living is measured by the level of a. RGDP. b. GDP. c. RGDP per person. d. GDP per person. 9. GDP using the expenditure approach equals a. C+S+G+(X-M) b. C+S+G-(X-M). c. C+I+G+(X-M). d. C+I+G-(X-M). 10. When the economy is at full employment the a. natural rate of unemployment = 0. b. natural rate of unemployment = unemployment rate. c. natural rate of unemployment = 10%. d. unemployment rate = 0. 11.
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10SFR - 1 Econ 1A. Final Review Questions. I. Multiple...

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