Practice MC Chapters 1 to 7 plus 6 and 10

Practice MC Chapters 1 to 7 plus 6 and 10 - Click to edit...

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Unformatted text preview: Click to edit Master subtitle style 7/7/11 Practice Test Questions Test #1 7/7/11 A retired individual decides to spend the day golfing. The opportunity cost of this decision A) is zero, since the individual is retired and is not forgoing any income to spend the day golfing. B) is equal to cost of the golf outing. C)equals the cost of the golf outing plus the value of the individual's 7/7/11 A retired individual decides to spend the day golfing. The opportunity cost of this decision A) is zero, since the individual is retired and is not forgoing any income to spend the day golfing. B) is equal to cost of the golf outing. C)equals the cost of the golf outing plus the value of the individual's 7/7/11 Positive economics is an approach to economics that A) seeks to understand behaviour and the operation of systems without making judgments. B) analyzes outcomes of economic behaviour, evaluates them as good or bad, and may prescribe preferred courses of action. C)applies statistical techniques and 7/7/11 Positive economics is an approach to economics that A) seeks to understand behaviour and the operation of systems without making judgments. B) analyzes outcomes of economic behaviour, evaluates them as good or bad, and may prescribe preferred courses of action. C)applies statistical techniques and 7/7/11 Which acquisition of more of the following will shift the production possibilities frontier to the right? A) land B) labour C) capital D) all of the above 7/7/11 Which acquisition of more of the following will shift the production possibilities frontier to the right? A) land B) labour C) capital D) all of the above 7/7/11 If the unemployment rate increases from 10% to 12%, the A) economy will move closer to the production possibility frontier. B) economy will move farther away from the production possibility frontier. C)economy will move up its production possibility frontier. D)economy's production possibility frontier will shift back and to the left. 7/7/11 If the unemployment rate increases from 10% to 12%, the A) economy will move closer to the production possibility frontier. B) economy will move farther away from the production possibility frontier. C)economy will move up its production possibility frontier. D)economy's production possibility frontier will shift back and to the left. 7/7/11 An economy that is producing at the wrong point on its production possibility frontier is A) efficient, since it is on the production possibility frontier. B) inefficient, since the combination of goods and services produced is not what people want. C)efficient, since the economy is producing goods at the lowest possible 7/7/11 An economy that is producing at the wrong point on its production possibility frontier is A) efficient, since it is on the production possibility frontier....
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This note was uploaded on 06/25/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Spring '08 term at McMaster University.

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Practice MC Chapters 1 to 7 plus 6 and 10 - Click to edit...

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