Macro Practice Questions

Macro Practice Questions - C) Has already been obtained D)...

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1.Specialization and trade with another country is one way to shift the production possibility curve to the right A) True B) False Answer: True 2. Name the four resource categories in economics A) Land, Capital, Labor, entrepreneurial ability B) Financial capital, machinery capital, human capital, intellectual capital C) Land, finances, capital, labor D) Money, interest, machinery, labor E) None of the above Answer: A 3. A point outside the production possibility curve A) Is currently obtainable given the current level of technology and resources B) Is currently unobtainable given the current level of technology and resources
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Unformatted text preview: C) Has already been obtained D) Can never be obtained E) None of the above Answer: B 4. A point inside the production possibility curve indicates that all resources are put to full use in the economy A) True B) False Answer: B 5. Using the equation of a straight line in economics, solve the question presented on page 25 referring to ticket price and the level of attendance. If ticket price is $15 attendance will be A) 15 B) 16 C) 20 D) 100 E) None of the above Answer:E...
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Macro Practice Questions - C) Has already been obtained D)...

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