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Unformatted text preview: Question 1 1 out of 1 points You should decide to go to a movie: Selected Answer: if the marginal benefit of the movie exceeds its marginal cost. Correct Answer: if the marginal benefit of the movie exceeds its marginal cost. Question 2 0 out of 1 points All of the following could immediately or eventually lead to an inward shift of a nation's production possibilities curve, except : Selected Answer: a decline in the birth rate. Correct Answer: an increase in the average skill level of all occupational groups. Question 3 0 out of 1 points A typical concave (to the origin) production possibilities curve implies: Selected Answer: that economic resources are unlimited. Correct Answer: that society must choose among various attainable combinations of goods. Question 4 0 out of 1 points Refer to the above graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer equal to one slice of pizza? Selected Answer: graph B Correct Answer: graph D Question 5 1 out of 1 points (Consider This) An exception to the advice "go to college, stay in college, and earn a degree" occurs when: Selected the opportunity cost of attending college is extraordinarily Answer: high. Correct Answer: the opportunity cost of attending college is extraordinarily high. Question 6 1 out of 1 points Which of the following is associated with macroeconomics? Selected Answer: an empirical investigation of the general price level and unemployment rates since 1990 Correct Answer: an empirical investigation of the general price level and unemployment rates since 1990 Question 7 0 out of 1 points Which of the following is a correct statement? Selected Answer: Economic concepts or laws that are valid during depression are necessarily valid during prosperity. Correct Answer: Though not quantitatively exact, economic laws are useful because they allow us to predict and therefore control or adjust to events. Question 8 0 out of 1 points The production possibilities curve: Selected Answer: shows all of those levels of production that are consistent with a stable price level. Correct Answer: is a frontier between all combinations of two goods that can be produced and those combinations that cannot be produced. Question 9 0 out of 1 points (Last Word) The fallacy of composition states that: Selected Answer: generalizations relevant to microeconomics never apply to macroeconomics. Correct Answer: generalizations pertaining to individuals always apply to the group. Question 10 1 out of 1 points If we say that two variables are inversely related, this means that: Selected Answer: an increase in one variable is associated with a decrease in the other....
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This note was uploaded on 02/10/2011 for the course ECON 201 taught by Professor Ron during the Spring '10 term at Edmonds Community College.
- Spring '10