Macroeconomics test 1- review questions and answers

Macroeconomics test 1- review questions and answers -...

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Berkeley College Instructor: Carlo Auguste Review questions for Macroeconomics Test 1 Multiple- choice questions (answers in bold) 1. Which of the following is not a criterion for judging the result of an economic policy a. Stability b. Employment c. Efficiency d. Equity 2. Economics is the study of how 3. The opportunity cost of choice X can be defined as 4. Carlo discovers when he studies for his macroeconomics tests at the bar, he earns better grades. He advises all students to study at the bar for similar results. Carlo his guilty of committing
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5. Households are a. Suppliers in the input market b. Demanders in the labor market c. Suppliers in the product markets d. Demanders in the input market 6. The price of Good C increases and as a result, the demand for good D increases. The two goods are 7. Because the nation N is operating at a point inside its PPF, it 8. A production possibility frontier diagram illustrates all of the following concepts except
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9. which of the following is not one of the basic economic equation a. what will be produced b. how will it be produced c. where would it be produced d. for whom will it be produced 10. Jean &co has an increasing cost production possibility frontier. Its slope must be 11. Each of the following is a basic concern of any economic system except
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