1. (p. 25) Consider the table below, where each production choice represents a point on a production possibility curve.
This production possibility table could be graphed as a:
A. straight line with negative slope.
B. curved line with negative slope.
COA-Micro economic final exam.
1. Factors required for perfect competition.
There are five factors five factors which structure the perfect competition market.
1) All firms must make identical products.
2) All firms are price takers.
1.Positive: In a positive relationship both variables tend to move in the same direction: If one
variable increases, the other tends to also increase. If one decreases, the other tends to also.
Negative: In a negative relatio
MacroEcon Test #3 Prep
1. Fiscal policy involves
A.decreasing the role of the Federal Reserve in the everyday life of the economy.
B.the use of interest rates to influence the level of GDP.
C.the use of tax and spending policies by the government.
Chapter 9 - GDP
Study of how household & firms make choices, how they interact in the
markets, and how the govt attempts to influence their choices
The analysis studies individual markets
Study of the economy as a whole
Preparation for Test 1
1. In a competitive market,
A.at the equilibrium price, the total amount of consumer surplus equals the total amount of producer
B.buyers cannot control the price, so the consumer surplus is zero.
C.at the equilibrium price
Test 2 Prep
1. The Bureau of Labor Statistics (BLS) compiles information about employment by
A.determining the average estimate of labor market specialists around the nation.
B.contacting each of the 50 states' Departments of Labor.
C.performing a month