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Microeconomics
Test Description: Review over Chapters 1 and 2
Instructions: Answer all questions to get your test result.
1) What is the Business Cycle
A
a cycle of business practices
B
government regulates
C
Fluctuations in Economic Activity
D
All of the above
2) Which of these statements is not true?
A
Productivity is the ultimate source of living standards
B
Society faces a short-run trade off between inflation and unemployment
C
Growth in the quantity of money is the ultimate source of inflation
D
Prices Fall when the government prints to much money
3) The Ten Principles of Economics include all but which one?
A
People REspond to Incentives
B
People Face Trade Offs
C
Trade does not make everyone better off
D
Rational People Think at the Margin
4) Inflation ....
A
is an increase in the overall level of prices in the economy
B
does not affect the economy at all
C
a decerease in the overall level of prices in the economy
D
Inflation has never been an economic problem
5) The field of economics is divided into how many subfields
A
four
B
one
C
three
D
two
6) Microeconomists study
A
the interaction among households in the marketplace
B
the decision making by households
C
All of the Above
D
the decision making by firms
7) Two simple economic models are
A
the production possibilties curve
B
the circular flow diagram
C
Both a and b
D
The business cycle
8) Which two of these statements are true?
A
A normative statement is an assertion about how the world ought to be
B
A positive statement is an assertion about how scientists believe the world should be
C
Both A and C
D
A positive statement is an assertion about how the world is
9) The opportunity cost of an item is
A
whatever must be given up to obtain a product
B
never considered in decision making
C
None of the above
D
whatever you gain from the use of a product
10) Economists study
A
how people interact with others
B
how people make decisions
C
how much people work
D
All of the Above
*select an answer for all questions
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