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Recessions are periods when:
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
Imports are good and services that are:
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
An economy that has the lowest opportunity cost for producing a particular good is said to have a(n):
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
The basic concern of economics is:
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
Which of the following is most likely a macroeconomic question rather than a microeconomic question?
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
When we are forced to make choices we are facing the concept of:
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
If wages grew at a 3% rate this year and average prices grew ______, people would be _____ off this year compared with last year.
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
An economy is said to have a comparative advantage if it:
“Is the national unemployment rate rising or falling?”
has the lowest opportunity cost for producing a particular good.
slower than 3%; better
to study the choices people make.
output and employment are falling.
comparative advantage.
scarcity.
purchased from another country.
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