Microeconomics Question Preview (ID: 34787)


Review Over Chapters 1 And 2. TEACHERS: click here for quick copy question ID numbers.

What is the Business Cycle
a) Fluctuations in Economic Activity
b) a cycle of business practices
c) government regulates
d) All of the above

Which of these statements is not true?
a) Productivity is the ultimate source of living standards
b) Growth in the quantity of money is the ultimate source of inflation
c) Society faces a short-run trade off between inflation and unemployment
d) Prices Fall when the government prints to much money

The Ten Principles of Economics include all but which one?
a) People Face Trade Offs
b) People REspond to Incentives
c) Rational People Think at the Margin
d) Trade does not make everyone better off

Inflation ....
a) is an increase in the overall level of prices in the economy
b) does not affect the economy at all
c) Inflation has never been an economic problem
d) a decerease in the overall level of prices in the economy

The field of economics is divided into how many subfields
a) one
b) two
c) three
d) four

Microeconomists study
a) the decision making by households
b) the decision making by firms
c) the interaction among households in the marketplace
d) All of the Above

Two simple economic models are
a) the circular flow diagram
b) the production possibilties curve
c) Both a and b
d) The business cycle

Which two of these statements are true?
a) A positive statement is an assertion about how the world is
b) A positive statement is an assertion about how scientists believe the world should be
c) A normative statement is an assertion about how the world ought to be
d) Both A and C

The opportunity cost of an item is
a) whatever must be given up to obtain a product
b) whatever you gain from the use of a product
c) never considered in decision making
d) None of the above

Economists study
a) how people make decisions
b) how much people work
c) how people interact with others
d) All of the Above

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