AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
1. False Opportunity Costs are the costs of taking
advan- tage of opportunities.
2. An Indifference Curve identifies 8. An Engel curve shows th
all combinations of all goods that relationship between
gives us the same level of utility. price and quantity
demanded.
3. Movement along the demand
curve is referred to as a change
in quantity de- manded in
response to a change to price.
4. The income of a Guatemalan
citizen working in Louisiana will
contribute to Guatemalan GNP
and U.S. GDP.
5. The area of economics that deals
with output, employment,
incomes, and other activities in
the aggregate is:
6. Cross-price elasticity of demand
mea- sures:
7. Scarcity refers to the condition
created when society or an
individual has un- limited wants
or needs but limited re- sources
to satisfy those wants or needs.
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,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
False Macroeconomics
True The percent change in the quantity
demanded of good two when there is a
change in the price of good one.
True
True
False
9.
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40
,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
Along an indifference curve, which of combinations of goods along the inditterence
the following is true? curve provide the consumer with the same
level of utility.
10. If an increase in the price of False
good 1 results in a decrease in the
quantity de- manded of good 2,
then the cross price elasticity is
positive and the two goods are
substitutes.
True
11. "Ceteris Paribus" is a Latin term
which means "all other things
remaining equal" or "constant."
False
12. Positive Economics refers to
what ought to be or should be
and Nor- mative Economics refers
to a scientific analysis of facts
relevant to a situation.
13. Contractionary fiscal policy deals with: Reducing government spending
and/or in-
creasing taxes.
14. As we move upward to the right False
from the origin from one
indifference curve to the next
utility decreases.
15. The Marginal Rate of Substitution is the Inditterence curve
slope of:
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40
,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
16. What happens when a consumer's The demand curve will shift to the right
in- come increases and everything
else re- mains unchanged?
17. True
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40
AGEC final Exam (all exam answers) 100% correct
already passed
1. False Opportunity Costs are the costs of taking
advan- tage of opportunities.
2. An Indifference Curve identifies 8. An Engel curve shows th
all combinations of all goods that relationship between
gives us the same level of utility. price and quantity
demanded.
3. Movement along the demand
curve is referred to as a change
in quantity de- manded in
response to a change to price.
4. The income of a Guatemalan
citizen working in Louisiana will
contribute to Guatemalan GNP
and U.S. GDP.
5. The area of economics that deals
with output, employment,
incomes, and other activities in
the aggregate is:
6. Cross-price elasticity of demand
mea- sures:
7. Scarcity refers to the condition
created when society or an
individual has un- limited wants
or needs but limited re- sources
to satisfy those wants or needs.
1/
40
,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
False Macroeconomics
True The percent change in the quantity
demanded of good two when there is a
change in the price of good one.
True
True
False
9.
2/
40
,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
Along an indifference curve, which of combinations of goods along the inditterence
the following is true? curve provide the consumer with the same
level of utility.
10. If an increase in the price of False
good 1 results in a decrease in the
quantity de- manded of good 2,
then the cross price elasticity is
positive and the two goods are
substitutes.
True
11. "Ceteris Paribus" is a Latin term
which means "all other things
remaining equal" or "constant."
False
12. Positive Economics refers to
what ought to be or should be
and Nor- mative Economics refers
to a scientific analysis of facts
relevant to a situation.
13. Contractionary fiscal policy deals with: Reducing government spending
and/or in-
creasing taxes.
14. As we move upward to the right False
from the origin from one
indifference curve to the next
utility decreases.
15. The Marginal Rate of Substitution is the Inditterence curve
slope of:
3/
40
,AGEC final Exam (all exam answers)
AGEC final Exam (all exam answers) 100% correct
already passed
16. What happens when a consumer's The demand curve will shift to the right
in- come increases and everything
else re- mains unchanged?
17. True
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40
