Straighterline Test 1 Macroeconomics
The measure of the cost of a particular good in terms of what is given up to produce that good is
called
an opportunity cost
When economists make the assumption that wants are unlimited, they mean that most people
want more of some goods, even if they don't want more of everything
Students and retired people travel by bus more often than business executives. An economic
explanation for this observation would be that
executives value their time more highly than students and retired people do.
According to the following figure, economic growth is shown by
moving from point A to point B.
According to the following figure, after economic growth shifts the PPC to the right, the economy
will be inefficient if it produces where?
Point A
The presence of increasing opportunity costs suggests that the production possibilities curve will
be bowed out.
An economy's production possibilities curve will shift outward as a result of
an increase in the level of technology.
Which of the following professions would not be defined as labor by an economist?
The owner of a small business
The price paid for the use of capital is called
interest.
The measure of the cost of a particular good in terms of what is given up to produce that good is
called
an opportunity cost
When economists make the assumption that wants are unlimited, they mean that most people
want more of some goods, even if they don't want more of everything
Students and retired people travel by bus more often than business executives. An economic
explanation for this observation would be that
executives value their time more highly than students and retired people do.
According to the following figure, economic growth is shown by
moving from point A to point B.
According to the following figure, after economic growth shifts the PPC to the right, the economy
will be inefficient if it produces where?
Point A
The presence of increasing opportunity costs suggests that the production possibilities curve will
be bowed out.
An economy's production possibilities curve will shift outward as a result of
an increase in the level of technology.
Which of the following professions would not be defined as labor by an economist?
The owner of a small business
The price paid for the use of capital is called
interest.
