B11 GRADE A Q&A
Which of the following would be a topic of study in macroeconomics? - (correct
answer)The output of the United States
The rationality assumption implies that - (correct answer)individual will not intentionally
make decisions that leave them worse off
Which of the following statements best demonstrates the concept of dounded rationality
- (correct answer)individuals make short-run choices that are not consistent with their
long-term goals
Which one of the following is a positive statement - (correct answer)the Fed has cut the
key interest rate several times this year
The hypothesis that people are nearly, but not fully rational, cannot possibly fully
examine every available choice, and utilize simple rules of thumb to sort among the
alternatives that happen to occur to them is known as the - (correct answer)bounded
rationality hypothesis
The impact of higher taxes would be examined by - (correct answer)both a
macroeconomist and a microeconomist
"Ceteris paribus" means - (correct answer)"other things constant."
Which of the following is NOT normative economic statement - (correct answer)Increase
in the minimum wage causes increase in unemployment
Normative economics - (correct answer)involves vale judgments
All of the following are aspects of microeconomics EXCEPT - (correct answer)the
average level of prices of all goods and services produced in a country in a year
,In a market system, _________ provide signals about whether resources are relatively
scarce or abundant - (correct answer)prices
which of the following statements is a positive economic statement - (correct
answer)The president's budget included an increase in unemployment insurance
payments
Which is NOT true about the use of economic models - (correct answer)economists are
employed to explain economic phenomena but are never used to predict what might
happen next
Economics is the study of - (correct answer)how people allocate their limited resources
to satisfy their unlimited wants
________ are the things that are used to produce items that satisfy people's wants -
(correct answer)resources
The ceteris paribus assumption is important in economics since - (correct answer)it
would be impossible to relate the effects of changes in one variable on another without
holding some variables constant
people respond to incentives - (correct answer)by calculating their individual costs and
benefits and determining which is greater
It is assumed in economics that people make decisions based upon - (correct
answer)rational self-interest
the slope of a nonlinear curve - (correct answer)changes along the various points of the
curve
, Which of the following is a normative statement - (correct answer)tax cuts out to be
enacted for the good of the economy
the combination of psychology and economics to determine individual decision making
is known as - (correct answer)behavioral economics
assumptions are necessary to - (correct answer)define a set of circumstances where a
model is most likely to apply
Some pet owners are using an "invisible fence" to keep their animals from straying.
Every time the animal steps over the edge of the property, it gets a mild shock.
A social scientist would call the shock - (correct answer)a disincentive
modern economists are increasingly using microeconomics analysis in macroeconomics
because - (correct answer)aggregate outcomes stern from decisions made by
individuals, business firms and government
opportunity cost exists because of - (correct answer)scarcity
which of the following is NOT an economic resource - (correct answer)money
a production point that lies outside the production possibilities curve (PPC) - (correct
answer)is currently not attainable
when an economy sacrifices production of consumption goods to produce more capital
goods, we would expect that the production possibilities curve will - (correct answer)shift
outward
when an economy is operating efficiently, which is true - (correct answer)all resources
are fully emplyed
Which of the following would be a topic of study in macroeconomics? - (correct
answer)The output of the United States
The rationality assumption implies that - (correct answer)individual will not intentionally
make decisions that leave them worse off
Which of the following statements best demonstrates the concept of dounded rationality
- (correct answer)individuals make short-run choices that are not consistent with their
long-term goals
Which one of the following is a positive statement - (correct answer)the Fed has cut the
key interest rate several times this year
The hypothesis that people are nearly, but not fully rational, cannot possibly fully
examine every available choice, and utilize simple rules of thumb to sort among the
alternatives that happen to occur to them is known as the - (correct answer)bounded
rationality hypothesis
The impact of higher taxes would be examined by - (correct answer)both a
macroeconomist and a microeconomist
"Ceteris paribus" means - (correct answer)"other things constant."
Which of the following is NOT normative economic statement - (correct answer)Increase
in the minimum wage causes increase in unemployment
Normative economics - (correct answer)involves vale judgments
All of the following are aspects of microeconomics EXCEPT - (correct answer)the
average level of prices of all goods and services produced in a country in a year
,In a market system, _________ provide signals about whether resources are relatively
scarce or abundant - (correct answer)prices
which of the following statements is a positive economic statement - (correct
answer)The president's budget included an increase in unemployment insurance
payments
Which is NOT true about the use of economic models - (correct answer)economists are
employed to explain economic phenomena but are never used to predict what might
happen next
Economics is the study of - (correct answer)how people allocate their limited resources
to satisfy their unlimited wants
________ are the things that are used to produce items that satisfy people's wants -
(correct answer)resources
The ceteris paribus assumption is important in economics since - (correct answer)it
would be impossible to relate the effects of changes in one variable on another without
holding some variables constant
people respond to incentives - (correct answer)by calculating their individual costs and
benefits and determining which is greater
It is assumed in economics that people make decisions based upon - (correct
answer)rational self-interest
the slope of a nonlinear curve - (correct answer)changes along the various points of the
curve
, Which of the following is a normative statement - (correct answer)tax cuts out to be
enacted for the good of the economy
the combination of psychology and economics to determine individual decision making
is known as - (correct answer)behavioral economics
assumptions are necessary to - (correct answer)define a set of circumstances where a
model is most likely to apply
Some pet owners are using an "invisible fence" to keep their animals from straying.
Every time the animal steps over the edge of the property, it gets a mild shock.
A social scientist would call the shock - (correct answer)a disincentive
modern economists are increasingly using microeconomics analysis in macroeconomics
because - (correct answer)aggregate outcomes stern from decisions made by
individuals, business firms and government
opportunity cost exists because of - (correct answer)scarcity
which of the following is NOT an economic resource - (correct answer)money
a production point that lies outside the production possibilities curve (PPC) - (correct
answer)is currently not attainable
when an economy sacrifices production of consumption goods to produce more capital
goods, we would expect that the production possibilities curve will - (correct answer)shift
outward
when an economy is operating efficiently, which is true - (correct answer)all resources
are fully emplyed
