Microeconomics exam review
Macroeconomics Exam Review questions and
approved answers 2025
Equilibrium Price - ✔✔✔The price that balances quantity supplied and quantity demanded
Equilibrium Quantity - ✔✔✔The quantity supplied and the quantity demanded at the
equilibrium price
Equilibrium - ✔✔✔A situation in which the market price has reached the level at which quantity
supplied equals quantity demanded
Equality - ✔✔✔Those benefits are distributed among society's members
Efficiency - ✔✔✔Society that is getting the maximum benefits from its scarce resources
"The cost of something is what you give up to get it" - ✔✔✔Making decisions requires
comparing the costs and benefits of alternative courses of action
Opportunity Cost - ✔✔✔Whatever must be given up to obtain some item
Shortage - ✔✔✔A situation in which quantity demanded is greater than quantity supplied
Law of Supply and Demand - ✔✔✔The price of any good adjusts to bring the quantity supplied
and quantity demanded for that good into balance
@ pg. 1
, Microeconomics exam review
Surplus - ✔✔✔A situation in which the quantity supplied is greater than the quantity demanded
National Income - ✔✔✔The total income earned by a nation's residents in producing goods and
services
Personal Income - ✔✔✔The income that households and corporations receive
Disposable Personal Income - ✔✔✔Income after taxes
Depreciation - ✔✔✔The wear and tear on the economy's stock of equipment and structures
Gross National Product (GNP) - ✔✔✔Total income earned by a nation's permanent residents
Net National Product (NNP) - ✔✔✔Total income of a nation's residents (GNP) minus
depreciation
Shifts in the Demand Curve - ✔✔✔INCOME, PRICE OF RELATED GOODS, TASTES,
EXPECTATIONS, NUMBER OF BUYERS
Shifts in the Supply Curve - ✔✔✔INPUT PRICES, TECHNOLOGY, EXPECTATIONS,
NUMBER OF SELLERS
Supply Curve - ✔✔✔A graph of the relationship between the price of a good and the quantity
supplied
Supply Schedule - ✔✔✔A table that shows the relationship between the price of a good and the
quantity supplied
@ pg. 2
Macroeconomics Exam Review questions and
approved answers 2025
Equilibrium Price - ✔✔✔The price that balances quantity supplied and quantity demanded
Equilibrium Quantity - ✔✔✔The quantity supplied and the quantity demanded at the
equilibrium price
Equilibrium - ✔✔✔A situation in which the market price has reached the level at which quantity
supplied equals quantity demanded
Equality - ✔✔✔Those benefits are distributed among society's members
Efficiency - ✔✔✔Society that is getting the maximum benefits from its scarce resources
"The cost of something is what you give up to get it" - ✔✔✔Making decisions requires
comparing the costs and benefits of alternative courses of action
Opportunity Cost - ✔✔✔Whatever must be given up to obtain some item
Shortage - ✔✔✔A situation in which quantity demanded is greater than quantity supplied
Law of Supply and Demand - ✔✔✔The price of any good adjusts to bring the quantity supplied
and quantity demanded for that good into balance
@ pg. 1
, Microeconomics exam review
Surplus - ✔✔✔A situation in which the quantity supplied is greater than the quantity demanded
National Income - ✔✔✔The total income earned by a nation's residents in producing goods and
services
Personal Income - ✔✔✔The income that households and corporations receive
Disposable Personal Income - ✔✔✔Income after taxes
Depreciation - ✔✔✔The wear and tear on the economy's stock of equipment and structures
Gross National Product (GNP) - ✔✔✔Total income earned by a nation's permanent residents
Net National Product (NNP) - ✔✔✔Total income of a nation's residents (GNP) minus
depreciation
Shifts in the Demand Curve - ✔✔✔INCOME, PRICE OF RELATED GOODS, TASTES,
EXPECTATIONS, NUMBER OF BUYERS
Shifts in the Supply Curve - ✔✔✔INPUT PRICES, TECHNOLOGY, EXPECTATIONS,
NUMBER OF SELLERS
Supply Curve - ✔✔✔A graph of the relationship between the price of a good and the quantity
supplied
Supply Schedule - ✔✔✔A table that shows the relationship between the price of a good and the
quantity supplied
@ pg. 2
