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ECO1020 PRINCIPLES OF MACROECONOMICS QUIZ with 100% correct answers; graded A+
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PRINCIPLES OF MACROECONOMICSQUIZ QUESTIONS
The Greek word "oikonomos" means: - Management of a household
"People face trade-offs" like students going to class or sleeping in. At the national level,
this is typically called the trade-off between: - Guns and Butter
______________ refers to the size of the economic pie, and equality refers to how the
pie is divided. - Efficiency
What you give up to get that item is the definition of opportunity cost. In "The
Marshmallow Test," Walter Mischel was testing: - Delayed Gratification
Principle 3 is: "Rational People Think at the:" (This is sometimes called the "adding one
more" rule.) - Margin
In "The Dismal Science? Hardly!" Robert McTeer writes, "It once took 90% of our
population to grow food. It now takes:" - 3%
Adam Smith's book "The Wealth of Nations" proposed that scarce products get
efficiently distributed via: - The invisible hand
According to lecture "The Wisdom of Crowds" supports the idea that groups make good
decisions, which supports which of the Ten Principles of Economics?" - Markets are a
good way to organize economic activity
Almost all variation in wealth, from one nation to another, is explained by the variance
in: - Productivity
Prices rise when the government: - Prints too much money
The BRIC model uses the same three elements that the circular flow says households
supply to firms: - Land, labor, capital
Who said, "The whole of science is nothing more than the refinement of everyday
thinking"? - Albert Einstein
, Macroeconomics studies what level? - Country
Economists build economic models by: - Making assumptions
Refer to figure 2-1. Which arrow represents the flow of labor? - C
Refer to figure 2-1. Which arrow represents the flow of spending by households? - A
The production possibilities frontier shows the ________ of making cars or computers
for a country, or playing basketball or tennis for recreation, or studying or sleeping for
students. - Opportunity Cost
According to lecture, the circular flow model is the same as algebra and accounting
because: - Both sides are equal
In the social science iceberg, ________ are on top, and _______ are below the water. -
Constructs, concepts
Refer to figure 2-4. At which point is this economy producing its maximum possible
quantity of doors? - U
Refer to figure 2-4. This economy has the ability to produce at which points? - R, T, U
Refer to figure 2-6. If this economy devotes all of its resources to the production of
blankets, then it will produce: - 360 blankets and 0 pillows
Refer to table 2-4. What is the opportunity cost to Picnicland of increasing the
production of hotdogs from 450 to 900? - 225 burgers
Refer to table 2-4. What is the opportunity cost to Picnicland of increasing the
production of burgers from 450 to 750? - 450 hotdogs
"The government should raise the minimum wage." This is an example of what type of
statement? - Normative
Economists generally support - Free international trade
When a country considers whether it can make a product using fewer resources, it is
applying: - Comparative advantage
When two countries trade with one another, it is most likely because: - The two
countries wish to take advantage of the principle of comparative advantage.
Suppose the US and Mexico both produce semiconductors and auto parts and the US
has a comparative advantage in semiconductors while Mexico has a comparative
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