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Macroeconomics Quiz 1 9.26.17 questions and answers graded A+ 2024/2025
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Macroeconomics Quiz 1 9.26.17 questions and answers graded A+ 2024/2025
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MacroeconomicsQuiz
1
9.26.17
According
to
economists,
economic
self-interest:
A.
is
a
reality
that
underlies
economic
behavior.
B.
has
the
same
meaning
as
selfishness.
C.
is
more
characteristic
of
men
than
of
women.
D.
is
usually
self-defeating.
-
ANSA
A
person
should
consume
more
of
something
when
its
marginal:
A.
benefit
exceeds
its
marginal
cost.
B.
cost
exceeds
its
marginal
benefit.
C.
cost
equals
its
marginal
benefit.
D.
benefit
is
still
positive.
-
ANSA
The
study
of
economics
is
primarily
concerned
with:
A.
keeping
private
businesses
from
losing
money.
B.
demonstrating
that
capitalistic
economies
are
superior
to
socialistic
economies.
C.
choices
that
are
made
in
seeking
the
best
use
of
resources.
D.
determining
the
most
equitable
distribution
of
society's
output.
-
ANSC
The
assertion
that
"There
is
no
free
lunch"
means
that:
A.
there
are
always
tradeoffs
between
economic
goals.
B.
all
production
involves
the
use
of
scarce
resources
and
thus
the
sacrifice
of
alternative
goods.
C.
marginal
analysis
is
not
used
in
economic
reasoning.
D.
choices
need
not
be
made
if
behavior
is
rational.
-
ANSB
Which
of
the
following
most
closely
relates
to
the
idea
of
opportunity
costs?
A.
tradeoffs.
B.
economic
growth.
C.
technological
change.
D.
capitalism.
-
ANSA
The
scientific
method
is:
A.
not
applicable
to
economics,
because
economics
deals
with
human
beings.
B.
also
known
as
the
economic
perspective.
C.
analysis
that
moves
from
broad
generalizations
called
laws
to
theories
and
then
to
hypotheses.
D.
used
by
economists
and
other
social
scientists,
as
well
as
by
physical
scientists
and
life
scientists.
-
ANSD
Which
of
the
following
is
associated
with
macroeconomics? A.
an
examination
of
the
incomes
of
Harvard
Business
School
graduates
B.
an
empirical
investigation
of
the
general
price
level
and
unemployment
rates
since
1990
C.
a
study
of
the
trend
of
pecan
prices
since
the
Second
World
War
D.
a
case
study
of
pricing
and
production
in
the
textbook
industry
-
ANSB
The
four
factors
of
production
are:
A.
land,
labor,
capital,
and
money
B.
land,
labor,
capital,
and
entrepreneurial
ability
C.
labor,
capital,
technology,
and
entrepreneurial
ability
D.
labor,
capital,
entrepreneurial
ability,
and
money
-
ANSB
The
production
possibilities
curve
illustrates
the
basic
principle
that:
A.
the
production
of
more
of
any
one
good
will
in
time
require
smaller
and
smaller
sacrifices
of
other
goods.
B.
an
economy
will
automatically
obtain
full
employment
of
its
resources.
C.
if
all
the
resources
of
an
economy
are
in
use,
more
of
one
good
can
be
produced
only
if
less
of
another
good
is
produced.
D.
an
economy's
capacity
to
produce
increases
in
proportion
to
its
population
size.
-
ANSC
A
production
possibilities
curve
illustrates:
A.
scarcity.
B.
market
prices.
C.
consumer
preferences.
D.
the
distribution
of
income.
-
ANSA
A
nation's
production
possibilities
curve
is
bowed
out
from
the
origin
because:
A.
resources
are
not
generally
equally
efficient
in
producing
every
good.
B.
the
originator
of
the
idea
drew
it
this
way
and
modern
economists
follow
this
convention.
C.
resources
are
scarce.
D.
wants
are
virtually
unlimited.
-
ANSA
Refer
to
the
above
table.
If
the
economy
is
producing
at
production
alternative
C,
the
opportunity
cost
of
the
tenth
unit
of
consumer
goods
will
be:
A.
4
units
of
capital
goods.
B.
2
units
of
capital
goods.
C.
3
units
of
capital
goods.
D.
1/3
of
a
unit
of
capital
goods.
-
ANSD
Refer
to
the
above
table.
As
compared
to
production
alternative
D,
the
choice
of
alternative
C
would:
A.
tend
to
generate
a
more
rapid
growth
rate.
B.
be
unattainable.
C.
entail
unemployment.
D.
tend
to
generate
a
slower
growth
rate.
-
ANSA
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