Question 1

(The following economy produces two products.) Production Possibilities Table
    Refer to the above table.A change from possibility B to C means that:

Accepted Answer

A) 10 units of wheat are given up to get one more unit of steel. 
B) 15 units of wheat are given up to get one more unit of steel. 
C) 15 units of wheat are equal to one unit of steel. 
D) 75 units of wheat are equal to one unit of steel. 
A) 10 units of wheat are given up to get one more unit of steel. 
B) 15 units of wheat are given up to get one more unit of steel. 
C) 15 units of wheat are equal to one unit of steel. 
D) 75 units of wheat are equal to one unit of steel.

Question 2

Of the countries listed in Image 1.1, Which of the following countries had the highest average income in 2015?

Accepted Answer

A) Norway 
B) Switzerland 
C) United States 
D) Canada 
A) Norway 
B) Switzerland 
C) United States 
D) Canada

Question 3

The present choice of position on the production possibilities curve will not influence the future location of the curve.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements pertains to macroeconomics?

Accepted Answer

A) Because the minimum wage was raised, Mrs.Beepath decided to enter the labour force. 
B) A decline in the price of soybeans caused farmer Wanek to plant more land in wheat. 
C) The national productivity rate grew by 1.4 percent last year. 
D) The Pumpkin Center Chartered Bank increased its interest rate on consumer loans by 1 percent. 
A) Because the minimum wage was raised, Mrs.Beepath decided to enter the labour force. 
B) A decline in the price of soybeans caused farmer Wanek to plant more land in wheat. 
C) The national productivity rate grew by 1.4 percent last year. 
D) The Pumpkin Center Chartered Bank increased its interest rate on consumer loans by 1 percent.

Question 5

Any combination of goods lying outside of the budget line:

Accepted Answer

A) implies that the consumer is not spending all of his income. 
B) yields less utility than any point on the budget line. 
C) yields less utility than any point inside the budget line. 
D) is unattainable, given the consumer's income. 
A) implies that the consumer is not spending all of his income. 
B) yields less utility than any point on the budget line. 
C) yields less utility than any point inside the budget line. 
D) is unattainable, given the consumer's income.

Exam 1: B: Limits, Alternatives, and Choices

(The following economy produces two products.) Production Possibilities Table Refer to the above table.A change from possibility B to C means that:

Of the countries listed in Image 1.1, Which of the following countries had the highest average income in 2015?

The present choice of position on the production possibilities curve will not influence the future location of the curve.

Which of the following statements pertains to macroeconomics?

Any combination of goods lying outside of the budget line:

A: - Limits, Alternatives, and Choices

B: The Market System and the Circular Flow

A: - The Market System and the Circular Flow

B: Demand, Supply, and Market Equilibrium

A: - Demand, Supply, and Market Equilibrium

B: Market Failures: Public Goods and Externalities

A: - Market Failures: Public Goods and Externalities

B: Governments Role and Government Failure

A: Governments Role and Government Failure

B: an Introduction to Macroeconomics

A: an Introduction to Macroeconomics

B: Measuring the Economys Output

A: Measuring the Economys Output

B: Economic Growth

A: Economic Growth

B: Business Cycles, Unemployment, and Inflation

A: Business Cycles, Unemployment, and Inflation

B: Basic Macroeconomic Relationships

A: Basic Macroeconomic Relationships

B: The Aggregate Expenditures Model

A: The Aggregate Expenditures Model

B: Aggregate Demand and Aggregate Supply

A: Aggregate Demand and Aggregate Supply

B: Fiscal Policy, Deficits, Surpluses, and Debt

A: Fiscal Policy, Deficits, Surpluses, and Debt

B: Money, Banking, and Money Creation

A: Money, Banking, and Money Creation

B: Interest Rates and Monetary Policy

A: Interest Rates and Monetary Policy

C: Financial Economics

A: Long-Run Macroeconomic Adjustments

B: Long-Run Macroeconomic Adjustments

A: International Trade

B: International Trade

A: The Balance of Payments and Exchange Rates

B: The Balance of Payments and Exchange Rates

The Economics of Developing Countries

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