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Macroeconomics Practice Test (Scarcity, Choice, Opportunity Costs, Etc.)

Macroeconomics Practice Test (Scarcity, Choice, Opportunity Costs, Etc.)

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Published by Chad Empey
This is a basic micro and macroeconomics practice test. Many basic concepts are covered in the test. The topics that are included in this practice test are the follow...

Scarcity
Choice
Opportunity Costs
Production Possibilities Curve
Market Equilibrium
Unemployment
The Business Cycle
This is a basic micro and macroeconomics practice test. Many basic concepts are covered in the test. The topics that are included in this practice test are the follow...

Scarcity
Choice
Opportunity Costs
Production Possibilities Curve
Market Equilibrium
Unemployment
The Business Cycle

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Categories:Types, School Work
Published by: Chad Empey on Jul 26, 2014
Copyright:Traditional Copyright: All rights reserved

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09/26/2014

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Practice Test
 
Basic Economic Concepts
 
1.
 
What do economists mean by scarcity and how is scarcity related to choice? 2.
 
what are the opportunity costs of choices you make? 3.
 
what is the production possibilities curve? 4.
 
what is supply and demand? 5.
 
describe market equilibrium. 6.
 
if 6,000 persons are unemployed in a country of 600,000 capable workers; what is the unemployment rate? 7.
 
The opportunity cost of a decision is only the direct money cost of making that decision. a.
 
True  b.
 
False 8.
 
During periods of economic growth, a nation's production possibility frontier slopes up and to the right. a.
 
True  b.
 
False 9.
 
How does the shape of the production possibility frontier show that scarcity exists? a.
 
Down and to the right  b.
 
Up and to the right c.
 
Down and to the left d.
 
Up and to the left 10.
 
If one country is absolutely better at one thing, the other country is absolutely better at producing another thing. a.
 
True  b.
 
False 11.
 
What is the business cycle?
Answers
 

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