Economics Final Exam [Chap. 1-2]

1

Government policies designed to promote efficiency:

1

All of the following can be considered a student's costs of going to college, EXCEPT

1

A plane from Los Angeles to New York is about to take off, but it still has a few seats empty. If the average cost per seat is $500, what price should the airline charge passengers in standby to fill in those remaining seats?

1

the federal government enacted regulation in the 1960s requiring people to wear seatbelts in their cars. All of the following resulted from this regulation, EXCEPT:

1

when two individuals trade voluntarily:

1

In a market economy, the decisions of what and how much to produce are generally made by:

1

Even though markets do a great job in organizing economic activity, governments are needed to do all of the following EXCEPT:

1

Living standards in the united states have risen tremendously over the years, mainly due to:

1

Rapid and persistent inflation occurs mainly due to:

1

A government that implements a policy designed to reduce inflation can expect unemployment to:

1

Which of the following is FALSE, regarding economics as a science?

1

Economists use assumptions in order to:

1

Economic models are:

1

All of the following are characteristics of the circular-flow model of the economy, EXCEPT:

1

In the circular-flow model of the economy:

1

Which of the following is true regarding the production possibilities frontier (PPF) for the economy?

1

Economic growth in the economy can be portrayed in the model of the production possibilities frontier as a:

1

Microeconomics is the study of:

1

Which of the following is an example of a normative statement?

1

Economists tend to disagree with each other because:

1

Points on the production possibilities frontier are?

1

The scientific method requires that

1

Which of the following is most likely to produce scientific evidence about a theory?

1

Which of the following statements regarding the circular-flow diagram is true?

1

In which of the following cases is the assumption most reasonable?

1

Economic models are

1

Which of the following is not a factor of production?

1

Which of the following will not shift a country's production possibilities frontier outward?

1

Economic growth is depicted by

1

Refer to Exhibit 6. If the economy is operating at point C, the opportunity cost of producing an additional 15 units of bacon is

1

Refer to Exhibit 6. If the economy were operating at point E,

1

Refer to Exhibit 6. Point F represents

1

Refer to Exhibit 6. As we move from point A to point D,

1

Which of the following issues is related to microeconomics?

1

Which of the following statements about microeconomics and macroeconomics is not true?

1

Which of the following statements is normative?

1

In making which of the following statements is an economist acting more like a scientist?

1

Positive statements are

1

Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government should fight unemployment because it is the greatest social evil." The other economist responds, "Nonsense! Inflation is the greatest social evil." These economists

1

Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars." The other economist responds, "Nonsense and poppycock! If the government spent an additional 50 billion dollars, it would reduce unemployment by only one tenth of one percent, and that effect would only be temporary!" These economists

Hell on Earth (Final Exam Prep) Economics [Teacher: Abdinova Makpal ; Final Exam + Quizzes] ▼ Test sobre Economics Final Exam [Chap. 1-2], creado por Good Guy Beket el 27/12/2018.

Economics Final Exam [Chap. 1-2]

Government policies designed to promote efficiency:

All of the following can be considered a student's costs of going to college, EXCEPT

A plane from Los Angeles to New York is about to take off, but it still has a few seats empty. If the average cost per seat is $500, what price should the airline charge passengers in standby to fill in those remaining seats?

the federal government enacted regulation in the 1960s requiring people to wear seatbelts in their cars. All of the following resulted from this regulation, EXCEPT:

when two individuals trade voluntarily:

In a market economy, the decisions of what and how much to produce are generally made by:

Even though markets do a great job in organizing economic activity, governments are needed to do all of the following EXCEPT:

Living standards in the united states have risen tremendously over the years, mainly due to:

Rapid and persistent inflation occurs mainly due to:

A government that implements a policy designed to reduce inflation can expect unemployment to:

Which of the following is FALSE, regarding economics as a science?

Economists use assumptions in order to:

Economic models are:

All of the following are characteristics of the circular-flow model of the economy, EXCEPT:

In the circular-flow model of the economy:

Which of the following is true regarding the production possibilities frontier (PPF) for the economy?

Economic growth in the economy can be portrayed in the model of the production possibilities frontier as a:

Microeconomics is the study of:

Which of the following is an example of a normative statement?

Economists tend to disagree with each other because: