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Macroeconomics is concerned with issues such as:


A) which orange juice to buy.
B) unemployment.
C) which job to take.
D) what price to charge for goods.

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The field of economics that is concerned about the broader issues in the economy such as inflation,unemployment,and national output of goods and services is called:


A) macroeconomics.
B) microeconomics.
C) national economics.
D) labor force economics.

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Why do economists focus on efficiency rather than equity?

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Economists generally stay out of discuss...

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Scarcity is best defined as when the quantity demanded exceeds quantity supplied.

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Reasons to study economics include all of the following,EXCEPT that you:


A) will always live in a world of scarcity and choices.
B) will understand more about how governments and businesses interact.
C) may become a better prepared voter.
D) will learn exactly how to invest your cash short-term for the highest return on investment.

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Government intervention in the market is helpful when:


A) consumers are free to buy from many different firms.
B) consumers are forced to buy from just one firm.
C) business firms face increasing competition from new entrants into the market.
D) business firms always use the cleanest technologies available to mitigate pollution.

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Evaluate the following statement: "To be useful,a model must be completely realistic."

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This statement is NOT true.To be useful,...

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The concept of equity relates to how quickly something can be produced.

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If variable X rises as variable Q falls,then X and Q have a positive relationship and the slope of the line is positive.

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A nation's standard of living is primarily a function of:


A) natural resource availability.
B) government benefits.
C) national defense.
D) productivity.

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Use the following to answer questions Figure: Sales and Advertising Use the following to answer questions Figure: Sales and Advertising -(Figure: Sales and Advertising) The graph shows the advertising expenditures and the resulting sales (in bottles) of a new caffeinated beverage called Jump.If the company that manufactures Jump spends $3,000 on advertising,how many bottles of Jump will it sell? A) 13,500 B) 9,000 C) 10,000 D) 7,000 -(Figure: Sales and Advertising) The graph shows the advertising expenditures and the resulting sales (in bottles) of a new caffeinated beverage called Jump.If the company that manufactures Jump spends $3,000 on advertising,how many bottles of Jump will it sell?


A) 13,500
B) 9,000
C) 10,000
D) 7,000

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Paying a salesperson more for increased sales is an example of:


A) an incentive.
B) an opportunity cost.
C) efficiency.
D) equity.

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Distinguish between macroeconomics and microeconomics.

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Macroeconomics focuses on the behavior o...

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Excessive pollution is an example of market failure.

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Which of the following statements does NOT describe model building in economics?


A) Models are developed to cover specific behaviors only.
B) Models are created and then tested.
C) Models are used to help understand the general economy.
D) Assumptions are used to analyze an economic issue.

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In the equation S = 130 - 2T,where S is hot chocolate sales and T is temperature,sales:


A) decrease by 10 if temperature falls by 5 degrees.
B) decrease by 2 if temperature falls by 5 degrees.
C) increase by 10 if temperature falls by 5 degrees.
D) increase by 2 if temperature falls by 5 degrees.

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Which of the following concepts would be addressed by microeconomics?


A) national unemployment rate
B) reasons for a decline in a country's total output
C) price of college tuition that an individual student pays
D) inflation rate in Brazil

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Economists generally define institutions as all of these,EXCEPT as a:


A) government free of corruption.
B) government that controls resource allocation.
C) legal system that enforces contracts and laws.
D) strong monetary system.

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Allocative efficiency occurs when:


A) production is allocated equally among all citizens.
B) people who wants a product the most gets it.
C) goods are produced at the lowest possible cost.
D) resources are equally allocated between the private and public sectors of the economy.

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Individuals do not experience opportunity costs unless external costs occur.

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