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Econ1

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  • April 2013
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Q40.Which of the following words does not relate to GDP?

Inflation

Economic growth

Depression

Recession

Q39. Which of the following is NOT a part of macroeconomics?

How to measure productivity

How to measure the level of employment in the nation

How to measure inflation

How to measure the Gross Domestic Product

Q41.Which of the following words does NOT relate to the average change in prices?

Inflation

Deflation

Depression

All of the above

Q65. Economics is…

a social science that studies how to use abundant resources.

a social science that studies how to use limited resources.

a social science that studies how to satisfy unlimited wants.

both b and c.

a natural science that studies how to use limited resources and unlimited wanted. Q70. Of the following, which one is true?

when an independent variable increases and the dependent variable also increases, the relationship between the two variables is positive. when an independent variable decreases and the dependent variable increases, the relationship between the two variables is inverse. On a graph the direct relationship is upward sloping and the inverse relationship is downward sloping. All of the above are correct.

Q3. Apples, oranges, and peaches are the same price. In descending order, Joe’s favorite fruits are apples, oranges, and peaches. If Joe buys an apple, the opportunity cost for him is a(n)...

apple.

orange.

peach.

oranges and peaches.

Q11. Sally has 5 hours she could spend by either studying for economics or by going to the beach. Given the information Table 1, what is the opportunity cost of 1 hour of studying for economics?

0 hours at the beach

1 hour at the beach

4 hours at the beach

5 hours at the beach

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