An example of Microeconomics would be:

Our library has extended its hours

What's the definition of market economy

economy driven by consumers and producers

Any point outside the curve of a PPC represents a goal that is

impossible to meet because resources are fixed

The value of a Productions Possibility Curve is that it

allows a comparison in the production of two different goods

Which of the following could cause a production possibilities curve to move to the right?

A new invention lowers the cost of production

what is a traditional economy

an economy controlled by customs and beliefs, usually by clans

Satisfaction from consuming an item

What are the Factors of Production?

Land, Labor, Capital and Entrepreneurship

Unlimited wants with limited resources

Macroeconomics focuses on things like _____.

government policies that should be adopted, unemployment, and fiscal policy

What is positive economics?

studies how the economy is; fact based

What does normative economics do?

makes predictions about the way the economy should work

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Economic Way of Thinking

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MrJNixon Econ

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Questions 18

Answers

1
An example of Microeconomics would be:
Our unemployment rate declines
Our library has extended its hours
The cost of oil increases globally from all suppliers
The President passes a new law
2
A person who uses goods or services
consumer
provider
customer
producer
3
Benefits offered to encourage people to act in a certain way
motivator
trade off
utility
incentive
4
What's the definition of market economy
economy driven by consumers and producers
an economy based in tradition
Monopolistic industries may restrict output
an economy planned by the government
5
Any point outside the curve of a PPC represents a goal that is
impossible to meet because resources are fixed
impossible to meet because resources are not fixed
possible to meet because resources are fixed
possible to meet because resources are not fixed
6
economic system in which the government makes all economic decisions
centrally planned economy
market economy
traditional economy
command economy
7
The value of a Productions Possibility Curve is that it
offers a great assessment of demand
allows a comparison in the production of two different goods
demonstrates consumer spending capacity
skips most of the alphabet
8
Which of the following is not a question scarcity creates?
What is to be produced?
How much should be produced?
Who gets resources that have been produced?
How will things be produced?
9
Which of the following could cause a production possibilities curve to move to the right?
The population is growing increasingly old.
An epidemic kills thousands of young men and women.
A new invention lowers the cost of production
Thousands of people move out of the country.
10
what is a traditional economy
an economy controlled by customs and beliefs, usually by clans
All of the above
an economy controlled centrally by a government.
an economy driven by country's individual citizens
11
Utility measures
Satisfaction from consuming an item
changes in prices
economic growth
The amount of electricity used
12
A person who makes goods or provides services
customer
producer
consumer
provider
13
What are the Factors of Production?
Goods and Services
Land, Labor, Capital and Entrepreneurship
Capital, Land, Labor and Jobs
Work, Land, Labor and Inflation
14
What is scarcity?
Unlimited wants
Limited resources
Unlimited wants with limited resources
Unlimited resources, limited wants
15
Which is illustrated by point X on the productions possibilities graph?
Efficient Production
Unattainable
Underutilization
All Resouces used.
16
Macroeconomics focuses on things like _____.
salaries that Citibank gives to new graduates.
government policies that should be adopted, unemployment, and fiscal policy
the cost of a high school offering a new course.
the number of iPhones exported to France.
17
What is positive economics?
studies how the economy is; fact based
How the economy benefits people
How the economy should work.
How much the economy makes
18
What does normative economics do?
makes predictions about the way the economy should work
shows a comparison of 2 goods being produced
makes a simple prediction in the future
describes the way the economy actually works

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