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Macroeconomics Test 1 Review Flashcards | StudBud
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Macroeconomics Test 1 Review
Macroeconomics Test 1 Review
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Questions
20
Answers
1
Point Y on the PPF is?
Allocatively efficient
Inefficient
Unattainable given our current resources
Attainable
2
Which of the following shifters is a shifter of the supply curve?
Population
Trends/Fads/Preference
Income
Change in production technology
3
If the demand for footballs goes up when consumer incomes increase, then this good must be a?
Inferior good
Deflated good
None of the above
Normal good
4
Impact on Frosted Flakes if consumer income decreases due to a financial crisis.
Price increases and Quantity decreases
Price increases and Quantity decreases
Price decreases and Quantity decreases
Price decreases and Quantity increases
5
Which country has a comparative advantage in producing rice?
Mexico
Vietnam
6
Opportunity Cost?
None of the above
Are all the things that you give up as a result of a decision.
The one thing that you give up as a result of a decision.
Is the highest valued thing that you give up as a result of a decision
7
If the supply and demand curves intersect at $3, then any price above that would result in:
Shortage
Surplus
8
Point X on the PPF is?
Allocatively efficient
Attainable
Unattainable given our current resources
Inefficient
9
What is the impact on Jeeps if a study comes out stating that off-road driving can cause severe back problems in men.
Left shift in the Demand curve
Movement along the Demand curve
Right shift in the Demand curve
Left shift in the Supply curve
10
Which of the following shifters is NOT a shifter of demand?
Price of related good
Income
Trends/Fads/Preference
Number of sellers
11
If consumers expect the price of BMWs to increase in the future, the demand curve for BMWs today will shift left
True
False
12
If the current price of Doritos increases from $6 to $8 the demand curve for Doritos will shift left.
True
False
13
The statement "The tax system should be used to reduce traffic" is an example of a?
Positive Statement
Normative Statement
14
What is the impact on Milk if the price of cereal increases from $2 to $5
Movement along the Demand curve
Right shift in the Demand curve
Left shift in Demand curve
Left shift in the Supply curve
15
Impact on Computers if consumers incomes increase and the price of plastic decreases.
Price increases and Quantity cannot be determined
Price cannot be determined and Quantity increases
Price cannot be determined and Quantity decreases
Price decreases and Quantity cannot be determined
16
Impact on Hamburgers if Mad cow disease kills 20% of the cows in the US
Demand curve shifts left
Supply curve shifts right
Demand curve shifts right
Supply curve shifts left
17
Which person has the comparative advantage in pies?
William
David
18
Impact on Mercedes-Benz
today
if Forbes says its the most trusted car brand and the price of steel to increases
Price cannot be determined and Quantity increases
Price decreases and Quantity cannot be determined
Price cannot be determined and Quantity decreases
Price increases and Quantity cannot be determined
19
Impact on Samsung TVs if consumer income decreases and a new development in TV manufacturing technology comes out.
Price cannot be determined and Quantity decreases
Price increases and Quantity cannot be determined
Price cannot be determined and Quantity increases
Price decreases and Quantity cannot be determined
20
Which country has a comparative advantage in producing software?
Utopia
Happyland
