Macroeconomics Study Guide
Are you a macroeconomics student? Do you have an upcoming quiz to study for? Take this quiz to find out whether you have the basics down or not.
- 1.
The demand curve shows the relationship between the_______ and _______
- A.
Price and Opportunity
- B.
Price and Demand
- C.
Demand and Opportunity
Correct Answer
B. Price and Demand -
- 2.
What do you call the object/s that must be given up to obtain something else?
- A.
Opportunity cost
- B.
Market power
- C.
Marginal change
- D.
Productivity
Correct Answer
A. Opportunity cost -
- 3.
Surplus shows
- A.
More demand than supplied
- B.
More imported than consumed
- C.
More supplied than demand
- D.
More consumed than exported
Correct Answer
C. More supplied than demand -
- 4.
Marginal cost is the change in ______ of an activity resulting from an increase from one unit
- A.
Total costs
- B.
Total benefits
- C.
Total expenditure
Correct Answer
A. Total costs -
- 5.
How is an average cost calculated?
- A.
Total benefits/number of units
- B.
Total costs + benefits/number of units
- C.
Total costs/number of units
Correct Answer
C. Total costs/number of units -
- 6.
Which of the following is NOT a way to increase the PPC?
- A.
Increase price
- B.
Increase resources
- C.
Increase technology
Correct Answer
A. Increase price -
- 7.
The law of demand states that as price _______, quantity demanded _______ and vice versa.
- A.
Falls, decreases
- B.
Falls,increases
- C.
Increases, increases
Correct Answer
B. Falls,increases -
- 8.
The income effect says lower prices _______ the purchasing power of buyers' income money.
- A.
Increases
- B.
Decreases
- C.
Does nothing to
Correct Answer
A. Increases -
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Current Version
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Oct 12, 2016Quiz Edited by
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Feb 13, 2016Quiz Created by
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