Macroeconomics Study Guide

8 Questions | Total Attempts: 195

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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.


Questions and Answers
  • 1. 
    The demand curve shows the relationship between the_______ and _______
    • A. 

      Price and Opportunity

    • B. 

      Price and Demand

    • C. 

      Demand and Opportunity

  • 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

  • 3. 
    Surplus shows 
    • A. 

      More demand than supplied

    • B. 

      More imported than consumed

    • C. 

      More supplied than demand

    • D. 

      More consumed than exported

  • 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

  • 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

  • 6. 
    Which of the following is NOT a way to increase the PPC?
    • A. 

      Increase price

    • B. 

      Increase resources

    • C. 

      Increase technology

  • 7. 
    The law of demand states that as price _______, quantity demanded _______ and vice versa. 
    • A. 

      Falls, decreases

    • B. 

      Falls,increases

    • C. 

      Increases, increases

  • 8. 
    The income effect says lower prices _______ the purchasing power of buyers' income money.
    • A. 

      Increases

    • B. 

      Decreases

    • C. 

      Does nothing to