Welcome to The Ultimate Microeconomics Knowledge Test Part II. The following quiz takes a unique approach to microeconomics, as we take a look at some of the more unconventional methods for how a firm or individual might be able to decide how to efficiently and effectively allocate scarce resources. Do you think you’re the kind of person who understands how all of this works? Take the following quiz and we’ll see if you’re right! Good luck!
Decrease demand for the countries currency
Worsen it's balance of trade and payments
Lower its nominal rate of interest and encourage an inflow of capitol
Reduce its imports and improve its trade balance
Total output of an economic system is greatest when each good is produced by those who have the lowest opportunity cost of producing the good
Specialization can reduce output rather than increase it
Some goods have high opportunity costs and low absolute costs
There are some goods for which the opportunity costs of production are the same regardless of who produces them
A 45 degree line originating from the origin
A rectangular hyperbola
A horizontal line
A vertical line
The IMF
The forces of supply and demand
The government of the importing country
The government of the exporting country
The United States is a bad place to invest capitol
The economy in our country is weak and we cannot compete with the Japanese
The United States has a surplus in its capital account
The United States has a deficit in its capital account
Its average MRP
Equal to product price
The market wage rate
Equal to MRP
Employees cannot belong to a union when they are employed, and cannot join a union and keep working there
Employees must join the union to maintain employment
Employees must belong to the union before they can be employed
Employees cannot belong to the union when they are hired but may join the union later and keep their jobs
Having a lower average fixed cost in production of a good than does someone else
The ability to use more input of resources than others can
The ability to produce more output from given inputs of resources than others can
The ability to produce more output of one good relative to another good than another country can
Gold standard
G-7
System of managed flexible exchange rates
International Monetary Fund
To supplement Social Security for the elderly with medical problems
To provide a minimum income for the aged, blind and disabled
To provide a guaranteed minimum income for all Americans
To provide a minimum income for all households with children
To establish the North American continent as a free trade area
To encourage peaceful settle of trade disputes but no particular point of view about the desirability of higher or lower tariffs
To encourage world trade by lowering tariffs and other trade barriers
To make all tariffs illegal
The reduction in total output from monopoly in the product market
The union wage differential
Workers being paid less than their marginal revenue product
The reduction in employment resulting from union wage setting
According to desire
According to need
According to productivity
So as to provide the strongest incentive to work
Aids in the international transmission of ideas
Reduces the world wide output of goods
Reduces the world wide consumption of goods
Causes persistent world wide inflation
A reserve asset created by the International Monetary Fund that countries can use to settle international payments
A liability payment from a branch bank to nation's central bank
A country's surpluses in their fiscal budgets
Exchanges of gold between nations
Balance of trade
Balance of payments
Law of comparitive advantage
Price of a foreign currency in terms of a domestic currency
Less equal the income distribution
More equal the income distribution
Greater the overall wealth in the economy
Less overall wealth in the economy
Country x has significant inflation
Country x imported more goods than it exported
Country x recieved more in foreign aid than it gave in foreign aid
Country x game more to foreigners than foreigners gave to country x
Marginal factor cost equals the marginal revenue product of labor
Marginal revenue product equals the wage rate
Marginal cost of output equals the marginal revenue
Demand equals the supply of labor
Has steadily decreased since 1965
Has steadily increased since 1965
Increased until the end of the 1970s and then decreased in the 1980s and 1990s
Decreased until the end of the 1970s and then increased in the 1980s and 1990s
The value of goods and services bought and sold in the world market
A summary records of a country's economic transactions with foreign residents and governments
A summary record of a country's purchases and sales of goods and services in the world market
The value of merchandise goods bought and sold in the world market
Emplyers to refuse to hire union workers
Union membership to be a requirement for continued employment in any establishment
Union membership to be denied on the basis of race, gender or national origin
A union to exist in state
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Here's an interesting quiz for you.