Macroeconomics Study Guide Essay

2218 Words Sep 29th, 2013 9 Pages
Q1) Which of the following is a correct pair of a resource and its opportunity cost?
a) land and interest
b) capital and rent
c) labor and wages
d) services and rent

Q2) Joe could be at three different jobs that pay $15, $10, and $8 respectively. If he is not working, the opportunity cost is...
a) $15.
b) $10.
c) $8.
d) $33.

Q3) Apples, oranges, and peaches are the same price. In descending order, Joe’s favorite fruits are apples, oranges, and peaches. If Joe buys an apple, the opportunity cost for him is a(n)...
a) apple.

b) orange.

c) peach. d) oranges and peaches.

Q4) Joe is spending $500 to take an economics class. If he wasn’t in class, he could be earning $900 at a part-time job. What is the
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a) technological advancement
b) population increase

c) increase in resources

d) none of the above

Q25) Which of the following would shift the PPC curve to the left?
a) a depletion of resources
b) earthquakes and fire

c) war

d) all of the above

Q26) Which of the following would shift the PPC curve to the left?
a) more efficient irrigation systems

b) an increase in population (for countries such as Canada and Norway)
c) genetic engineering

d) none of the above

Q27) For countries such as Canada, Sweden, and Norway, which of the following would shift the PPC curve to the right?
a) earthquakes and fire

b) a population increase

c) running out of resources
d) none of the above

Q28) In Figure 5, point D represents where the U.S. was economically before WWII. This occurred because the U.S....
a) was in an economic depression.
b) had high unemployment rates.
c) did not use resources efficiently.
d) all of the above

Q29) In Figure 5, when the U.S. entered World War II, there was an increase in the use of resources and the U.S....
a) went from point D to A.
b) went from point A to B.
c) went from point D to C.
d) remained at point D.

Q30) Referring to Figure 6, which of the following statements are true as the curve shifts from I to II?

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