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Macroeconomics Name, Summaries of Macroeconomics

Washington State University (WSU or Wazzu)Macroeconomics

Macroeconomics approaches the study of economics from the viewpoint of. (a) individual consumers. (b) the government. (c) the entire economy.

Typology: Summaries

2022/2023

Uploaded on 03/01/2023

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Macroeconomics Name:______________________
2017 Practice Exam
Please place your answer choice on this packet. It is the recording of your official grade for this Exam I
as required by the State of Texas. Also, please place your answer choice on your Scantron.
____1. Which one of the following best describes the study of economics? Economics studies
(a) how businesses can make profits.
(b) how the government controls the economy and how people earn a living.
(c) how society uses its scarce resources to satisfy its unlimited desires.
(d) the allocation of income among different sectors of the economy.
____2. Your opportunity cost of attending college does not include
(a) the money you spend on meals while at college.
(b) your tuition.
(c) the money you spend on traveling between home and college.
(d) the income you could have earned if you’d been employed full-time.
____3. may be defined as the extra cost associated with an action.
(a) Marginal cost
(b) Operational cost
(c) Opportunity cost
(d) Action cost
____4. Jean owns a French restaurant—La Crème. Simply to operate this week, he must pay rent, taxes,
wages, food costs, and so on. This amounts to $1,000 per week. This evening, a diner arrives and
orders a bottle of Château Neuf du Pape wine to go with her meal. Jean has none and sends out to
Wine World for a bottle. It costs $20, and Jean charges his guest $30. Which of the following is
true for Jean?
(a) The marginal cost of the wine is $20.
(b) The marginal cost of the wine is $30.
(c) The efficiency cost of the meal is $1,020.
(d) The efficiency cost of the meal is $1,030.
____5. Macroeconomics approaches the study of economics from the viewpoint of
(a) individual consumers.
(b) the government.
(c) the entire economy.
(d) the operation of specific markets.
____6. Which of the following is most appropriately a microeconomic issue?
(a) The study of the relationship between the unemployment rate and the inflation rate
(b) The forces determining the price level in an individual market
(c) The determination of total output in the economy
(d) The aggregate behavior of all decision-making units in the economy
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pf4

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Macroeconomics Name:______________________

2017 Practice Exam Please place your answer choice on this packet. It is the recording of your official grade for this Exam I as required by the State of Texas. Also, please place your answer choice on your Scantron. ____1. Which one of the following best describes the study of economics? Economics studies (a) how businesses can make profits. (b) how the government controls the economy and how people earn a living. (c) how society uses its scarce resources to satisfy its unlimited desires. (d) the allocation of income among different sectors of the economy. ____2. Your opportunity cost of attending college does not include (a) the money you spend on meals while at college. (b) your tuition. (c) the money you spend on traveling between home and college. (d) the income you could have earned if you’d been employed full-time. ____3. may be defined as the extra cost associated with an action. (a) Marginal cost (b) Operational cost (c) Opportunity cost (d) Action cost ____4. Jean owns a French restaurant— La Crème. Simply to operate this week, he must pay rent, taxes, wages, food costs, and so on. This amounts to $1,000 per week. This evening, a diner arrives and orders a bottle of Château Neuf du Pape wine to go with her meal. Jean has none and sends out to Wine World for a bottle. It costs $20, and Jean charges his guest $30. Which of the following is true for Jean? (a) The marginal cost of the wine is $20. (b) The marginal cost of the wine is $30. (c) The efficiency cost of the meal is $1,020. (d) The efficiency cost of the meal is $1,030. ____5. Macroeconomics approaches the study of economics from the viewpoint of (a) individual consumers. (b) the government. (c) the entire economy. (d) the operation of specific markets. ____6. Which of the following is most appropriately a microeconomic issue? (a) The study of the relationship between the unemployment rate and the inflation rate (b) The forces determining the price level in an individual market (c) The determination of total output in the economy (d) The aggregate behavior of all decision-making units in the economy

____7. Which of the following statements about the operation of an economy is false? Each economy has a mechanism to determine (a) what is produced. (b) how to satisfy all of the desires of its citizens. (c) how much is produced. (d) how goods and services are distributed among its citizens. ____8. Along the production possibility frontier, trade-offs exist because (a) buyers will want to buy less when price goes up, but producers will want to sell more. (b) even on the frontier itself, not all production levels are efficient. (c) at some levels, unemployment or inefficiency exists. (d) the economy has only a limited quantity of resources to allocate between competing uses. ____9. Which of the following is not an assumption underlying the production possibility frontier? (a) Technological knowledge is fixed. (b) Resources are fully employed. (c) Resources are efficiently employed. (d) The quantity of labor resources is variable. ___ 10. The production possibility frontier represents (a) the maximum amount of goods and services that can be produced with a given quantity of resources and technology. (b) those combinations of goods and services that will be demanded as price changes. (c) the maximum amount of resources that are available as the wage level changes. (d) those combinations of goods and services that will be produced as the price level changes. ___ 11. The Richton economy is operating at a point inside its production possibility frontier. This may be because (a) the economy has very poor technological know-how. (b) Richton is a very small nation and can’t produce much. (c) poor management practices have led to an inefficient use of resources. (d) Richton has only a small resource base. ___ 12. There are increasing costs in the economy of Arbez. To portray this fact in a production possibility diagram, we should (a) move the ppf outwards (up and to the right). (b) draw the ppf bulging outwards. (c) shift the ppf’s endpoint on the horizontal axis to the right. (d) shift the ppf’s endpoint on the vertical axis upwards. ___13.To an economist, if the purchase of the item in question increases the economy’s ability to produce. Then this purchase means only the creation of capital. a) True (b) False ___ 14. Advocates comparing the performance of a pure laissez-faire system with that of a command economy would claim that a pure laissez-faire system would do all of the following EXCEPT (a) promote efficiency. (b) stimulate innovation. (c) achieve an equal income distribution. (d) be directed by the decisions of individual buyers and sellers.

___2 1. As the price of oranges increases, orange growers will (a) use more-expensive methods of growing oranges. (b) use less-expensive methods of growing oranges. (c) increase the supply of oranges. (d) decrease the supply of oranges. ___2 2 .The supply of oranges to households will shift to the right if (a) the price of oranges increases. (b) oranges are rumored to have been treated with an insecticide that causes heart disease. (c) the Florida government requires that all orange workers be given more substantial health benefits by employers. (d) citrus growers see the price of grapefruits decreasing permanently.

___2 3. A “change in demand” means

(a) the quantity demanded changes as price changes. (b) a movement along a given demand curve or schedule. (c) a shift in the position of the demand curve. (d) a change in the shape of a demand curve. ___2 4 .Which of the following will cause a decrease in the demand for tennis racquets? (a) A rise in the price of squash racquets (b) A rise in the price of tennis racquets (c) A rise in the price of tennis balls (d) A fall in the price of tennis shoes ___25.Equilibrium quantity will certainly decrease if (a) demand and supply both increase. (b) demand and supply both decrease. (c) demand decreases and supply increases. (d) demand increases and supply decreases. ___26.When there is a surplus, quantity supplied quantity demanded. Price will. (a) exceeds; rise (b) is less than; fall (c) is less than; rise (d) exceeds; fall ___27.The equilibrium price of a gallon of unleaded gas is $4.50. At a price of $3. (a) quantity supplied will be less than quantity demanded, causing a shortage of unleaded gas. (b) quantity supplied will be greater than quantity demanded, causing a surplus of unleaded gas. (c) quantity supplied will be greater than quantity demanded, causing a shortage of unleaded gas. (d) quantity supplied will be less than quantity demanded, causing a surplus of unleaded gas.