Chapter 2 : Thinking like an economist

Chapter 2 : Thinking like an economist

University

12 Qs

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Chapter 2 : Thinking like an economist

Chapter 2 : Thinking like an economist

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

MARK SOTTO

Used 19+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do you call a diagram of the economy that shows the flow of goods and services, factors of production, and monetary payments between households and firms

Normative Statements

Positive Statements

Production Possibilities Frontier

Circular Flow

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inputs such as land, labor, and capital are collective called:

Factors of production

Efficiency components

Macroeconomic factors

Microeconomic factors

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A graph that shows the combination of output the economy can possibly produce given the available factors of production and the available production technology

Production Possibilities Frontier

Productivity curve

Gross Domestic Product

Circular Flow Diagram

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ is referred to as getting maximum output from the resources available.

Profit maximization

Efficiency

Cost minimization

Income effect

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production

land

labor

capital

money

All of the above are factors of production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Points on the Production Possibilities Frontier are 

efficient

inefficient

unattainable

normative

none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of statement is this: The statement, "An increase in inflation tends to cause unemployment to fall in the short run".

Positive Statement

Negative Statement

Normative Statement

Neutral Statement

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