This Study Resource Was Shared Via: My Courses
This Study Resource Was Shared Via: My Courses
This Study Resource Was Shared Via: My Courses
Question 1 The point where the curve crosses the vertical axis is referred as ____________.
Correct
a
b. Direct
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c. Intercept
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d. None of the above
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Question 2
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The test of a proposition or theory using actual observations or numbers is
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as
c. Scientific Study
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d. Comparative Study
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Question 3 ____________ a graph that indicates all possible combinations of two goods or services that can be produced
Correct within an economy given the full and efficient use of all available resources.
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c. Demand curve
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d. Cost curve
Question 4 Recession is
Correct
b. A period of decline in total output, income, employment, and trade, usually lasting from six months to a
year.
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False
Question 6 ___________, as more scarce resources are used to increase production of one good or service, production of
Correct another good or service falls by larger and larger amount.
Mark 1.00 out of
1.00 Select one:
a. None of the choices
b. Economic Cost
c. Production Cost
Question 7
a
Money is a common medium of exchange and represents the general purchasing power.
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Correct
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1.00
True
False ar
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Question 8 Percentage of Change = ending value- starting value /starting value x 100.
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Correct
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False
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Question 9
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___________if a person can produce a good or service with lower opportunity cost than can another
Correct
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a. None of the choices
b. Absolute Advantage
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c. Comparative advantage
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d. Opportunity Advantage
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e. person.
Th
Question 10 Political Science is the study of mankind in the ordinary business of life.
Correct
False
c. Center
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d. Right
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Question 12 Is the number of unemployed individuals divided by the total of those employed and unemployed total labor
Correct force.
Mark 1.00 out of
1.00 Select one:
a. Interest Rate
b. Inflation Rate
c. Deflation Rate
d. Unemployment Rate
a
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Question 14
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Quantity of goods and services that can be purchased with a given amount of money.
Correct
c. Price Stability
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Question 15 According to __________, that if more of the time is spent in one activity then you must invest your resources to
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b. David
c. Ricardo
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Question 16 __________ a variable that depends on the value of the independent variable(s) can be seen in the left side of the
Correct equation.
Mark 1.00 out of
1.00 Select one:
a. Dependent variable
c. Independent variable
d. Y
Question 17 Common characteristics in each of the relationship of two variables is that the change in independent variable X
Correct produces a change in dependent variable Y and represented in a math equation.
Mark 1.00 out of
1.00 Select one:
True
False
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b. Imports
a
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Question 20 What is the value of total output (nominal GDP) corrected for any changes in prices.
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Correct
Question 21 ______________ is the characteristic of money or currency where it can be used as a medium of exchange for any
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1.00 Select one:
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a. Opportunity cost
d. Barter
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Correct
c. Deterioration
d. Depression
False
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Question 24 One of the Macroeconomic objectives is to develop better laws and government policies to maximize welfare of
Correct the society.
Mark 1.00 out of
1.00 Select one:
True
False
Question 25 __________ is also referred to as a direct relationship. As the value of X increases, the value of Y increases.
Not answered
b. Neutral
c. Negative
d. Positive
Question 26
a
Percent Change in (Q/L) = (Percent Change in Q) - (Percent Change in P).
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Correct
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1.00
True
False ar
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Question 27 _________ represents a combination of percentage change and marginal analysis.
as
Correct
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b. Marginal analysis
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c. Marginal Change
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Question 28
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b. 1 mobile phone
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d. _________ simcard.
e. 3/4
f. 1/2
Question 29 ____________ is when we specialize and both benefit after the exchange
Not answered
c. Opportunity cost
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Question 30 Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are
Not answered infrequent in Macroeconomics
Marked out of
1.00 Select one:
True
False
a
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as
w
m e
co rc
o. ou
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ur tus
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Co is
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