2/11/2019 Prelims
Question 1 Percentage of Change = ending value- starting value /starting value x 100.
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True
False
Question 2 Accurately describes historical outcomes, and It must make reasonable predictions about the results of future observations.
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Select one:
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a. Law of Parsimony
b. Occam's Razor
c. None of the choices
d. Good Economic Model
Question 3 Common characteristics in each of the relationship of two variables is that the change in independent variable X produces a
Not yet change in dependent variable Y and represented in a math equation.
answered
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True
False
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2/11/2019 Prelims
Question 4 According to __________, that if more of the time is spent in one activity then you must invest your resources to develop
Not yet specialized tools or machines to aid me in my task.
answered
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a. Ricardo
b. Smith
c. David
d. None of the choices
Question 5 GDP Per Capita
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a. Total Population/Total GDP
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b. Average price of level of goods and services included in GDP
c. Total GDP/Total Population
d. Macroeconomics/Microeconomics
Question 6 Is the number of unemployed individuals divided by the total of those employed and unemployed total labor force.
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a. Interest Rate
b. Inflation Rate
c. Unemployment Rate
d. Deflation Rate
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Question 7 __________ a variable that depends on the value of the independent variable(s) can be seen in the left side of the equation.
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a. Independent variable
b. Y
c. None of the above
d. Dependent variable
Question 8 ___________if a person can produce a good or service with lower opportunity cost than can another
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a. None of the choices
b. Opportunity Advantage
c. Absolute Advantage
d. Comparative advantage
e. person.
Question 9 Money is a common medium of exchange and represents the general purchasing power.
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True
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False
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2/11/2019 Prelims
Question 10 The production possibilities curve is often referred to as a ___________.
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a. None of the choices
b. Concave
c. Frontier
d. Linear
Question 11 Ceteris paribus, means
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a. Other things being equal
b. Cut away all the complicating details
c. None of the choices
d. Keep It Simple Stupid.
Question 12 _________ is a very small increase of decrease in the quantity of some variable.
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a. Marginal cost
b. Marginal analysis
c. Marginal change
d. None of the choices
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2/11/2019 Prelims
Question 13 The point where the curve crosses the vertical axis is referred as ____________.
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a. Intercept
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b. Inverse
c. Direct
d. None of the above
Question 14 ___________ relates to the effect that a small or unit change one variable has on another variable.
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Select one:
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a. Marginal analysis
b. Elasticity
c. None of the above
d. Marginal Change
Question 15 One of the Macroeconomic objectives is to develop better laws and government policies to maximize welfare of the society.
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True
False
Question 16 Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are infrequent in
Not yet Macroeconomics
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True
False
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2/11/2019 Prelims
Question 17 ___________, as more scarce resources are used to increase production of one good or service, production of another good
Not yet or service falls by larger and larger amount.
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a. None of the choices
b. Production Cost
c. Increase Opportunity Cost
d. Economic Cost
Question 18 The test of a proposition or theory using actual observations or numbers is
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a. Scientific Study
b. Empirical Study
c. Comparative Study
d. None of the choices
Question 19 The slope of a curve can be determined from a graph by dividing the vertical change in the Y variable or rise by the horizontal
Not yet change in the X variable or run.
answered
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True
False
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Question 20 Indivisibility is when some goods can be broken into small tradable quantities.
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True
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False
Question 21 A recession that is major both in scale and duration.
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a. Deflation
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b. None of the choices
c. Depression
d. Deterioration
Question 22 Compute the opportunity cost , where 10 mobile phones is to 5 Simcards.
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a. 1 mobile phone
1.00
b. _________ simcard.
c. 10/5
d. 3/4
e. 1/2
f. None of the choices
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2/11/2019 Prelims
Question 23 A country should specialize in a good in which it has comparative advantage.
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True
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False
Question 24 Economic growth is
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a. The change in the physical output of an economy, typically measured as the change in Real GDP.
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b. None of the choices
c. Recurrent, systematic fluctuations in the level of business activity.
d. An index of the average price level of all goods and services included in gross domestic product (GDP).
Question 25 ____________ a graph that indicates all possible combinations of two goods or services that can be produced within an
Not yet economy given the full and efficient use of all available resources.
answered
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a. None of the choices
b. Demand curve
c. Production Possibilities curve
d. Cost curve
Question 26 Percent Change in (Q/L) = (Percent Change in Q) - (Percent Change in P).
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True
False
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2/11/2019 Prelims
Question 27 A line showing X and Y pair is referred as ____________.
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Select one:
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a. None of the choices
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b. Slope
c. Origin
d. Curve
Question 28 Political Science is the study of mankind in the ordinary business of life.
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True
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False
Question 29 Consumer Price Index (CPI) includes
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a. The prices received for the output of domestic industries.
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b. Exports
c. Domestic producers of commodities
d. Imports
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2/11/2019 Prelims
Question 30 _________ represents a combination of percentage change and marginal analysis.
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a. Elasticity
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b. Marginal analysis
c. None of the above
d. Marginal Change
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