Question 1

Of the countries listed in Image 1.1, Which of the following countries had the highest average income in 2015?

Accepted Answer

A)  Norway
B)  Switzerland
C)  United States
D)  Canada

Question 2

The present choice of position on the production possibilities curve will not influence the future location of the curve.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements pertains to macroeconomics?

Accepted Answer

A)  Because the minimum wage was raised, Mrs.Beepath decided to enter the labour force.
B)  A decline in the price of soybeans caused farmer Wanek to plant more land in wheat.
C)  The national productivity rate grew by 1.4 percent last year.
D)  The Pumpkin Center Chartered Bank increased its interest rate on consumer loans by 1 percent.

Question 4

(The following economy produces two products.)  Production Possibilities Table
  Refer to the above table.A change from possibility B to C means that:

Accepted Answer

A)  10 units of wheat are given up to get one more unit of steel.
B)  15 units of wheat are given up to get one more unit of steel.
C)  15 units of wheat are equal to one unit of steel.
D)  75 units of wheat are equal to one unit of steel.

Question 5

Any combination of goods lying outside of the budget line:

Accepted Answer

A)  implies that the consumer is not spending all of his income.
B)  yields less utility than any point on the budget line.
C)  yields less utility than any point inside the budget line.
D)  is unattainable, given the consumer's income.

Exam 1: B: Limits, Alternatives, and Choices

Any combination of goods lying outside of the budget line:

Correct Answer
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(The following economy produces two products.) Production Possibilities Table Refer to the above table.A change from possibility B to C means that:

Correct Answer
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The present choice of position on the production possibilities curve will not influence the future location of the curve.

Correct Answer
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Which of the following statements pertains to macroeconomics?

Correct Answer
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Of the countries listed in Image 1.1, Which of the following countries had the highest average income in 2015?

Correct Answer
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Exam 1: B: Limits, Alternatives, and Choices

Any combination of goods lying outside of the budget line:

Correct AnswerverifiedShow Answer

(The following economy produces two products.) Production Possibilities Table Refer to the above table.A change from possibility B to C means that:

Correct AnswerverifiedShow Answer

The present choice of position on the production possibilities curve will not influence the future location of the curve.

Correct AnswerverifiedShow Answer

Which of the following statements pertains to macroeconomics?

Correct AnswerverifiedShow Answer

Of the countries listed in Image 1.1, Which of the following countries had the highest average income in 2015?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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