Transcription of UNIT 1 Macroeconomics SAMPLE QUESTIONS MULTIPLE …
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UNIT 1 Macroeconomics SAMPLE QUESTIONS MULTIPLE …
SAMPLE MULTIPLE -Choice QuestionsAdvanced Placement Economics Macroeconomics : Student Activities National Council on Economic Education, New York, the letter of each correct The crucial problem of economics is(A) establishing a fair tax system.(B) providing social goods and services.(C) developing a price mechanism that reflectsthe relative scarcities of products andresources.(D) allocating scarce productive resources tosatisfy wants.(E) enacting a set of laws that protectsresources from When one decision is made, the next best alter-native not selected is called(A) economic resource.(B) opportunity cost.(C) scarcity.(D) comparative disadvantage.(E) Which of the following is true if the produc-tion possibilities curve is a curved line concaveto the origin?(A) Resources are perfectly substitutablebetween the production of the two goods.(B) It is possible to produce more of bothproducts.
42 Advanced Placement Economics Macroeconomics: Student Activities ' National Council on Economic Education, New York, N.Y. 17. The opportunity cost of producing an additional unit of product A is (A) all of the human and capital resources used to produce product A.
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