Transcription of UNIT 1 PRACTICE EXAM - PC\|MAC
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UNIT 1 PRACTICE EXAM - PC\|MAC
UNIT 1 PRACTICE EXAM. 1. Economics is a social science that (A) is primarily concerned with money 5. Which of the following statements is positive ? (B) is primarily concerned with how resources are (A) An economy that produces more butter than used guns is better off than an economy that (C) relies solely on the scientific method for analysis produces more guns than butter (D) is primarily concerned with maximizing spiritual (B) Nations should concentrate their resources on well-being producing wholesome consumer goods as (E) is purely normative opposed to the weapons of war (C) The production possibilities frontier is concave 2. Macroeconomics focuses on to the origin because of the law of increasing (A) government and its laws that affect commerce costs. (B) individuals and their resource use (D) Nations ought to devote at least some of their (C) corporations and their production levels resources to national defense.
(C) positive statements without normative qualifications have little use in economics. (D) the value of a good to consumers will decrease as the consumption of it increases. 30. When economists say an individual displays economizing behavior, they simply mean that she is (A) making a lot of money. (B) buying only those products that are cheap and
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