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Which of the following is a result of limited resources?
A
Governments must run deficits.
B
Opportunity costs are always increasing.
C
There are no trade-offs in production.
D
Efficiency can never be achieved.
E
Societies must make choices.
2
IntermediateSection I: Question 2
Supply and demand curves are similar in that both
A
illustrate the relationship between the price and the quantity of a good
B
have a negative relationship to price
C
show an increase by shifting left
D
shift to the right when there is a decrease in input prices
E
have a positive relationship to price
3
IntermediateSection I: Question 3
Which of the following illustrates the movement of income and expenditure through an entire economy?
A
Reserve market model
B
Circular flow model
C
Loanable funds market model
D
Balance sheet (T-account)
E
Supply and demand market model
4
IntermediateSection I: Question 4
Assume Good X and Good Y are complements in consumption and are bought and sold in competitive markets. If the price of Good X increases, what will happen in the market for Good Y in the short run?
A
There will be a movement along the demand curve to the right for Good Y.
B
The demand curve for Good Y will shift to the right.
C
There will be a shortage of Good Y.
D
The equilibrium quantity of Good Y will decrease.
E
The price of Good Y will increase.
5
IntermediateSection I: Question 5
The production possibilities curve below shows points F, G, H, J, and K for an economy producing Good A and Good B. Points on the curve are efficient; points inside are inefficient; points outside are unattainable.
Based on the production possibilities curve model provided, which of the following movements shows the effect of cyclically unemployed workers finding new jobs?
A
A movement from point H to point K
B
A movement from point H to point F
C
A movement from point J to point H
D
A movement from point F to point G
E
A movement from point F to point H
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