TCC Macroeconomics Exam 1 With All Correct & 100%
Verified Answers |Actual Complete Exam |Already
Graded A+
Economics may best be defined as the: ✔Correct Answer-B. social science concerned with
how individuals,
institutions, and society make optimal choices under
conditions of scarcity.
For economists, the word "utility" means: ✔Correct Answer-C. pleasure and satisfaction.
The problems of aggregate inflation and
unemployment are: ✔Correct Answer-A. major topics of macroeconomics
Scarcity refers to ✔Correct Answer-C. the inability of society to satisfy all human wants
because of limited resources.
People always face trade-offs because ✔Correct Answer-A. they always have more than one
use for their
time and money.
The phrase "no such thing as a free lunch" means ✔Correct Answer-A. people must face
tradeoffs
The value of the best alternative sacrificed to obtain
something you want is referred to as ✔Correct Answer-B. opportunity cost.
All of the following are examples of physical capital
EXCEPT ✔Correct Answer-C. company stocks and bonds.
Economic scarcity: ✔Correct Answer-B. applies to all economies.
Which of the following is a fundamental characteristic
of the market system? ✔Correct Answer-A. property rights.
The presence of market failures implies that: ✔Correct Answer-C. there is an active role for
government, even in a
market system.
In a market economy the distribution of output will be
determined primarily by: ✔Correct Answer-B. the quantities and prices of the resources that
, households supply.
The market system's answer to the fundamental
question "What will be produced?" is essentially: ✔Correct Answer-A. "Goods and services
that are profitable."
The market system's answer to the fundamental
question "Who will get the goods and services?" is
essentially: ✔Correct Answer-A. "Those willing and able to pay for them."
The field of economics is traditionally divided into two
broad subfields ✔Correct Answer-D. microeconomics and macroeconomics.
The problems of aggregate inflation and
unemployment are: ✔Correct Answer-A. major topics of macroeconomics.
Which of the following is an example of using the
scientific method with a natural experiment? ✔Correct Answer-C. tracking the price of oil
when a war in the Middle
East interrupts the flow of crude oil
Economists face an obstacle that many other scientists
do not face. What is that obstacle? ✔Correct Answer-B. It is often impractical to perform
experiments in
economics.
Which of the following statements is correct? ✔Correct Answer-D. Economists are usually not
able to conduct
experiments, so they must rely on natural
experiments offered by history.
Which of the following is a normative statement? ✔Correct Answer-C. It is too hot to play
tennis today.
Which of the following is a positive statement? ✔Correct Answer-C. The temperature is 92
degrees today.
The simple circular flow model shows that: ✔Correct Answer-C. households are on the selling
side of the resource
market and on the buying side of the product
market.
Refer to the above diagram. Flow (1) represents: ✔Correct Answer-A. wage, rent, interest,
and profit income.
Verified Answers |Actual Complete Exam |Already
Graded A+
Economics may best be defined as the: ✔Correct Answer-B. social science concerned with
how individuals,
institutions, and society make optimal choices under
conditions of scarcity.
For economists, the word "utility" means: ✔Correct Answer-C. pleasure and satisfaction.
The problems of aggregate inflation and
unemployment are: ✔Correct Answer-A. major topics of macroeconomics
Scarcity refers to ✔Correct Answer-C. the inability of society to satisfy all human wants
because of limited resources.
People always face trade-offs because ✔Correct Answer-A. they always have more than one
use for their
time and money.
The phrase "no such thing as a free lunch" means ✔Correct Answer-A. people must face
tradeoffs
The value of the best alternative sacrificed to obtain
something you want is referred to as ✔Correct Answer-B. opportunity cost.
All of the following are examples of physical capital
EXCEPT ✔Correct Answer-C. company stocks and bonds.
Economic scarcity: ✔Correct Answer-B. applies to all economies.
Which of the following is a fundamental characteristic
of the market system? ✔Correct Answer-A. property rights.
The presence of market failures implies that: ✔Correct Answer-C. there is an active role for
government, even in a
market system.
In a market economy the distribution of output will be
determined primarily by: ✔Correct Answer-B. the quantities and prices of the resources that
, households supply.
The market system's answer to the fundamental
question "What will be produced?" is essentially: ✔Correct Answer-A. "Goods and services
that are profitable."
The market system's answer to the fundamental
question "Who will get the goods and services?" is
essentially: ✔Correct Answer-A. "Those willing and able to pay for them."
The field of economics is traditionally divided into two
broad subfields ✔Correct Answer-D. microeconomics and macroeconomics.
The problems of aggregate inflation and
unemployment are: ✔Correct Answer-A. major topics of macroeconomics.
Which of the following is an example of using the
scientific method with a natural experiment? ✔Correct Answer-C. tracking the price of oil
when a war in the Middle
East interrupts the flow of crude oil
Economists face an obstacle that many other scientists
do not face. What is that obstacle? ✔Correct Answer-B. It is often impractical to perform
experiments in
economics.
Which of the following statements is correct? ✔Correct Answer-D. Economists are usually not
able to conduct
experiments, so they must rely on natural
experiments offered by history.
Which of the following is a normative statement? ✔Correct Answer-C. It is too hot to play
tennis today.
Which of the following is a positive statement? ✔Correct Answer-C. The temperature is 92
degrees today.
The simple circular flow model shows that: ✔Correct Answer-C. households are on the selling
side of the resource
market and on the buying side of the product
market.
Refer to the above diagram. Flow (1) represents: ✔Correct Answer-A. wage, rent, interest,
and profit income.
