Macro Econ test 1 | Questions with 100% Correct
Answers | Verified | Latest Update 2026/2027
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Practice questions for this set
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Price up & quantity supplied up (make more money)
price goes down & quantity supplied does down (make less $)
Choose an answer
Economics as a field of study, would From an economic standpoint, which
1 2
not be needed if? point on the curve is best? Why?
Relationships between price and
3 quantity supply does what to supply 4 Define opportunity cost
curve
Don't know?
Terms in this set (52)
, Economics as a field of study, would Resources weren't scarce
not be needed if?
The goal of economics is: allocate scarce resources efficiently
Define scarcity: not everybody has as much as they want
Since resources are scarce, every opportunity cost
choice involves
Define opportunity cost next best foregone alternative
Explain the economic trilogy when resources are scarce, we must make choices,
and choices involve opportunity cost
The product possibilities frontier opportunity cost
graphically demonstrates?
Define the production possibilities alternative combination of goods and services that
frontier can be produced
Why is the production possibilities because resources are not interchangeable
frontier usually bowed outward?
What do points inside, on, and underutilized, efficient and full utilization
outside the curve represent?
How could the point outside the PPF increase technology and education
graph be obtained
What is an actual example of a point unemployment
inside the PPF graph?
Answers | Verified | Latest Update 2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Price up & quantity supplied up (make more money)
price goes down & quantity supplied does down (make less $)
Choose an answer
Economics as a field of study, would From an economic standpoint, which
1 2
not be needed if? point on the curve is best? Why?
Relationships between price and
3 quantity supply does what to supply 4 Define opportunity cost
curve
Don't know?
Terms in this set (52)
, Economics as a field of study, would Resources weren't scarce
not be needed if?
The goal of economics is: allocate scarce resources efficiently
Define scarcity: not everybody has as much as they want
Since resources are scarce, every opportunity cost
choice involves
Define opportunity cost next best foregone alternative
Explain the economic trilogy when resources are scarce, we must make choices,
and choices involve opportunity cost
The product possibilities frontier opportunity cost
graphically demonstrates?
Define the production possibilities alternative combination of goods and services that
frontier can be produced
Why is the production possibilities because resources are not interchangeable
frontier usually bowed outward?
What do points inside, on, and underutilized, efficient and full utilization
outside the curve represent?
How could the point outside the PPF increase technology and education
graph be obtained
What is an actual example of a point unemployment
inside the PPF graph?
