Question

In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by governments rather than sellers and buyers.

Question 1 options:

1)	market-oriented economy

2)	microeconomy

3)	macroeconomy

4)	command economy

Which of the following is most likely a topic of discussion in macroeconomics?

Question 2 options:

1)	an increase in the price of a hamburger

2)	a decrease in the production of DVD players by a consumer electronics company

3)	an increase in the wage rate paid to automobile workers

4)	a decrease in the unemployment rate

Which of the following statements most accurately describes the study of economics as a science?

Question 3 options:

1)	Economics is important because we all want and need money.

2)	Economics is important because there would be no national economy without the study of economics.

3)	Economics is important because we there would be no trade without economics

4)	Economics is important because we have unlimited wants but limited resources.

The circular flow diagram of economic activity is a model of the

Question 4 options:

1)	influence of government on business behavior.

2)	role of unions and government in the economy.

3)	interaction among taxes, prices, and profits.

4)	flow of goods, services, and payments between households and firms.

In the ____________, money flows from firms to households.

Question 5 options:

	goods market
	labor market
	capital market
	financial market

The basic difference between macroeconomics and microeconomics is:

Question 6 options:

	microeconomics concentrates on individual markets while macroeconomics focuses primarily on global trade.
	microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
	microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
	microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.

"If I didn't have class tonight, I would spend 3 hours at work where I earn $15 per hour and I did not have to buy a bus ticket for $2 to come to campus" The opportunity cost of attending class this evening is:

Question 8 options:

	$0
	$45
	$43
	$47

	History	Economics
Possibility A	67	99
Possibility B	76	90
Possibility C	84	80
Possibility D	92	73

Refer to the table above. A student has only a few hours to prepare for two different test tomorrow morning. The above table shows alternative possible outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history rather than 76 is:

Question 9 options:

	12 points less on the economics
	10 points less on the economics
	8 points less on the history
	7 points less on the economics

Refer to the figure above. The point that is not feasible is:

Question 10 options:

	Point B
	Point A
	Point D
	Point X

Answer 1