Macroeconomics Study Guide
Q1) Which of the following is a correct pair of a resource and its opportunity cost?
a) land and interest
b) capital and rent
c) labor and wages
d) services and rent
Q2) Joe could be at three different jobs that pay $15, $10, and $8 respectively. If he is not working, the opportunity cost is...
a) $15.
b) $10.
c) $8.
d) $33.
Q3) Apples, oranges, and peaches are the same price. In descending order, Joe’s favorite fruits are apples, oranges, and peaches. If Joe buys an apple, the opportunity cost for him is a(n)...
a) apple.
b) orange.
c) peach. d) oranges and peaches.
Q4) Joe is spending $500 to take an economics class. If he wasn’t in class, he could be earning $900 at a part-time job. What is the opportunity cost of Joe to be in class?
a) $300
b) $600
c) $900
d) $1400
Q64) From an economist’s point of view, which of the following is correct?
a) A Wal-Mart store is a market because it sells merchandise.
b) A market is any place where one can buy or sell a product or service and negotiate a price. /
c) A market is any place where one can buy or sell a product or service without negotiating a price.
d) A Wal-Mart store is not a market because it a firm.
Q5) Joe is spending $500 to take an economics class. If he wasn’t in class, he could be earning $900 at a part-time job. Joe’s food and rent expenses are $1000. What is the opportunity cost of Joe being in class?
a) $200
b) $900
c) $1400
d) $2200
Q6) Which of the following statements is true?
a) In the barter system, you ‘trade one good for another.’
b) In the barter system, you ‘produce what you’re best at, sell it, and buy what you need.’
c) In the market system, you ‘produce what you’re best at, sell it, and buy what you need.’
d) Both a and c
Q7) Which of the following statements is false?
a) In the barter system, you ‘trade one product for another.’
b) In the barter system, you ‘produce what you’re best at, sell it, and buy what you need.’
a) land and interest
b) capital and rent
c) labor and wages
d) services and rent
Q2) Joe could be at three different jobs that pay $15, $10, and $8 respectively. If he is not working, the opportunity cost is...
a) $15.
b) $10.
c) $8.
d) $33.
Q3) Apples, oranges, and peaches are the same price. In descending order, Joe’s favorite fruits are apples, oranges, and peaches. If Joe buys an apple, the opportunity cost for him is a(n)...
a) apple.
b) orange.
c) peach. d) oranges and peaches.
Q4) Joe is spending $500 to take an economics class. If he wasn’t in class, he could be earning $900 at a part-time job. What is the opportunity cost of Joe to be in class?
a) $300
b) $600
c) $900
d) $1400
Q64) From an economist’s point of view, which of the following is correct?
a) A Wal-Mart store is a market because it sells merchandise.
b) A market is any place where one can buy or sell a product or service and negotiate a price. /
c) A market is any place where one can buy or sell a product or service without negotiating a price.
d) A Wal-Mart store is not a market because it a firm.
Q5) Joe is spending $500 to take an economics class. If he wasn’t in class, he could be earning $900 at a part-time job. Joe’s food and rent expenses are $1000. What is the opportunity cost of Joe being in class?
a) $200
b) $900
c) $1400
d) $2200
Q6) Which of the following statements is true?
a) In the barter system, you ‘trade one good for another.’
b) In the barter system, you ‘produce what you’re best at, sell it, and buy what you need.’
c) In the market system, you ‘produce what you’re best at, sell it, and buy what you need.’
d) Both a and c
Q7) Which of the following statements is false?
a) In the barter system, you ‘trade one product for another.’
b) In the barter system, you ‘produce what you’re best at, sell it, and buy what you need.’