Principles of Economics All chapters' Practice Assessment Review

Principles of Economics All chapters' Practice Assessment Review Inflation and unemployment: are the focus of macroeconomics are the focus of positive economics are the focus of microeconomics are the focus of economic history A study of how the changes in minimum wage rates in Australia will affect the rate of unemployment rate among unskilled workers is a _____issue. macroeconomics descriptive economics normative economics microeconomics An economic model is: an overly simplified depiction of the real world, used only in introductory economics a complex mathematical analysis of the real world used only by experienced economists a simplified representation of the real world used to understand relationships between economic variables a complex diagrammatic depiction of the real world used to confuse economic students The idea of choice would not be needed if: no one was poor we were just looking at one person's lifestyle capital were eliminated scarcity did not exist Which of the following is a reason to study economics? to understand society to understand global affairs to be an informed consumer all of the above Which of the following is the best definition of economics? the study of how firms decide what inputs to hire and what outputs to produce the study of how governments allocate tax revenue the study of how consumers spend their income the study of how individuals and societies choose to use their scarce resources During times of war, many of a country's resources are often destroyed. This would be shown on a production possibility curve (PPC) by: a shift of the PPC back and to the left a movement down along the PPC ...

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