Question 1

Which of the following best describes the concept of opportunity cost?

Accepted Answer

The highest-valued alternative that must be given up to engage in an activity.

Question 2

Suppose the government increases welfare payments to low-income households. According to the trade-off between equity and efficiency, what is a possible consequence?

Accepted Answer

Equity may increase, but efficiency could decrease if people work less.

Question 3

A firm can produce a product using either more labor or more machines. If the cost of labor rises, what is the most likely response according to economic theory?

Accepted Answer

The firm will switch to a production method that uses more machines and less labor.

Question 4

Which of the following is an example of a positive economic statement?

Accepted Answer

Raising the minimum wage will increase unemployment among teenagers.

Question 5

If the price of pizza decreases from $$14 to 12 $$and the quantity demanded increases from 55 to 65 per week, what is the slope of the demand curve between these two points?

Accepted Answer

$$\frac{-2}{10}$$

Question 6

Which of the following best explains why market economies tend to be more efficient than centrally planned economies?

Accepted Answer

Market economies rely on voluntary exchange and competition.

Question 7

A student is deciding whether to study an extra hour for an exam or watch TV. According to marginal analysis, the student should:

Accepted Answer

Study if the marginal benefit of studying exceeds the marginal cost.

Question 8

Which of the following is NOT a step in building an economic model?

Accepted Answer

Assume all variables are unrelated.

Question 9

If the area of a rectangle represents total revenue, and a firm sells 125,000 bottles at $2.00 each, what is the total revenue?

Accepted Answer

$$250,000$$

Question 10

Which of the following best describes a mixed economy?

Accepted Answer

An economy where most decisions result from market interactions, but the government plays a significant role.

Question 11

Suppose the price of hamburgers increases, leading to an increase in the quantity of pizzas demanded at each price. What does this illustrate?

Accepted Answer

A shift of the demand curve for pizza to the right.

Question 12

Which of the following is a normative statement?

Accepted Answer

The government should do more to reduce unemployment.

Question 13

If U.S. real GDP increased from $$19,610$$ billion in 2021 to $$20,018$$ billion in 2022, what is the percentage change?

Accepted Answer

$$\frac{20,018 - 19,610}{19,610} 	imes 100 \approx 2.1\%$$

Question 14

Which of the following is an example of voluntary exchange?

Accepted Answer

A buyer and seller agree to trade a good, making both better off.

Question 15

Which of the following best describes the difference between microeconomics and macroeconomics?

Accepted Answer

Microeconomics studies individual households and firms; macroeconomics studies the economy as a whole.

Question 16

A graph shows a positive relationship between two variables. Which of the following is true?

Accepted Answer

As one variable increases, the other increases.

Question 17

Which of the following is a potential problem when using graphs to analyze economic relationships?

Accepted Answer

Graphs may show correlation but not causation.

Question 18

If the area of a triangle on a graph is used to represent a value, what is the formula for the area?

Accepted Answer

$$	ext{Area} = \frac{1}{2} 	imes 	ext{base} 	imes 	ext{height}$$

Question 19

Which of the following is an example of a trade-off faced by society?

Accepted Answer

Increasing funding for space exploration means less funding for cancer research.

Macroeconomics: Foundations and Models – Chapter 1 Study Notes

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