6. Macroeconomics is best defined as:

A. analysis of how a consumer spends their money

B. analysis of how firms attempt to maximize their profits

C. study of the large aggregates of the economy or the overall health of the economy

D. study of how supply and demand determines prices in individual markets

7.Normative statements or economics are focused on singularly:

A. Facts and Theories

B. What ought to be

C. What is

D. Rational decisions involving Pros and Cons

8. Scarcity:

A. Persists due to nations failing to achieve full time jobs for their voters

B. Has been erased in wealthy nations such as USA and Canada

C. Has been corrected in first world countries

D. Exists due to fiscal wants outweigh existing resources

9.Refer to the budget line depicted in the diagram to the right, which of the following combo of goods is unrealistic for the customer:

A. 4 units of C and 6 units of D

B. 5 units of C and none of D

C. 1 unit of C and 8 units of D

D. 2 units of C and 6 units of D

10.The four factor of production are:

A. land, labor, capital, and money

B. land, labor, capital and entrepreneurial skill

C. land, capital, technology and entrepreneurial ability

D. labor, capital, entrepreneurial ability and money

11.The production probabilities curve:

A. shows all of those levels of production that are stable with a balanced price level

B. indicates that any combo of goods outside of the curve is fiscally ineffective

C. is a horizon or wall between all combo of two goods that can be produced and those combos that can't be made

D. shows all of those combos of two goods that are favored by civilization

13.Referring to graph, points A, B, C, D, E show:

A. That the chance price of bikes increases while that of computers is stable

B. Combo of bikes and computers that civilization can make by using goods reliability

C. That the chance cost of computers increases, while that of bikes is constant

D. That civilization demand for bikes is more then it's demand of computers

16.Private property:

A. Negates partnerships due to persons not wanting to part with their property

B. Negates innovation due to persons not wanting to risk their property

C. Rewards owners to protect or upgrade their property to keep or up their value

D. Does all the above answers

21.Referring to the diagram, flow 2 shows:

A. Wage, rent, interest, and profit income

B. Land, labor, capital and entrepreneurial skill

C. Goods and services

D. Customer expectations

23.In a market system, businesses and producers:

A. Are subject to the same risk of firm owners and gain a share of the profits

B. Are protected from the same risks and share in the firms profit

C. Are protected from the same risk and don't share of the profits of the firm

D. Bear as mush risk as firm owners and don't get to share in the profits

26.Suppose that companies can create 70 units of products, Zenia by mixing labor, land, capital and entrepreneurial skill with four different shown in the table below, assume further that the company can hire workers at $3 per unit, land at the same price, capital at $6 per unit and entrepreneurial skill at $9 per unit. Suppose that the company used production technique D, if the 70 units were made at $1 a pop, how much will their total profit be from making 70 units of Zenia:

A. $70

B. $57

C. $13

D. $83

27.Referring to the above issue, if the price of labor went down from $3 to $2 per unit, then what is the least costly way of making Zenia:

A. A

B. B

C. C

D. D

31.Due to gainful units of great product less and less pleasure, the price must lessen with each unit made to get buyers to buy more units of that product or good, this statement is balanced with what answer of the law of supply and demand:

A. Diminishing Marginal Utility

B. The rationing function of prices

C. The substitution effect

D. The income effect

32.Steve traveled to his local burger joint with $3,planning on buying a $2 burger and $1 soda. When he walked in, he saw that the burgers were on sale for $1, thus he got two burger and a soda, his response to the sale was dictated by:

A. The substitution effect

B. The income effect

C. The price effect

D. A rightward shift in the demand curve for burgers

34.A economist for a bike business foresees that other things balance in a gain in buyer incomes will effect bike sales, their vision assumes that:

A. There are many substitute goods for bikes

B. There are many complementary goods for bikes

C. There are few bike substitues for bikes

D. Bikes are normal goods

36.Referring to the graph to the right, a upgrade in creation tech is shown by a:

A. Move from point Y to point X

B. Shift from S1 to S2

C. Shift from S2 to S1

D. Move from point X to point Y

39.Answer the question on the basis of the given supply and demand for wheat, BDPM, 45, 50, 56, 61, 67. PPB $5, $4, $3, $2, $1. BUPM, 77, 73, 68, 61, 57; if the price of the market was $4:

A. The market would clear, quantity demanded would equal quantity supplied

B. Buyers would want to buy more wheat then currant supply allows

C. Farmers wouldn't be able to sell all of their wheat due to a supply surplus

D. There would be a wheat shortage

41.Referring to the prior graph to the right, a shortage of 160 units would happen if price is:

A. $1.10 that is $1.60 - $0.50

B. $1.60

C. $1.00

D. $0.50

43.Allocative effeteness involves determining:

A Which output combo will result in the most rapid fiscal growth rate

B. Which creation probability curse showcases the lowest choice price

C. The output mix that makes civilization happen

D. The ideal rate of technological advancement