NEED ACCURATE ANSWERS TO THESE MACROECONOMIC QUESTIONS:

31. The four (4) criteria's that are frequently used in judging outcome of economic policy are

a. Efficiency, equity, growth, and stability

b. Efficiency, equity, growth, and effectiveness

c. Production, savings, consumption, and growth

d. Positive, normative, descriptive, and stability

32. When Hurricane Andrew passed through Louisiana in the summer of 1992, approximately a quarter of the sugar cane crop was destroyed. Ceteris paribus,

a. The demand for sugar decreased and the price of sugar decreased

b. The supply of sugar decreased, and the price of sugar decreased

c. The supply of sugar decreased, and the price of sugar increased

d. The demand for sugar increased, and the price of sugar increased

33. The "Law of Demand" implies that

a. As prices fall, quantity demanded increases

b. As prices rise, quantity demanded increases

c. As prices fall, demand increases

d. As prices rise, demand decreases

34. The concept of opportunity cost is based on the principally of

a. Profit

b. Consumption

c. Scarcity

d. Need

35. Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus,

a. The price of both apples and oranges will fall

b. The price of oranges will fall and the price of apples will increase

c. The price of oranges will increase and the price of apples will fall

d. The price of both apples and oranges will increase

36. That which we forgo, or give up, when we make a choice or decision is called

a. Marginal cost

b. Real costs

c. Opportunity costs

d. Sunk costs

37. The study of economics:

a. Is concerned with providing that capitalism is better than socialism

b. Is a way of analyzing decision-making processes caused by scarcity

c. Is a way of analyzing decision-making processes caused by scarcity

d. Focuses on how a business should function

38. The supply of labor is defined as the relationship between the real wage and the

a. Amount of jobs supplied by households

b. Quantity of labor supplied by firms

c. Quantity of labor supplied by households

d. Amount of jobs supplied by firms

39. The Production Possibility Frontier is used to illustrate the concept of

a. Equilibrium

b. Aggregate demand

c. The laissez-faire economy

d. Opportunity costs

40. Encouraging international trade will

a. Slow economic growth when a country is forced to specialize and trade with other countries b. Speed economic growth as workers diversify their knowledge and limit trade

c. Speed economic growth because international trade limits the harm done by property rights

d. Speed economic growth as workers specialize and trade with others