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Mac Econ 2
| Question | Answer |
|---|---|
| Suppose a nation is currently producing at a point inside its production possibilities frontier. We know that | the nation is not using all available resources or is using inferior technology or both |
| In the circular-flow diagram, households and firms are the decision makers. | True |
| Who would be more likely to study the inflation rate in the United States, a macro-economist or a micro-economist? | Macro-economist |
| Another term for factors of production is | Inputs |
| In the circular-flow diagram, which of the following items flows from households to firms through the markets for goods and services? | wages, rent, and profit |
| Economic growth causes a production possibilities frontier to shift outward. | True |
| Economists make assumptions to | Focus their thinking on the essence of the problem at hand |
| Which of the following events would explain the shift of the production possibilities frontier from A to B? | The economy experienced a technological advance in the production of books |
| Which of the following steps does an economist not take when studying the economy? | Publish theories before testing them |
| Where can an economy not produce? | Outside its production possibilities frontier |
| Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram? | A woman buys corn for dinner |
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