Question # 1

Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from.

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The household and government sectors

The household sector

All sectors except the rest of the world

All sectors including the rest of the world.

Which of the following is not a supply side measure.

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Increased training

Providing more information

Helping individuals to move location to find work

Increasing spending on existing industries.

Which of the following is a determinant of consumption.

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Expectations about future prices

Level of indebtedness of consumers

The price level

All of the above

Price equal to.

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Total revenue -quantity

Total revenue/quantity sold

total quantity sold * quantity sold

Total revenue/total cost

The first level of output at which the long run average costs are minimized is called.

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The minimum Efficient Scale

The minimum External scale

The Maximum External scale

The maximum Effective scale.

Which of the following is not involved with fiscal policy.

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Income tax

National insurance

VAT

Interest rates

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.

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Market prices

Sticky prices

Fixed prices

Regulatory prices

An increase in productivity should.

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Lead to a contraction of supply

Lead to an expansion of supply

Lead to a shift in supply outwards

Lead to higher equilibrium and lower equilibrium quantity.

In economics we ofthe say that a particular event will occur "as long as other things stay the same. " The conduction that other thing saty the same is also called.

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Ceteris paribus

Marginal decision making

Incentives

Secondary effects

If marginal cost is positive and falling.

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Total cost is falling

Total cost is increasing at a falling rate

Total cost is falling at a falling rate

Total cost is increasing at an increasing rate.

Economics is the study of.

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All business, including how they operate why the exist and how they afect

Decisions that people must make because goods and services are limited.

How to save money, spend money invest savings, and balance a checkbook

The stock market the bond market and investment strategies

Big business and its impact on our live

With a positive externality

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There is under consumption in the free market

There is over consumption in the free market

The government may tax to decrease production

Society could be made off if less was produced

The marginal propensity to consume is equal to.

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Total spending /total consumption

total consumption/total income

Change in consumption/change in income

Change in consumption/change in savings

All currencies other than the domestic currency of a given country are referred to as.

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Reserve currencies

Neal monies

Foreign exchange

Hard currency

In perfect price discrimination

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Consumer surplus is maximized

Produce surplus is zero

Community surplus is maximized

Consumer surplus is zero

The marginal rate of tax paid is.

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The total tax paid /total income

Total income/total tax paid

Change in the tax paid/change in income

Change in income/change in tax paid

What does the phrases "there is no such thing as a free lunch'mean"

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Individuals must always pay money for the food the eat.

No restaurant wner will provide food to patrons unless they pay her

Restaurant owners act selfishly

Consumption of any good requires that other goods be given up

According to Keynes, the level of employment is determined by

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Interest rates

The level of prices

The level of aggregate supply in the economy

The level of aggregate demand for goods and services.

Which kind economics deals with issues such as unemployment inflation, and economic growth.

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Macro economics

Micro economics

Growth economics

Political economics

A recurring theme in economics is.

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People have unlimited wants in the face of limited resources

There are unlimited resources

Our country is rich, we just don't realize it

People have limited wants in the face of limited resource.

Which of the following is a policy instrument .as opposed to a government objective.

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Lower interest rates

A better balance of trade position

Faster economic growth

Lower un employment

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