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Economics

1. If the demand curve for product A moves to the right, and the price of product B increases, it can be concluded that: A. A and B are substitute goods; B. A and B are complementary goods, C. A is an inferior good, and B is a superior good; D. Both goods A and B are inferior 2. If a point falls inside the production possibility curve, what does it indicate? A Resources are over utilized B Resources are under utilized C There is employment in the economy D Both (b) and (c) 3. In which type of economy do consumers and producers make their choices based on the market forces of demand and supply? (a) Open Economy (b) Controlled Economy (c) Command Economy (d) Market Economy 4. In a free market economy, when consumers increase their purchase of a goods and the level of exceeds then prices tend to rise A Demand, Supply B Supply. Demand ? Prices, Demand D Profits, Supply 5) Scarcity requires that people must A) cooperate B) compete. C) trade. D) make choices, 6. Which of the following is a microeconomic topic? A) The reasons why Kathy buys less orange juice. B) The reasons for a decline in average prices. C) The cause of why total employment may decrease. D) The effect of the government budget deficit on inflation. 7. Which of the following is NOT a factor of production? A) the water used to cool a nuclear power plant. B) the effort of farmers raising cattle. C) the wages paid to workers. D) the management skill of a small business owner. 8. When the government chooses to use resources to build a dam, these sources are no longer available to build a highway. This choice illustrates the concept of A) a market mechanism. B) macroeconomics. C) opportunity cost. D) a fallacy of composition 9. Any point on a production possibilities frontier (PPF) itself is A) efficient B) unattainable. C) inefficient. D) equitable.

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