MACROECONOMICS true or false questions
The law of demand states that there is a direct relationship between supply and demand.2.
Equilibrium is a state of balance between supply and demand.A) True
B) False
B) False
Goods are scarce for both rich and poor.A) True
B) False
B) False
“The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.A) True
B) False
B) False
The law of supply states that there is a direct relationship between price and quantity demanded.A) True
B) False
B) False
In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.A) True
B) False
B) False
Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.A) True
B) False
B) False
At point A, more “X” goods are being produced than at point E.A) True
B) False
B) False
At point B, almost all “X” goods are being produced and almost no”Y” goods.A) True
B) False
B) False
Point C is unattainable.A) True
B) False
B) False
In the immediate term, Point D is unattainable.A) True
B) False
B) False
Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.A) True
B) False
B) False
Scarcity denotes that our desire for a good exceeds the amount that isfreely available from nature.A) True
B) False
B) False
Economics is a social science concerned with satisfying man’s unlimitedwants with limited resources.A) True
B) False
B) False
Joint output of individuals or nations will be maximized when goods areexchanged between parties in accordance with the law of”comparative advantage”.A) True
B) False
B) False
The production possibilities frontier assumes that the level of technologyvaries when applying the model.A) True
B) False
B) False
Excess demand in the market will cause the price of a product to decline.A) True
B) False
B) False
Demand is measured on the vertical axis and supply on the horizontalaxis.A) True
B) False
B) False
A change in quantity demanded is a movement along the same demandcurve.A) True
B) False
B) False
As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive.A) True
B) False
B) False
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