Macro 1.1-Scarcity MC Open Practice
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Last updated 5 months ago
7 questions
1
Macroeconomics deals with:
Macroeconomics deals with:
1
Microeconomics deals with:
Microeconomics deals with:
1
If resources are “scarce” it means that:
If resources are “scarce” it means that:
1
Opportunity cost is:
Opportunity cost is:
1
Which of the following would be a positive economic statement?
Which of the following would be a positive economic statement?
1
Which of the following statements is a positive statement? Which is a normative statement?
X. The federal minimum wage is increasing to $10 per hour.
Y. The minimum wage should be high enough that families will not live in poverty.
Z: A higher minimum wage typically increases the unemployment rate for teenagers.
Which of the following statements is a positive statement? Which is a normative statement?
X. The federal minimum wage is increasing to $10 per hour.
Y. The minimum wage should be high enough that families will not live in poverty.
Z: A higher minimum wage typically increases the unemployment rate for teenagers.
1
In economics, whenever an individual choice is made:
In economics, whenever an individual choice is made: