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Fundamental Concepts of Macroeconomics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which is an example of fixed capital?

Question 2 2. Which factor of production does management fall under?

Question 3 3. Which of the following statements is true?

Question 4 4. How much has the income for top earners increased compared to how much the income for bottom earners increased since 1980?

Question 5 5. Which of the following BEST reflects an example of the international market?

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Question 6 6. What are two necessary conditions for the rise of an ideal global market?

Question 7 7. Where was Adam Smith from and what was his profession?

Question 8 8. Who wrote The Wealth of Nations, and when was it published?

Question 9 9. With its fair market approach and government regulation, the U.S. is which of the following types of economies?

Question 10 10. A country that is putting all of its effort into winning a war would be most likely to lean towards which of these economic systems?

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Question 11 11. Which one is true about economic efficiency?

Question 12 12. Economic efficiency means.....

Question 13 13. The price of taco shells has been increasing in the past year. What can you determine based on this statement?

Question 14 14. We are producers of soft drinks. Soft drinks use carbonated water as an input. The price of carbonated water went down. What can you conclude?

Question 15 15. Which one of the following is the best explanation of macroeconomics?

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Question 16 16. What is a general macroeconomic model explaining economic fluctuations?

Question 17 17. Scarcity means:

Question 18 18. Because resources are scarce, but wants are not:

Question 19 19. What are the factors of production?

Question 20 20. Which of the following is an injection into the circular flow model?

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Question 21 21. Which of the following is NOT an economic model?

Question 22 22. In the production possibility frontier (PPV), a level of production outside of the PPV curve would require _____.

Question 23 23. Which of the following does not fall within the category of land as a factor of production?

Question 24 24. What is the average CEO-to-average employee compensation ratio today?

Question 25 25. Which is the best explanation of the global marketplace?

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Question 26 26. Which statement best describes the reception of The Wealth of Nations?

Question 27 27. Which of these economies has the most government regulation?

Question 28 28. In an economically efficient state....

Question 29 29. Hard Red Winter Wheat is grown in Colorado. The drought increased this year and yields were reduced. What can you conclude?

Question 30 30. Which one of the following is the best explanation of economic output?

Fundamental Concepts of Macroeconomics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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