Koofers

Past Exam for ECON 2005 - Principles of Economics with Trost at Virginia Tech (VT)

Exam Information

Material Type:Mid-Term 1
Professor:Trost
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
Keywords:
  • Descriptive Economics
  • Provided That
  • The Economy
  • Product Markets
  • Price Sellers
  • Complementary
  • Opportunity
  • Normative Statement
  • Decrease in Supply
  • Increase in Supply
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Sample Document Text

Exam Name___________________________________ MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 1) The production possibility frontier is a graph that shows A)  all the combinations of goods and services that can be produced if all of society's resources are used efficiently. B)  the amount of goods and services consumed at various average price levels. C)  the rate at which an economy's output will grow over time if all resources are used efficiently. D)  all the combinations of goods and services that are consumed over time if all of society's resources are used efficiently. 1) 2) The value of the slope of a society's production possibility frontier is called its A)  marginal rate of substitution. B) marginal rate of transformation. C)  inflation rate. D) unemployment rate. 2) 3) As an economy produces more of a good, the opportunity costs of producing it increases. This most likely occurs because A)  resources are not equally well suite...

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