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Economics 101 Practice Test: How To Think Like an Economist
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Good economists should master: Using economic theory to make predictions and develop hypotheses Analyzing data to statistically answer questions Communicating findings to a wide (non-economist) audience  Economists study the relationship between a society's resources and its production or output. They examine how people make choices under conditions of scarcity and systems of production, consumption, and distribution. They also examine the effects of government policy and actions on market outcomes.  The main principles guiding economists' thinking are: scarcity, cost-benefit analysis,... Show more
Economics 101 Practice Test: How To Think Like an Economist
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19 Questions

1. The production possibilities frontier is a
2. Which of the following concepts is NOT illustrated by the production possibilities frontier?
3. “The government should use any budget surplus to reduce taxes instead of paying down the national debt” is an example of
4. Which of the following statements about production possibilities frontiers is correct?
5. The slope of a straight line is calculated by
6. Suppose a nation is currently producing at a point inside its production possibilities frontier. We know that
7. A point that is on a production possibilities frontier represents a combination of two goods that an economy
8. Models
9. In a simple two-sector circular-flow diagram,
10. “The government should use any budget surplus to reduce taxes instead of paying down the national debt” is an example of
11. The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
12. Macroeconomics is concerned primarily with the
13. Macroeconomics is concerned primarily with the
14. When building a model, economists begin by
15. A production possibilities frontier will be linear and not bowed out if
16. Which of the following would be considered a topic of study in microeconomics?
17. Which of the following statements about production possibilities frontiers is correct?
18. The curved shape of the production possibilities frontier can be explained by
19. In a simple two-sector circular-flow diagram,

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