1 Which of the following is

Answer the following 10 Multiple-choice questions and enter the answers into the following table

1 Which of the following is not a microeconomic issue? 

A. How will a decrease in the price of tattoo removal affect the quantity of tattoos applied?

B. What will cause the rate of growth in consumer spending to fall? 

C. How does a tax on the sale of houses affect the number of houses sold? 

D. Would a move by the G20 to raise infrastructure spending in member countries help promote economic growth?

2 When it comes to positive economics, economists could disagree because 

A. Some are left-wing and others are right-wing. 

B. They are being paid by different parties who are hoping for different outcomes from the analysis they have commissioned. 

C. The assumptions of their models differ. 

D. Both b and c above are correct.

3. The statement: ‘John buys more of good X as his income increases, ceteris paribus’, means:

A. John’s income is being held constant.

B. John’s purchases of good X are being held constant.

C. John’s income and purchases of this good are being held constant.

D. John’s income is the only influence that is being allowed to change.

4. The production possibilities frontier illustrates all of the following concepts.

A.the law of increasing costs 

B.unlimited wants.

C.scarcity.

D.opportunity cost.

Assume Australia can use a given amount of its resources to produce either 20 caravans or eight automobiles and Japan can employ the same amount of its resources to produce either 20 caravans or 10 automobiles. Australia should specialize in

A.caravans..

B.automobiles.

C.both goods.

D.neither goods.

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