Indicate whether each of the following statements applies to microeconomics or macroeconomics:

The unemployment rate in the United States was $9.0 \%$ in April $2011$.

One subject of study for macroeconomics is:

a. Unemployment

b. Perfect competition

c. Monopoly

d. The shape of an individual's demand curve

Which of the following is one of the three main goals of macroeconomics?

a. Low Unemployment

b. Equality

c. No Inflation

d. High Inflation

Match each term with the correct definition.\ economics
opportunity cost
marginal analysis
utility
a. The next-best thing that must be forgone in order to produce one more unit of a given product.
b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.
c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
d. Making choices based on comparing marginal benefits with marginal costs

State whether each of the following events will result in a movement along the market supply curve of agricultural labor in the United States or whether it will cause the market supply curve of agricultural labor to shift. If the supply curve shifts, indicate whether it will shift to the left or to the right and draw a graph to illustrate the shift.

The law is changed to allow for unlimited immigration into the United States.

______ focuses on the prices of individual goods and services and ______ focuses on the rate of inflation.

(a) Microeconomics; macroeconomics

(b) Macroeconomics; microeconomics

(c) Microeconomics; microeconomics

(d) Macroeconomics; macroeconomics

Macroeconomics is concerned with issues such as:

A. what price to charge for goods.

B. which job to take.

C. which orange juice to buy.

D. unemployment.

Which of the following is a macroeconomics question?

A) What determines the unemployment rate?

B) What determines the wages and benefits of flight attendants?

C) How is the production quantity of digital cameras determined?

D) What factors determine the price of iPhones?

Explain how the following events influence U.S. production possibilities:

• Some retail workers are re-employed building dams and wind farms.
• More people take early retirement.
• Drought devastates California’s economy.

Indicate whether each of the following is counted in the United States gross domestic product for the year 2006. Explain your answer.

a. The value of used textbooks sold through an online auction in 2006.

b. Rent paid in 2006 by residents in an apartment building in 2000.

c. Commission earned in 2006 by a stockbroker.

d. The value of automobiles produced in 2006 entirely in South Korea by a firm fully owned by United States citizens.

Match each term with the correct definition.

economics

opportunity cost

marginal analysis

utility

a. The next-best thing that must be forgone in order to produce one more unit of a given product.

b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.

c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.

d. Making choices based on comparing marginal benefits with marginal costs.

The production possibilities curves in graphs (a) and (b) imply:

a. increasing domestic opportunity costs.

b. decreasing domestic opportunity costs.

c. constant domestic opportunity costs.

d. first decreasing, then increasing, domestic opportunity costs.

What are the two major ways in which an economy can grow and push out its production possibilities curve?
a. Better weather and nicer cars.
b. Fligher taxes and lower spending.
c. Increases in resource supplies and advances in technology.
d. Decreases in scarcity and advances in auditing

Make two diagrams of the production possibilities frontiers like the one shown in a book. Then, write captions that explain what each diagram is showing.