Econ 102 - Principles of Macroeconomics » Winter 2021 » Chapter 2 Reading Quiz

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Question #1
Which of the following statements is an example of a normative statement?
A.   Washing hands with soap and water are healthy habits
B.   Wearing face mask can help slow down the spread of Covid 19
C.   Covid19 is highly contagious
D.   Everyone should wear masks to help slow down the spread of Covid19
Question #2
A point outside the production possibility frontier is
A.   not feasible but efficient
B.   feasible and efficient
C.   feasible but inefficient
D.   not feasible
Question #3
Pat decides to leave her job as an engineer to start a her own business. She estimates that her costs in rent, inventory, supplies, total $150,000. She will also give up her $80,000 salary as an engineer to work in her business. How much is her implicit cost?
A.   $70,000
B.   $230,000
C.   $80,000
D.   $150,000

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