Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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66. Why does the PPC slope downward?
  1. Increasing opportunity costs
  2. Scarcity
  3. A rising unemployment rate
  4. The PPC does not slope downward
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67. What is the correct term for a sustained decrease in the general price level within an economy?
  1. Money illusion
  2. Depreciation
  3. Inflation
  4. Deflation
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68. What does MPC stand for?
  1. Multiplier of personal consumption
  2. Mean of personal contributions
  3. Monies due to private contractors
  4. Marginal propensity to consume
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69. How do economists compare how rich or poor different nations are?
  1. By measuring per capita GDP
  2. By measuring GNP
  3. By looking at the total GDP
  4. By dividing GDP by the nation’s area in square miles
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70. Look at the following data set:Total population = 60 millionPersons of proper working age (16-65) = 30 millionPersons employed = 20 millionPersons actively looking for work = 2 millionWhat is the size of the labor force for this economy?
  1. 60 million
  2. 52 million
  3. 22 million
  4. 50 million
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