Most commonly used with regards to business, the term “microeconomics” refers to how humans behave and interact with one another. This study is often harnessed and effectively used to analyze how firms and individuals make tough decisions concerning the allocation of scarce resources. Think you know enough about the study of microeconomics? Let’s take a look and see in this quiz!
Unlimited resources and unlimited economic wants
People can increase resources by limiting their economic wants
People have limited economic wants and limited resources
People have unlimited economic wants, but limited resources
Marginal cost minus marginal benefit
The time spent on an economic activity
The value of the best foregone alternative
The money cost of an economic decision
What is the current national rate of unemployment?
Is the economy experiencing a decline in the rate of inflation
Will a new type of television set increase the number of buyers
Is the production of goods and services in the economy greater this year than last year?
The working of the whole economy or large sectors of it
The pricing decisions of a large company in an economy
Studies of how competition in an industry affects economic efficiency
Studies of how a business determines how to make the best use of the factors of production
Land
Money
Labor
Tools and machinery
The maximum amount of labor and capital available for production
Combinations of goods and services among which consumers are indifferent
Maximum combinations of products available with fixed resources and technology
The maximum rate of growth of capital and labor in an economy
Attainable and the economy is efficient
Attainable but the economy is inefficient
Unattainable but the economy is inefficient
Unattainable and the economy is efficient
Attainable but there is not full employment
Attainable but there is not optimal allocation
Unattainable because the economy is inefficient
Unattainable because of limited resources
Is convex to the origin
Is based on the law of diminishing returns
Is the boundary between attainable and unattainable outputs
Reflects the mixed economy found with most economic systems
Cost of production increase and then decrease
Increase in wages cause increases in the costs of production
Along a production possibilities curve, increases in the production of one type of good require larger and larger sacrifices of the other type of good
Along a production possibilities curve, deceases in the production of one type of good require larger and larger sacrifices of the other type of good
Produces more capital goods than consumer goods
Produces more consumer goods than capital goods
Gives the government the right to tax individuals and corporations
Gives private individuals and corporations the right to own productive resources
Government ownership of the factors of production
Competition and unrestricted markets
Reliance on the market system
Free enterprise and choice
Price floors and price ceilings in all markets
Reallocation of all resources from private to public uses
The right to own private property and control resource use
Central planning by government to provide goods and services
Money
Unlimited wants
A medium of exchange
A coincidence of wants
Consumer sovereignty
The invisible hand
Derived demand
Profit maximization
The Worldly Philosophers
The Affluent Society
The Age of Economist
The Wealth of Nations
As the product's price falls, consumers buy less of the good
As a product's price rises, consumers buy less of other goods
There is a direct relationship between price and quantity demanded
There is an inverse relationship between price and quantity demanded
The purchasing power of individuals decreases
The financial assets of individuals decrease
Individuals buy more of the product and less of a substitute
Individuals buy less of the product and more of a substitute
A change in the price of A
A change in the price of B, a complement
A change in the price of C, a substitute
An increase in average income
Which people like
Which all normal people like
For which demand increases when price decreases
For which demand increases when income increases
The demand curve has shifted to the left
The product has become particularly scarce for some reason
The product price has increased and as a consequence consumers are buying less of the product
Consumers are now willing and able to purchase more of this product at each possible price
Vertical
Horizontal
Upward sloping
Downward sloping
A change in resource costs
A technological change
A change in the price of the good
A change in the prices of other goods
The increase in supply is greater than the increase in demand
The increase in demand is greater than the increase in supply
Quantity demanded is less than quantity supplied
Quantity demanded is greater than quantity supplied
A shortage will occur and producers will produce more and lower prices
A surplus will occur and producers will produce less and lower prices
A surplus will result and consumers will bid prices up
Producers will make extremely high profits
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