BMAL 590 MICROECONOMICS
COMPREHENSIVE EXAM QUESTIONS AND
CORRECT ANSWERS STUDY GUIDE
●● Macroeconomics
Answer: the study of economywide
phenomena, including
inflation, unemployment,
and economic growth
●● Scarcity
Answer: the limited nature of society's
resources
●● Opportunity Cost
Answer: whatever must be
given up to obtain some item
●● Consumer Surplus
Answer: the amount a buyer is
willing to pay for a good
, minus the amount the
buyer actually pays for it
●● Producer Surplus
Answer: the amount a seller is
paid for a good minus the
seller's cost of providing it
●● Direct Relationship
Answer: Two variables move in the same direction. It one increases the
other increases. If one decreases the other decreases.
●● Inverse Relationship
Answer: Two variables move in opposite directions. If one increases the
other decreases; and if one decreases the other increases.
●● Independent Relationship (Zero Relationship)
Answer: No relationship at all.
●● Price Ceiling
Answer: a legal maximum on the
price at which a good can be sold
COMPREHENSIVE EXAM QUESTIONS AND
CORRECT ANSWERS STUDY GUIDE
●● Macroeconomics
Answer: the study of economywide
phenomena, including
inflation, unemployment,
and economic growth
●● Scarcity
Answer: the limited nature of society's
resources
●● Opportunity Cost
Answer: whatever must be
given up to obtain some item
●● Consumer Surplus
Answer: the amount a buyer is
willing to pay for a good
, minus the amount the
buyer actually pays for it
●● Producer Surplus
Answer: the amount a seller is
paid for a good minus the
seller's cost of providing it
●● Direct Relationship
Answer: Two variables move in the same direction. It one increases the
other increases. If one decreases the other decreases.
●● Inverse Relationship
Answer: Two variables move in opposite directions. If one increases the
other decreases; and if one decreases the other increases.
●● Independent Relationship (Zero Relationship)
Answer: No relationship at all.
●● Price Ceiling
Answer: a legal maximum on the
price at which a good can be sold
