Microeconomics Questions

Microeconomics Questions and answers well elaborated with guaranteed A+ score. What are the factors of production? - correct answersLand, Labor, captiol What is opportunity cost? - correct answersThe loss of potential gain from other alternatives when one alternative is chosen. which of these is sometimes considered to be a factor of production? A. Land B. Labor C. Capital D. Entrepreneurship - correct answersD. Entrepreneurship If a person prefers The Bachelor to The Kardashians and prefers The Kardashians to The Voice then, the person prefers? A. The Kardashians to The Bachelor B. The Bachelor to The Voice C. The Voice to The Kardashians D. obviously The Kardashians - correct answersB. The Bachelor to The Voice Microeconomics is.... A)The study of individual market, how individual agents interact within those markets, and how individual economics agents make decision. B)The study of national and global economic activity. - correct answersA)The study of individual market, how individual agents interact within those markets, and how individual economics agents make decision. What is the definition of economics? A) How to deal with money. B) How to allocate limited resources for unlimited wants. C) How to allocate limited wants to unlimited resources. D) The study of spending money. - correct answersB) How to allocate limited resources for unlimited wants. Which of these is not an economic agent? A) Household B) Firms C) Schools D)Governments - correct answersC) Schools 1. How is a 100 dollar bill not a factor of production? - correct answers How is the Brady Bunch considered a household? - correct answersbecause they are a group of people that act as a single decision-making unit List the 3 types of economies - correct answers1. Pure Market 2. Centrally Planned Economy 3. Mixed Economy What does the slope of a line mean? - correct answersThe rate of change. How do you calculate the slop of a line? - correct answersThe change in X/ The change in Y A non linear relationship has a slope that changes True or False - correct answersTrue A graph has and depicts what? A) Points on a line B)X-axis and a Y-axis C)The relationship between two or more variables D)B and C - correct answersD What is a line that shares the point of interest with a curve but does not intersect the curve? A) Tangent Line B) Curve Line C) Straight Line D) Vertical Line - correct answersA) Tangent Line Comparative advantage has to do with comparing supply of one agent to a supply of another agent - correct answerstrue Why is trade needed for PPF - correct answersBecause you can only produce so much of a good effectively, without needing to trade for other goods that is harder to make. What is the production possibilities curve? - correct answersIt determines what can and cannot be produced What does comparative advantage do? A)Producing at lower cost B)Compares things in economics C)Certified Public Accountant D)Producing at lower opportunity cost - correct answersD)Producing at lower opportunity cost