Openstax MicroEconomics Exam Study Guide Questions with
Answers
Labor Market - correct answers The households work and receive payment from firms.
Interest Rates - correct answers Monetary policy tool
Macroeconomy - correct answers Exert the most influence on an individual firm's decision to hire
workers.
Government - correct answers It either makes most economic decisions itself or at least strongly
influences how the decisions are made.
Cuba - correct answers The country that the national government have the greatest influence with
respect to the nation's economy.
Opportunity Cost - correct answers Attending college is a case where _________ exceeds the monetary
cost.
Normative Statement - correct answers Philosophers draw a distinction between positive statements,
which describe the world as it is, and _________s, which describe how the world should be.
price, quantity demanded - correct answers The downward slop of the demand curve again illustrates
the pattern that as __________ rises, __________ decreases.
buyers desire to purchase less of it - correct answers The nature of demand indicates that as the rice of
good increases:
all else is held equal - correct answers Any given demand or supply curve is based on the ceteris paribus
assumption that ___________________.
all variables except those specified are constant. - correct answers The term "ceteris paribus" means
that:
Answers
Labor Market - correct answers The households work and receive payment from firms.
Interest Rates - correct answers Monetary policy tool
Macroeconomy - correct answers Exert the most influence on an individual firm's decision to hire
workers.
Government - correct answers It either makes most economic decisions itself or at least strongly
influences how the decisions are made.
Cuba - correct answers The country that the national government have the greatest influence with
respect to the nation's economy.
Opportunity Cost - correct answers Attending college is a case where _________ exceeds the monetary
cost.
Normative Statement - correct answers Philosophers draw a distinction between positive statements,
which describe the world as it is, and _________s, which describe how the world should be.
price, quantity demanded - correct answers The downward slop of the demand curve again illustrates
the pattern that as __________ rises, __________ decreases.
buyers desire to purchase less of it - correct answers The nature of demand indicates that as the rice of
good increases:
all else is held equal - correct answers Any given demand or supply curve is based on the ceteris paribus
assumption that ___________________.
all variables except those specified are constant. - correct answers The term "ceteris paribus" means
that:
