Ten Principles of Microeconomics
Exam Questions With 100% Pass
UPDATED
Principle 1 - CORRECT ANSWER-People face tradeoffs.
Principle 2 - CORRECT ANSWER-The cost of something is what you give up to
get it.
Principle 3 - CORRECT ANSWER-Rational people think at the margin.
Principle 4 - CORRECT ANSWER-People respond to incentives.
Principle 5 - CORRECT ANSWER-Trade can make everyone better off.
Principle 6 - CORRECT ANSWER-Markets are usually a good way to organize
economic activity
Principle 7 - CORRECT ANSWER-Government can sometimes improve market
outcomes.
Principle 8 - CORRECT ANSWER-A country's standard of living depends on its
ability to produce goods and services.
Principle 9 - CORRECT ANSWER-Prices rise when the government prints too
much money
Exam Questions With 100% Pass
UPDATED
Principle 1 - CORRECT ANSWER-People face tradeoffs.
Principle 2 - CORRECT ANSWER-The cost of something is what you give up to
get it.
Principle 3 - CORRECT ANSWER-Rational people think at the margin.
Principle 4 - CORRECT ANSWER-People respond to incentives.
Principle 5 - CORRECT ANSWER-Trade can make everyone better off.
Principle 6 - CORRECT ANSWER-Markets are usually a good way to organize
economic activity
Principle 7 - CORRECT ANSWER-Government can sometimes improve market
outcomes.
Principle 8 - CORRECT ANSWER-A country's standard of living depends on its
ability to produce goods and services.
Principle 9 - CORRECT ANSWER-Prices rise when the government prints too
much money
