Microeconomics 47 Questions and answers for A+ Score
What are the factors of production? - -Land, Labor, captiol
-What is opportunity cost? - -The 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 - -D. 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 - -B. 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. - -A)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. - -B) How to allocate limited resources for unlimited
wants.
-Which of these is not an economic agent?
A) Household
B) Firms
C) Schools
D)Governments - -C) Schools
-1. How is a 100 dollar bill not a factor of production? - -
-How is the Brady Bunch considered a household? - -because they are a group of
people that act as a single decision-making unit
-List the 3 types of economies - -1. Pure Market 2. Centrally Planned Economy 3. Mixed
Economy
-What does the slope of a line mean? - -The rate of change.
, -How do you calculate the slop of a line? - -The change in X/ The change in Y
-A non linear relationship has a slope that changes
True or False - -True
-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 - -D
-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 - -A) Tangent Line
-Comparative advantage has to do with comparing supply of one agent to a supply of
another agent - -true
-Why is trade needed for PPF - -Because 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? - -It 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 - -D)Producing at lower opportunity cost
-What is local nonsatiation? - -within a certain range, agents prefer more of a good to
less of a good
-If Susanne can make 10 cookies or 10 snowcones, and her rival, Betty Jane, can
prepare 20 cookies or 1 snowcone, who has the comparative advantage in cookies? - -
Betty Jane
-What is ceteris paribus?
What are the factors of production? - -Land, Labor, captiol
-What is opportunity cost? - -The 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 - -D. 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 - -B. 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. - -A)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. - -B) How to allocate limited resources for unlimited
wants.
-Which of these is not an economic agent?
A) Household
B) Firms
C) Schools
D)Governments - -C) Schools
-1. How is a 100 dollar bill not a factor of production? - -
-How is the Brady Bunch considered a household? - -because they are a group of
people that act as a single decision-making unit
-List the 3 types of economies - -1. Pure Market 2. Centrally Planned Economy 3. Mixed
Economy
-What does the slope of a line mean? - -The rate of change.
, -How do you calculate the slop of a line? - -The change in X/ The change in Y
-A non linear relationship has a slope that changes
True or False - -True
-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 - -D
-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 - -A) Tangent Line
-Comparative advantage has to do with comparing supply of one agent to a supply of
another agent - -true
-Why is trade needed for PPF - -Because 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? - -It 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 - -D)Producing at lower opportunity cost
-What is local nonsatiation? - -within a certain range, agents prefer more of a good to
less of a good
-If Susanne can make 10 cookies or 10 snowcones, and her rival, Betty Jane, can
prepare 20 cookies or 1 snowcone, who has the comparative advantage in cookies? - -
Betty Jane
-What is ceteris paribus?
