principles of microeconomics EXAM
2025 COMPLETE QUESTIONS
AND CORRECT DETAILED
ANSWERS WITH RATIONALES
A person should consume more of something when its marginal - CORRECT
ANSWER-benefits exceeds its marginal cost
economics may best be defined as the - CORRECT ANSWER-the social science
concerned with how individuals, institutions, and society make optimal choices
under conditions of scarcity
the study of economics is primary concerned with - CORRECT ANSWER-choices
that are made in seeking the best use of resources
opportunity cost exist because - CORRECT ANSWER-the decision to engage in
one activity means forgoing some other activity
the assertion that "there is no free lunch" means that - CORRECT ANSWER-all
production involves the use of scare resources and thus the sacrifice of alternative
goods
2025 COMPLETE QUESTIONS
AND CORRECT DETAILED
ANSWERS WITH RATIONALES
A person should consume more of something when its marginal - CORRECT
ANSWER-benefits exceeds its marginal cost
economics may best be defined as the - CORRECT ANSWER-the social science
concerned with how individuals, institutions, and society make optimal choices
under conditions of scarcity
the study of economics is primary concerned with - CORRECT ANSWER-choices
that are made in seeking the best use of resources
opportunity cost exist because - CORRECT ANSWER-the decision to engage in
one activity means forgoing some other activity
the assertion that "there is no free lunch" means that - CORRECT ANSWER-all
production involves the use of scare resources and thus the sacrifice of alternative
goods
