Microeconomics Final milestone Exam.Complete solution
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Sophia Microeconomics
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Sophia Microeconomics
Microeconomics Final milestone Exam.Complete solution.You passed this Milestone
24 questions were answered correctly.
1 question was answered incorrectly.
1
What is the study of the behavior of consumers and businesses
holistically across an economy?
Social science
Microeconomics
...
what is the study of the behavior of consumers and
which example below represents a fixed input
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Microeconomics Final milestone
You passed this Milestone
24 questions were answered correctly.
1 question was answered incorrectly.
1
What is the study of the behavior of consumers and businesses
holistically across an economy?
Social science
Microeconomics
Macroeconomics
Civics
CONCEPT
What is Economics?
2
Which indicators show change at the same time as the economy and
thus give a sense of where the economy is in relation to the
business cycle?
Leading indicators
Lagging indicators
Coincident indicators
All of the given answer choices are correct
CONCEPT
Coincident Indicators
3
Which example below represents a fixed input?
,
Raw materials for construction
Hourly employees
Utility bills
Office space being rented
CONCEPT
Production Function and Constraints
4
If the goal is to maximize profit, at which point on the graph would a
firm’s output be optimized?
Point 2
Point 3
Point 1
Point 4
CONCEPT
Output Optimization: Marginal Revenue / Marginal Cost
5
What is contingent valuation as it relates to alternative methods for
estimating the value of environmental regulations?
Multiplying the amount of people who are willing to pay for trips to natural resources by
the number of citizens to construct an estimate on the value of environmental goods
Comparing how much it costs to clean waste sites to the cost of regulation
Linking the amount of pollution to healthcare costs to estimate the cost of regulation
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