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Microeconomics CLEP questions with answers.
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Microeconomics CLEP questions withanswers.
Scarcity ANS -Limited quantities of resources to meet unlimited wants
Needs ANS -Things that are required in order to live
Wants ANS -Those things which make our lives more comfortable but are not needed for survival
Economic Choice ANS -The decision to buy one thing instead of another.
Trade-Off ANS -An alternative that we sacrifice when we make a decision
PPF Curve ANS -(Production Possibilities Frontier) A graph that shows the possibilities of combinations of
goods and services
Law of Diminishing Marginal Returns ANS -As successive units of a variable input are added to a fixed
input, beyond some point the marginal product declines
Law of Increasing Opportunity Cost ANS -To produce more of one good, a successively larger amount of
the other good must be sacrificed
Law of Supply ANS -As supply increases, prices go down; as supply decreases, prices go up.
Law of Demand ANS -As demand increases, prices go up; as demand decreases, prices go down.
Determinants of Supply ANS -Factors other than price that determine the quantities supplied of a good
or service.
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