Exam (elaborations)
Microeconomics Exam 1 Multiple Choice/35 Q’s and A’s
- Course
- Institution
Microeconomics Exam 1 Multiple Choice/35 Q’s and A’s
[Show more]
Content preview
Microeconomics Exam 1 MultipleChoice/35 Q’s and A’s
In economics, we assume that our wants and needs are ___________ our
ability to satisfy them - -greater than
-Which of the following best describes what economists assume is true
about human behavior? - -People make rational decisions about how to
allocate scarce resources and are motivated by self interest
-Most college students work outside of school, but they typically work at jobs
unrelated to their future career plans, i.e. at restaurants or other part-time
jobs. Those students delay the beginning of their careers in order to attend
college. For those students, what is the opportunity costs of attending
college? - -the income and work experience they would have earned by
beginning their careers earlier
-Which of the following is not a fundamental economic question that all
societies must answer? - -At what price will goods and services be sold
-In the US, what is the primary resource allocation mechanism? - -the
market
-Which of the following sets of factors determine the production possibilities
frontier for a given country over a given period of time? - -the resources it
has available to it and its level of technology
-If the production possibilities frontier for a given country increased (i.e.
shifted up and to the right), what would this mean? - -the country could
produce more goods and services
-If a country is producing at a point on its production possibilities frontier
and it wanted to produce more of one good, it must also - --reallocate
resources to the good it wants to produce more
-produce less of some other good
- incur an opportunity cost by changing what it produces
All of the Above
-In 2008, farmers in the US began to grow more corn, in response to rising
corn prices. The opportunity costs of this decision was - -the value of other
crops (i.e. soybeans) that farmers could have grown instead
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now