Bundle for Sophia (Macroeconomics)/Microeconomics Tests

Sophia (Macroeconomics) - Unit 2 Challenge 1 & 2 questions with correct answers

Which statement below regarding aggregate demand is true? - correct answer It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? - correct answer The incidence of the subsidy ...

Which statement below about economics is NOT true? - correct answer It only considers the choices that take place on an individual level. Which of the following is NOT a good reason to study macroeconomics? - correct answer It can help someone understand choices made at the individual level. ...

Aggregate Demand - correct answer Total amount of goods and services demanded in an economy at a specific point in time and at a prevailing price level Automatic Stabilizer - correct answer Government policies that go into effect automatically as the economy slows to counter economic slowing; t...

Sophia (Macroeconomics) - Unit 1 Milestone questions with correct answers

Microeconomics involves decisions made by __________. - correct answer firms and households Studying macroeconomics helps us learn about the value and limitations of __________, which occurs across nations, typically involving foreign exchange transactions. - correct answer global trade In the...

Given the information above, which of the following is true? - correct answer Consumers will bear a greater tax incidence because demand is inelastic. Which statement below refers to the law of diminishing returns? - correct answer After a certain point, the rate of utility decreases with each ad...

The cost of cleaning up pollution can be measured by all of the following EXCEPT _________. - correct answer market prices and quantity of goods/services produced. Which of the following statements best describes the minimum wage? - correct answer It is a price floor that decreases consumer surpl...

What is the study of the behavior of consumers and businesses holistically across an economy? - correct answer Macroeconomics When Joe went back to college to finish his degree in Economics, he cut back from full-time to part-time work at his firm. During this time, the lease on his SUV ran out a...

Microeconomics focuses mainly on the study of decisions made by __________. - correct answer individuals and firms Which of the following statements describes macroeconomics? - correct answer It looks at the overall ups and downs of the economy. Ben was offered a full-time position working on ...

C1: Juan is able to list out the pros and cons of each possible bundle based on his personal preferences to help him decide which is ultimately the best bundle. Which of the following economic principles is Juan exhibiting? - correct answer Completedness M1: Which description below describes ...

Which of the following describes the visual representation of the steps that form a process? - correct answer It plays an important role in efficiency evaluation Which of the following is an intermediate good? - correct answer Flour used to bake bread in a bakery When a firm uses five machines...

As part of her research before hiring another employee to help sell cookbooks at her Books and Cooks store, manager Shelly calculated weekly production numbers. What are the marginal product and average product for three workers? - correct answer Marginal Product = 56 Average Product = 71 If ...

C1: Microeconomics studies the behavior of__________. - correct answer An economy in its entirety C1: Which of the following is a characteristic of a rational consumer? - correct answer Rational consumers analyze costs and benefits when making decisions. C1: Economists assume that all rational...