Which of the following is a macroeconomics topic? In fact, I would begin here: Microeconomic decisions by both small businesses and individuals are mainly motivated by cost and benefit considerations. A The United States produces more goods than services. D the skill and knowledge of workers. D lowest-valued alternative given up. Some topics stand as ideas to get you inspired to think of a topic of your own. B is the benefit the student receives from studying all 3 hours.
B come up with new ideas about what and how to produce. You want a higher grade and decide to study for an extra hour a day. A Resources are B Goods and services are C Wants are D Capital is Answer: B Topic: What Goods and Services Are Produced? D Corporations should be more socially responsible. In this context, microeconomics focuses on individual actors, small economic units and direct consequences of rational human choice. What does this economist mean? Suppose you decide to go to the library. C both monetary value and time. C the result of a model's normative assumptions.
Dell's managers A should approve producing 4,000 more laptops because this will result in a substantial total profit. If society is currently producing the combination of bicycles and computers shown by point D, the production of 2 more units of bicycles: A. B The effect of increasing the money supply on inflation. Like most definitions in economics, there are plenty of competing ideas and ways to explain the term microeconomics. A decline in the price of soybeans caused farmer Wanek to plant more land in wheat. Refer to the above table.
C it is not possible to calculate the opportunity cost of seeing the movie because the tickets were free. B government decision making concerning farm price supports. The student's marginal benefit A depends on the grade the student earns on the exam. C the wages received for 4 days of work. Microeconomics then considers patterns of supply and demand as dictated by the aggregate of individual decisions and the factors that influence these cost-benefit relationships. Refer to the above diagram. We know that A both bear an opportunity cost of seeing the movie because they could have done other things instead of seeing the movie.
Costs can be either in terms of such as and or they can be in terms of , which consider alternatives foregone. B the percentage of the adult population that has had some high school has been increasing. B normative statements can be tested, whereas positive statements cannot. D an economic problem only for poor people. Because the minimum wage was raised, Mrs.
C only in economic systems that are just beginning to develop because specialized resources are scarce. D it is possible to calculate the opportunity cost of seeing the movie and it is zero because the tickets were free. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e-mail. C effects an increase in the price of gasoline has on an individual. A What goods and services are produced? C machinery that meets or exceeds federal safety standards for use by humans.
Exam Instructions: Choose your answers to the questions and click 'Next' to see the next set of questions. Master your assignments with step-by-step solutions to countless homework questions asked and answered by our members. D nothing because he is paying for his class. Refer to the above diagram for athletic shoes. D ability of society to continually make technological breakthroughs and increase production. C the extra revenue from selling a few additional printers to the average cost of producing the additional printers.
D How many workers should the owner of a business hire? D is greater than the student's marginal cost. He must study and has planned the rest of his day so that he can fit some study time in. D Why do incentives affect only marginal costs? C could be either a reward or a penalty. Introduction to Microeconomics Chapter Exam Instructions Choose your answers to the questions and click 'Next' to see the next set of questions. B could be a penalty but could not be a reward. D deals mainly with microeconomics.
Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. B highest-valued alternative given up. B land, labor, capital and entrepreneurship. D what someone else would be willing to pay. D None of the above because scarcity cannot be eliminated.
C of an activity that exceeds its benefit. B the effort of farmers raising cattle. C macroeconomics studies the behavior of government while microeconomics looks at private corporations. The cost of producing 10,000 bookcases. Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. B going to the symphony.