Microeconomics Decision-Making Units Quiz
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Questions and Answers

Which one of the following best defines a firm in a market economy?

  • A person who organizes, manages, and assumes the risks of a firm
  • The consuming units in an economy
  • The amount of some good or service consumers are willing and able to purchase at each price
  • The primary producing units in a market economy (correct)

    • Which one of the following best defines a household in an economy?

  • The amount of some good or service consumers are willing and able to purchase at each price
  • The primary producing units in a market economy
  • A person who organizes, manages, and assumes the risks of a firm
  • The consuming units in an economy (correct)

    • What determines a household's decision about the quantity of a particular output to demand?

  • The income of the household
  • The number of buyers and sellers in the market
  • The risks associated with the firm
  • The price of the product in question (correct)

    • Which one of the following characteristics defines a competitive market?

    <p>Identical goods or services</p> Signup and view all the answers

    What is the role of markets in facilitating transactions between buyers and sellers?

    <p>Completing transactions</p> Signup and view all the answers

    Which one of the following best defines demand?

    <p>The amount of goods or services consumers are willing and able to purchase at each price</p> Signup and view all the answers

    What is the role of an entrepreneur in a firm?

    <p>To organize, manage, and assume the risks of a firm</p> Signup and view all the answers

    What determines a household's decision about the quantity of a particular output to demand?

    <p>The price of the product in question</p> Signup and view all the answers

    Which one of the following is a characteristic of competitive markets?

    <p>Identical goods or services</p> Signup and view all the answers

    What is the primary role of markets in an economy?

    <p>To facilitate the interaction of buyers and sellers</p> Signup and view all the answers

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