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Microeconomics Fundamentals Quiz

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Questions and Answers

What does macroeconomics analyze?

The behaviour and interactions of economic agents

The employment of resources of labour, capital, and land

The economy as a system where production, consumption, saving, and investment interact (correct)

The impact of currency inflation on economic growth

What does microeconomics analyze?

The economy as a system and its interactions with other global economies

Individual agents and markets, their interactions, and the outcomes of interactions (correct)

The overall impact of public policies on economic growth

The employment of resources of labour, capital, and land

What is the distinction between positive economics and normative economics?

Positive economics advocates 'what ought to be', while normative economics describes 'what is'

Positive economics describes 'what is', while normative economics advocates 'what ought to be' (correct)

Positive economics focuses on economic theory, while normative economics focuses on applied economics

Positive economics analyzes the behaviour and interactions of economic agents, while normative economics analyzes the outcomes of interactions

What are the individual agents analyzed in microeconomics?

Households, firms, buyers, and sellers Signup and view all the answers

What are the factors affecting the economy analyzed in macroeconomics?

Employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies Signup and view all the answers

What is the goal of the consumer according to economists?

To maximize his/her level of satisfaction Signup and view all the answers

How is utility measured by economists?

As a measure of satisfaction, joy, or happiness Signup and view all the answers

According to the utility maximizing rule, how is the marginal benefit of a product measured?

By finding the marginal utility per dollar spent on the product Signup and view all the answers

How is the marginal cost of a product measured according to the text?

By finding the marginal utility that you are not receiving from a dollar's worth of your next best alternative Signup and view all the answers

What does the text assume about the consumer's income?

It is constrained Signup and view all the answers

What does the utility maximizing rule suggest about the marginal benefit of a product?

It can be measured by finding the marginal utility per dollar spent on the product Signup and view all the answers

What does the equal-margin concept in utility maximization imply?

The ratios of marginal utilities to price are equal Signup and view all the answers

What do choices that follow the marginal decision rule generally produce?

Downward-sloping demand curves Signup and view all the answers

How is the marginal cost of a product measured according to the text?

By finding the marginal utility that you are not receiving from a dollar's worth of your next best alternative Signup and view all the answers

What is the focus of utility-maximizing choices in relation to the marginal utilities and price?

Equal ratios of marginal utilities to price Signup and view all the answers

Microeconomics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

What does macroeconomics analyze?

What does microeconomics analyze?

What is the distinction between positive economics and normative economics?

What are the individual agents analyzed in microeconomics?

What are the factors affecting the economy analyzed in macroeconomics?

What is the goal of the consumer according to economists?

How is utility measured by economists?

According to the utility maximizing rule, how is the marginal benefit of a product measured?

How is the marginal cost of a product measured according to the text?

What does the text assume about the consumer's income?

What does the utility maximizing rule suggest about the marginal benefit of a product?

What does the equal-margin concept in utility maximization imply?

What do choices that follow the marginal decision rule generally produce?

How is the marginal cost of a product measured according to the text?

What is the focus of utility-maximizing choices in relation to the marginal utilities and price?

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