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Microeconomics Quiz Questions

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Questions and Answers

A marginal change is a

Change for the worse, and so it is usually a short-term change.

Small, incremental adjustment. (correct)

Large, significant adjustment.

Change that involves little, if anything, that is important.

A rational decision-maker takes an action if and only if

The marginal cost of the action is zero.

The marginal cost of the action exceeds the marginal benefit of the action.

The opportunity cost of the action is zero.

The marginal benefit of the action exceeds the marginal cost of the action. (correct)

Economists use the word equality to describe a situation in which

Each member of society has access to abundant quantities of goods and services, regardless of his or her income.

Each member of society has the same income. (correct)

Society's resources are used efficiently.

Society is getting the maximum benefits from its scarce resources.

For most students, the largest single cost of a college education is

<p>The wages given up to attend school.</p> Signup and view all the answers

Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that

<p>People face trade-offs.</p> Signup and view all the answers

Study Notes

Marginal Changes

A marginal change refers to a small, incremental adjustment in decision-making.

Rational Decision-Making

Rational decision-makers act when the marginal benefit of an action exceeds its marginal cost.

Equality in Economics

Equality describes a scenario where each member of society receives the same income.

Efficiency in Resource Use

Economic efficiency occurs when society maximizes benefits derived from scarce resources, optimizing their use.

Cost of College Education

The largest expense for students in college is typically the opportunity cost of foregone wages during their studies.

Opportunity Cost Factors

The opportunity cost of attending college is highest for individuals with significant earning potential, such as a successful actor taking time away from their career.

Trade-offs in Decision-Making

A scenario where an individual must choose between two equally priced items (e.g., an amplifier or mp3 player) highlights that people face trade-offs in their decisions.

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Description

Test your knowledge of key concepts in microeconomics with this quiz. Each question focuses on important definitions and principles that underlie marginal changes and decision-making. Perfect for students aiming to consolidate their understanding of microeconomic theory.