Microeconomics Quiz

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Questions and Answers

What is one goal of microeconomics?

  • Analyze national policies for growth and unemployment
  • Focus on the sum total of economic activity
  • Analyze the market mechanisms for establishing relative prices (correct)
  • Deal with issues of inflation and unemployment

What is the focus of microeconomics?

  • National policies relating to growth, inflation, and unemployment
  • Market mechanisms for establishing relative prices
  • National economy as a whole
  • Individual markets, sectors, or industries (correct)

What does microeconomics show conditions for?

  • Free markets leading to desirable allocations (correct)
  • Dealing with issues of inflation and unemployment
  • Market mechanisms for establishing relative prices
  • National policies relating to growth and inflation

What does macroeconomics deal with?

<p>Issues of growth, inflation, and unemployment (B)</p> Signup and view all the answers

What is the focus of macroeconomics?

<p>Sum total of economic activity (D)</p> Signup and view all the answers

What does an indifference curve connect on a graph?

<p>Points representing different quantities of two goods (B)</p> Signup and view all the answers

What does an indifference curve represent for the consumer?

<p>Equal levels of utility (A)</p> Signup and view all the answers

What does each point on an indifference curve represent?

<p>The same level of utility for the consumer (A)</p> Signup and view all the answers

What is the main use of indifference curves?

<p>Representation of potentially observable demand patterns for individual consumers over commodity bundles (C)</p> Signup and view all the answers

What is utility used to represent?

<p>Preferences rather than something from which preferences come (D)</p> Signup and view all the answers

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