5 Questions
In the figure Consumer Surplus in the Market for Garden Gnomes I, if the good is being given away for free, consumer surplus equals the area:
AFP1
The statement 'The current trade deficit of $350 billion is too high' is a _____ statement.
normative
If an economy is producing 12 tons of soybeans and 9,000 bottles of apple cider, we know that the economy:
is using its resources inefficiently
If the price elasticity of demand for Golden Santa boxes of chocolates is 2, by how much will the company have to reduce its price to sell the additional 500 boxes of chocolate (by the midpoint method)?
25%
The information about the production capabilities of the United States and Canada implies that:
"The United States has a comparative advantage in producing electric cars."
Test your knowledge of microeconomics with this quiz covering chapters 1-7. Includes 25 multiple choice questions to be completed in 50 minutes, with non-graphing calculators allowed. Questions range from consumer surplus to trade deficit statements.
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