General Micro Review 1

General Micro Review 1

KG - University

54 Qs

quiz-placeholder

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General Micro Review 1

General Micro Review 1

Assessment

Quiz

Specialty

KG - University

Practice Problem

Medium

Created by

Jason Lee

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54 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(2) Which of the following resources would economists classify as “capital”?    

Raw Bauxite in a South African mine 
A hammer used in framing a house 
A worker hired to repair engines 
Trees used to make paper 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?

the satisfaction of destroying our enemies
the money used to fund the military
 money to spend on education
better paid soldiers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Movement along the Demand curve to the right is called

decrease in demand
decrease in quantity demanded
increase in demand
increase in quantity demanded

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price of a good rises in a market, it acts as a signal:

consumers that they should buy a greater quantity of the good.
to producers that they should supply a greater quantity of the good.
to consumer that they should increase their demand for the good.
to producers that they should increase their supply of the good.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ideal price and level of output occurs where

Marginal Revenue and Marginal Cost cross
MR = AVC
Average Fixed Cost equal ATC
MR = MT

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A  point above the PPF curve represents

efficiency
inefficiency
Unemployment
Unattainable

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When economists measure the responsiveness of consumers to changes in price, they are measuring:

the percentage change in price
the price elasticity of demand.
the price elasticity of supply.
income elasticity.

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