F24 - Microeconomics

What is the primary focus of economics?

• Money and finance
• Business
• Mathematics
• How humans make decisions in the face of scarcity

What is the ultimate scarce resource for everyone?

• Money
• Land
• Time
• Raw materials

How people choose to allocate their time impacts _____.

• Their ability to earn income
• Their ability to acquire goods and services
• Their ability to engage in leisure activities
• Their ability to get sufficient sleep.
• All of these.

What does scarcity mean in the context of economics?

• Abundance of resources
• Matching wants and resources
• Limited availability of goods, services, and resources
• Equal distribution of resources

Scarcity refers to the limited availability of resources such as _____, which are necessary to produce the desired goods and services.

• Labor
• Tools
• Land
• Raw materials
• All of these

Which of these is both a subject area and a way of viewing the world?

• Mathematics
• Business
• Economics
• Finance

Why is time considered the ultimate scarce resource?

• It is renewable
• It is limited to 24 hours a day for everyone
• It is the most valuable resource
• It is evenly distributed among individuals

What is the term used to describe the production innovation introduced by Adam Smith in his book, "The Wealth of Nations"?

• Comparative advantage
• Learning curves
• Economies of scale
• Division and specialization of labor

Because of economies of scale, as the quantity that is produced goes up, the cost per unit ______.

• Goes up.
• Goes down.
• Stays the same

What are the two main parts that economics is divided into?

• Microeconomics and Macroeconomics
• Household economics and Business economics
• Demand and Supply
• Individual agents and Overall economy