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Microeconomics Final EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+
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Microeconomics Final EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+
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Microeconomics Final EXAM LATESTUPDATE 2024/2025 QUESTIONS AND
ANSWERS GRADED A+
The problems of inflation and unemployment are -
✔✔ANSWER✔✔-major topics of macroeconomics
,Microeconomics is concerned with -
✔✔ANSWER✔✔-a detailed examination of specific
economic units that make up the economic system
Consumer surplus arises in a market because -
✔✔ANSWER✔✔-the market price is below what
some consumers are willing to pay for a product.
The difference between the actual price that a
producer receives and the minimum acceptable
price the producer is willing to accept is called the
producer - ✔✔ANSWER✔✔-surplus
Graphically, producer surplus is measured as the
area - ✔✔ANSWER✔✔-above the supply curve and
below the actual price
When a competitive market maximizes economic
surplus, it implies that the - ✔✔ANSWER✔✔-
,combined consumer and producer surplus is
maximized
One basic difference between "land" and "capital" is
that land is - ✔✔ANSWER✔✔-a gift of nature while
capital is manufactured
The four factors of production (or types of
resources) are - ✔✔ANSWER✔✔-land, labor,
capital, and entrepreneurial ability
A recurring theme in economics is that people -
✔✔ANSWER✔✔-have unlimited economic wants
but limited resources
As a consequence of the problem of scarcity -
✔✔ANSWER✔✔-individuals have to make choices
from among alternatives
, When a state government chooses to build more
roads, the resources used are no longer available for
public education programs. This dilemma illustrates
the concept of - ✔✔ANSWER✔✔-scarcity
The scarcity problem - ✔✔ANSWER✔✔-persists
because economic wants exceed available
productive resources
The difference between the maximum price a
consumer is willing to pay for a product and the
actual price the consumer pays is called -
✔✔ANSWER✔✔-consumer surplus
When the marginal benefit of an output exceeds the
marginal cost - ✔✔ANSWER✔✔-production of that
output should be increased, in order to maximize
economic surplus.
Which one of the following expressions best states
the idea of opportunity cost? - ✔✔ANSWER✔✔-
"There is no such thing as free lunch"
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