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ECON 2150: CHAPTER1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION $13.99
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ECON 2150: CHAPTER1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION

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  • ECON 2105
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  • ECON 2105

Quiz: Microeconomics definition Ans: Microeconomics is the study of how individual economic decision-makers such as consumers, workers, firms or managers allocate scarce resources among alternate uses. the social sciences that studies choices that cope with scarcity and incentives. This st...

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  • January 20, 2025
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECON 2105
  • ECON 2105
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1
ECON 2150: CHAPTER1 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ||ALREADY GRADED A+||NEWEST
VERSION
Quiz: Microeconomics definition

Ans: Microeconomics is the study of how individual economic decision-makers

such as consumers, workers, firms or managers allocate scarce resources

among alternate uses.




the social sciences that studies choices that cope with scarcity and incentives.




This study involves both the behavior of these economic agents on their own

and the way their behavior interacts to form larger units, such as markets.




Quiz: Who should study microeconomics? 5




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2
Ans: Policy Makers, Managers, Union Leaders




,Lenders




Business Owners




Quiz: Societies must answer these questions that relate to

microeconomics:

3

Ans: 1. What goods and services will be produced and in what quantities




2. Who will produces these services and how will they produce them




3. Who will receive these goods and services and how will they get them




Quiz: Microeconomic models need to: 3



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3
Ans: Resemble Reality,

Be Understandable,

Be an Appropriate Scale,




Quiz: exogenous variables

Ans: Variables that have values taken as given in the analysis (Y=f(x) if x is

given to use then it is exogenous variable. When we use x and get the value of y

it is called endogenous variable.)




Quiz: endogenous variables

Ans: Variables that have values determined as a result of the model's

workings




Quiz: 6 restraints




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