Exam (elaborations)
Microeconomics TMU CHAPTER 1-5 Questions and Answers 2024
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Microeconomics TMU CHAPTER 1-5
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Microeconomics TMU CHAPTER 1-5The branch of economies that studies the decisions made by individuals and firms is called macroeconomics. - answerFalse
If variable X rises as a result of variable Y falling, then X and Y have an inverse relationship. - answerTrue
In the textbook, economics is defined as the "science of scarcity." - answerTrue
The higher the opportunity cost of doing something, the more likely it will be done. - answerFalse
Price is the only rationing device that can be used in a modern economy. - answerFalse
When economists speak of scarcity, they are referring to the - answercondition in which people's wants outstrip the limited resources available to satisfy those wants.
Which of the following is not one of the four broad categories of resources? - answergovernment
The opportunity cost of attending college is - answerthe highest valued alternative one forfeits to attend college.
Minerals, water, and forests are all considered to be part of the broad resource category
known as - answerland
Which of the following is a microeconomics topic? - answerthe study of how prices are determined in the computer industry
What is the most prominent rationing device you will likely find at your campus bookstore? - answerdollar price
Opportunity cost is the value of when a choice is made. - answerThe most highly valued
forfeited alternative
Several years ago, a bookstore chain extended its closing time from 9 p.m. to 10 p.m. Now it is considering a further extension to 11 p.m. In making this marginal decision, the
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