Exam (elaborations)
Microeconomics Final EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+
- Course
- Institution
Microeconomics Final EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+
[Show more]
Content preview
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"
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller WORLDNURSE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
