MICRO ECONOMICS

Front

In increasing returns to factor, total production...

Back

increases with increasing rate

Front

Economics is the study of:

Back

how to fully satisfy our unlimited wants.

Front

A rational person does not act unless...

Back

the action makes money for the person.

Front

Which of the following is not part of the opportunity cost of going on holiday? Options: the money you spent on a theatre show there, the money you could have made if you had stayed at home and worked, the money you spent on food, the money you spent on airline tickets.

Back

the money you spent on food

Front

Economic growth is depicted by:

Back

shift in the production possibilities frontier outward

Front

Which of the following statements is normative?
a. Large government deficits cause an economy to grow more slowly.
b. People work harder if the wage is higher.
c. The unemployment rate should be lower.
d. Printing too much money causes inflation.

Back

The unemployment rate should be lower.

Front

Positive statements are

Back

statements of description that can be tested.

Front

What is the slope of PPC?

Back

Downward concave

Front

Condition of consumer equilibrium under cardinal approach for one commodity

Back

Price of commodity should equal to be marginal utility

Front

At equilibrium under ordinal approach the MRS should be equal to

Back

Price Ratio