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Microeconomics

Authored by TeeShea Hall

Social Studies

12th Grade

Used 1+ times

Microeconomics
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21 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The graph represents: Demand or Supply?

Demand
Supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Elastic or Inelastic

Elastic
Inelastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refers to all plots of ground and other natural resources used in the production of goods and services.

Land

Labor

Entrepreneurial Ability

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The income elasticity of demand is a measure of the:

relative responsiveness of quantity demanded to changes in income.

absolute change in demand yielded by an absolute change in income.

slope of the income-consumption curve.

negative slope of a market demand curve.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total Costs / Quantity = _____

Marginal Cost
Average Total Cost
Implicit Cost
Explicit Cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____

Marginal cost
Marginal Revenue
Profit
Marginal Profit

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