Search Header Logo

Micro Review

Authored by Matthew McGehee

Social Studies

University

Used 4+ times

Micro Review
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is a defining characteristic of a market economy?

Private ownership of resources

Equitable distribution of income

Reliance on public goods

Government-guided resource allocation

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An increase in the supply of good X resulted in an increase in the price and quantity of good Y. It can be concluded that good Y is

an inferior good
a luxury good
a normal good
a substitute for good X
a complement for good X

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

The table above shows the maximum possible output combinations of good X and good Y that Microland can produce by using all of its available resources and technology. As the production of good X increases, what happens to the opportunity cost of producing good X?

It decreases, because the production of good Y decreases by greater amounts.
It decreases, because the production of good Y increases by smaller amounts.
It remains constant, because the production of good X increases by the same amount.
It increases, because the production of good Y decreases by greater amounts.
It increases, because the production of good Y increases by smaller amounts.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following will shift the supply curve for apples to the right?

An increase in consumers’ income
An increase in the price of apples
An increase in the wages of apple pickers
A decrease in the rental price for apple harvesting equipment
A decrease in the demand for oranges, a substitute in consumption

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following best describes how a consumer maximizes total utility from the consumption of a bundle of goods and services?

By choosing the quantity of each good such that the quantity demanded of each good is equal to the quantity supplied

By choosing the quantity of each good such that the marginal utility from each good is equal to zero

By choosing the quantity of each good such that the price is equal to the marginal revenue

By choosing the level of output where marginal revenue is equal to marginal cost
By choosing the combination of goods such that the marginal utility per dollar spent on the last unit of each good is equal

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The marginal benefit of consuming a good is

the change in average utility that results from consuming one more unit of the good
the same as the total benefit
equal to the marginal cost of the good
the change in total expenditures as a result of buying one more unit of the good
the maximum amount a consumer is willing to pay for one more unit of the good

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The economic concept of total consumer surplus refers to which of the following?

The difference between the quantity of a good or service that people purchase and the amount that they actually consume
The difference between the quantity of a good or service that people purchase and the amount that they actually consume
The difference between the quantity of a good or service that people purchase and the amount that they actually consume
The difference between the quantity of a good or service that people purchase and the amount that they actually consume
The difference between the quantity of a good or service that people purchase and the amount that they actually consume

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?