S24 - Microeconomics

What is the primary focus of economics?

• Money and finance

• Business

• Mathematics

• How humans make decisions in the face of scarcity

What is the ultimate scarce resource for everyone?

• Money

• Land

• Time

• Raw materials

How people choose to allocate their time impacts _____.

• Their ability to earn income

• Their ability to  acquire goods and services

• Their ability to engage in leisure activities

• Their ability to  get sufficient sleep.

• All of these. 

What does scarcity mean in the context of economics

• Abundance of resources

• Matching wants and resources

• Limited availability of resources

• Equal distribution of resources

Scarcity refers to the limited availability of resources such as _____, which are necessary to produce the desired goods and services.

•  Labor

• Tools

• Land

• Raw materials

• All of these

Which of these is both a subject area and a way of viewing the world?

• Mathematics

• Business

• Economics

• Finance

Why is time considered the ultimate scarce resource?

• It is non-renewable

• It is limited to 24 hours a day for everyone

• It is the most valuable resource

• It is evenly distributed among individuals

• All of these

What is the term used to describe the production innovation introduced by Adam Smith in his book, "The Wealth of Nations"?

• Comparative advantage

• Learning curves

• Economies of scale

• Division and specialization of labor

Because of economies of scale, as the quantity that is produced goes up, the cost per unit ______.

• Goes up.

• Goes down.

• Stays the same.

What are the two main parts that economics is divided into?

• Microeconomics and Macroeconomics

• Household economics and Business economics

• Demand and Supply

• Individual agents and Overall economy