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Micro_lecture 2

Authored by Micheal Johnson

Business

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Micro_lecture 2
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main concept that leads to tradeoffs in economics?

Abundance

Scarcity

Equality

Surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The frontier of the opportunity set is called the:

Production possibility frontier

Budget constraint

Utility curve

Indifference curve

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the slope of the budget constraint represent?

Total income

Total expenditure

Relative prices of goods

Consumer preferences

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic concept measures cost by what is given up in exchange?

Sunk cost

Marginal cost

Opportunity cost

Fixed cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most economic decisions involve:

All-or-nothing choices

Marginal analysis

Sunk costs

Fixed costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of diminishing marginal utility states that:

All goods provide equal utility

Utility always increases with consumption

Additional units of a good provide smaller gains in utility

Utility is constant for all units consumed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of costs should be disregarded in current decision-making?

Variable costs

Fixed costs

Opportunity costs

Sunk costs

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