Quizonomics

What is the primary focus of microeconomics?

• Aggregate economy

• Individual units like households and firms

• National income

• Government policies

Who is considered a policy advisor in economics?

• Politician

• Statistician

• Historians

• Economists

Which factor does not affect demand?

• Price of good

• Consumer income

• Cost of production

• Taste and preference

The demand curve shows the relationship between:

• Price and supply

• Price and quantity demanded

• Supply and income

• Income and demand

Which approach assumes utility can be measured numerically?

• Ordinal approach

• Cardinal approach

• Indifference curve approach

• Budget constraint approach

Marginal product is:

• Total product divided by total inputs

• The additional output produced by one additional unit of input

• The average of all inputs used in production

• The difference between total cost and variable cost

An isoquant is:

• A curve showing constant costs

• A curve representing combinations of inputs that produce the same output

• A curve showing the total cost of production

• A curve representing demand for goods

Opportunity cost refers to:

• Costs that involve direct monetary payments

• Costs of the next best alternative foregone

• Total fixed costs of production

• Cost of environmental damage

Total cost is equal to:

• Fixed cost minus variable cost

• Fixed cost plus variable cost

• Average cost times output

• Marginal cost times output

If the cross elasticity of demand between two goods is positive, the goods are:

• Substitutes

• Complimentary

• Inferior

• Normal good