Question 1

Which of the following best describes the concept of 'optimalisering' in microeconomics?

Accepted Answer

Selecting the best possible alternative given limited information, experience, and training.

Question 2

A firm in microeconomics aims to optimize which of the following?

Accepted Answer

Its profit.

Question 3

If an individual is trying to get the best for themselves, which microeconomic concept does this illustrate?

Accepted Answer

Optimization.

Question 4

Which of the following is an example of empirical analysis in economics?

Accepted Answer

Testing theories by analyzing real-world data.

Question 5

Suppose you want to calculate the mean income of a group. Which formula should you use?

Accepted Answer

$$ \frac{\sum_{i=1}^{n} x_i}{n} $$

Question 6

What is the median of the following set of numbers: 3, 7, 9, 12, 15?

Accepted Answer

9

Question 7

Which statement best describes causation?

Accepted Answer

One variable directly affects another.

Question 8

If higher education leads to higher income, this is an example of:

Accepted Answer

Positive correlation.

Question 9

Which of the following best illustrates a negative correlation?

Accepted Answer

As the price of houses increases, the number of houses sold decreases.

Question 10

A model in economics is best described as:

Accepted Answer

A simplified representation of reality used to explain and predict economic phenomena.

Question 11

If two variables move in the same direction at the same time, this is called:

Accepted Answer

Positive correlation.

Question 12

Which of the following is an example of an omitted variable problem?

Accepted Answer

Ignoring the effect of weather when analyzing crop yields.

Question 13

A government optimizing a mix of political goals is an example of:

Accepted Answer

Government optimization.

Question 14

Which of the following is NOT a step in the scientific method as used in economics?

Accepted Answer

Ignoring evidence that contradicts the model.

Question 15

If you are testing which alternative has the best trade-off between benefits and disadvantages, you are practicing:

Accepted Answer

Optimization.

Question 16

Suppose the mean income in a sample of 5 people is $$ \40$$,000 $$. If the incomes are $$ \$$30,000 $$, $$ \35$$,000 $$, $$ \$$40,000 $$, $$ \45$$,000 $$, and $$ \$$50,000 $$, which formula confirms the mean?

Accepted Answer

$$ \frac{30,000 + 35,000 + 40,000 + 45,000 + 50,000}{5} $$

Question 17

Which scenario best illustrates the difference between correlation and causation?

Accepted Answer

Ice cream sales and drowning incidents both increase in summer, but buying ice cream does not cause drowning.

Question 18

If a variable is an 'endringsfaktor' (change factor), what does it represent in economic analysis?

Accepted Answer

A characteristic that can change and affect outcomes.

Question 19

Which of the following is a correct application of the scientific method in economics?

Accepted Answer

Developing a model, collecting data, and testing the model's predictions.

Question 20

If the price of houses rises and fewer houses are sold, what type of relationship is this?

Accepted Answer

Negative correlation.

Introduction to Microeconomic Methods and Concepts

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