Question 1

Which of the following best describes opportunity cost?

Accepted Answer

The value of the next best alternative that is forgone when a choice is made.

Question 2

Suppose you spend two hours watching a movie instead of working at your part-time job, where you earn $15 per hour. What is your opportunity cost of watching the movie?

Accepted Answer

$30

Question 3

Marginal cost is best defined as:

Accepted Answer

The cost of producing one additional unit of a good.

Question 4

Which of the following statements about sunk costs is correct?

Accepted Answer

Sunk costs are costs that cannot be recovered and should not affect future decisions.

Question 5

A market is said to be in equilibrium when:

Accepted Answer

The quantity supplied equals the quantity demanded at the prevailing price.

Question 6

Which of the following best illustrates allocative efficiency?

Accepted Answer

An economy produces the combination of goods and services most desired by society at the least possible cost.

Question 7

Which of the following is an example of a positive economic statement?

Accepted Answer

"Raising the minimum wage will lead to higher unemployment among teenagers."

Question 8

Normative economics is primarily concerned with:

Accepted Answer

Making value judgments about what the economy should be like.

Question 9

Suppose a city introduces a surge pricing system for ride-sharing services during peak hours. According to the concept of market equilibrium, what is the expected effect?

Accepted Answer

The higher price will encourage more drivers to offer rides, balancing supply and demand.

Question 10

Which of the following best describes the ceteris paribus assumption?

Accepted Answer

Only one variable is changed while all others are held constant.

Question 11

If the slope of a time series graph is calculated as $$ \frac{\Delta Y}{\Delta X} $$, what does a positive slope indicate?

Accepted Answer

The variable on the vertical axis increases as the variable on the horizontal axis increases.

Question 12

Which of the following is an example of a sunk cost in a real-world scenario?

Accepted Answer

The non-refundable deposit paid for a concert ticket after missing the event.

Question 13

A student is deciding whether to study for an additional hour or to go out with friends. The marginal benefit of studying is a higher grade, while the marginal cost is missing out on social time. According to the marginal principle, the student should:

Accepted Answer

Compare the additional benefit of studying to the additional cost and choose the option with the greater net benefit.

Question 14

Which of the following best distinguishes microeconomics from macroeconomics?

Accepted Answer

Microeconomics focuses on individual units like households and firms, while macroeconomics examines the economy as a whole.

Question 15

During the Industrial Revolution, which of the following contributed most to allocative efficiency in England?

Accepted Answer

The development of more efficient modes of transportation.

Question 16

If a market is not in equilibrium, which of the following is most likely to occur?

Accepted Answer

There will be either a surplus or a shortage.

Question 17

Which of the following is an example of a normative economic statement?

Accepted Answer

"The government should provide free healthcare to all citizens."

Question 18

Suppose a firm is deciding whether to continue a project after missing a critical deadline. According to economic reasoning, what should the firm do?

Accepted Answer

Ignore the money already spent (sunk cost) and base the decision on future costs and benefits.

Question 19

Which of the following best describes the 'post hoc, ergo propter hoc' fallacy?

Accepted Answer

Assuming that because Event A happened before Event B, Event A caused Event B.

Question 20

If $$ Y_2$ = 10 $$, $$ Y_1$ = 4 $$, $$ X_2$ = 6 $$, and $$ X_1$ = 2 $$, what is the slope $$ m  of $$the line connecting these two points?

Accepted Answer

$$ m = \frac{10 - 4}{6 - 2} = \frac{6}{4} = 1.5 $$

Introduction to Microeconomics: Key Concepts and Principles

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