Question 1

Which of the following best describes the primary focus of microeconomics?

Accepted Answer

The study of how individual households and firms make choices and interact in markets.

Question 2

According to the study materials, what is the main economic problem that every society must solve?

Accepted Answer

How to allocate scarce resources among competing uses.

Question 3

Which of the following is an example of a microeconomic question?

Accepted Answer

How does a change in the price of coffee affect the quantity of coffee demanded by consumers?

Question 4

Suppose Apple is considering whether to manufacture the iPhone in the United States or overseas. Which economic concept is most relevant to this decision?

Accepted Answer

Comparative advantage

Question 5

Which of the following statements about economic models is correct?

Accepted Answer

Economic models simplify reality to help us understand and predict economic behavior.

Question 6

If a society faces scarcity, which of the following must be true?

Accepted Answer

Choices must be made about how to allocate resources.

Question 7

Which of the following best defines opportunity cost?

Accepted Answer

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

Question 8

A market is best described as:

Accepted Answer

A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

Question 9

Which of the following is NOT one of the three key economic ideas mentioned in the study materials?

Accepted Answer

Markets are always perfectly competitive.

Question 10

Suppose a government is considering whether to impose a tax on sugary drinks to reduce consumption. Which economic principle is most directly involved in predicting the effect of this policy?

Accepted Answer

People respond to incentives.

Question 11

If the marginal benefit of producing one more unit of a good is less than the marginal cost, what should a rational producer do?

Accepted Answer

Decrease production.

Question 12

Which of the following equations correctly represents the opportunity cost of producing one more unit of good X in terms of good Y?

Accepted Answer

$$OC_{X} = \frac{\Delta Y}{\Delta X}$$

Question 13

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 14

Suppose a country can produce either 100 units of wheat or 200 units of corn with its available resources. What is the opportunity cost of producing 1 unit of wheat?

Accepted Answer

2 units of corn

Question 15

Which of the following best describes the difference between microeconomics and macroeconomics?

Accepted Answer

Microeconomics studies the behavior of individual markets, while macroeconomics studies the economy as a whole.

Question 16

If economic agents are assumed to be rational, what does this imply about their decision-making?

Accepted Answer

They use all available information to achieve their objectives.

Question 17

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

Accepted Answer

"The government should provide universal basic income."

Question 18

Suppose the price of a good increases. According to the law of demand, what is the expected effect on the quantity demanded, ceteris paribus?

Accepted Answer

Quantity demanded will decrease.

Question 19

Which of the following best explains why societies must make choices about what goods and services to produce?

Accepted Answer

Because resources are scarce relative to wants.

Question 20

If a government sets the price of a good below the equilibrium price, what is the most likely result in a competitive market?

Accepted Answer

A shortage of the good.

Microeconomics: Foundations and Models – Study Notes

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