Question 1

Which of the following best describes the concept of opportunity cost?

Accepted Answer

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

Question 2

Suppose you spend $$3 hours$$ studying for an exam instead of working a part-time job that pays $$\15$ per hour. What is your opportunity cost of studying?

Accepted Answer

$$\45$, which is the income you forgo from not working.

Question 3

A country can produce either $$10$$ units of wheat or $$20$$ 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 4

Which statement about comparative advantage is correct?

Accepted Answer

A country has a comparative advantage if it can produce a good at a lower opportunity cost than another country.

Question 5

If the marginal benefit of consuming an additional slice of pizza is $$\2$ and the marginal cost is $$\$$3$$, what should a rational consumer do?

Accepted Answer

Not consume the additional slice because the cost exceeds the benefit.

Question 6

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

Accepted Answer

"An increase in the minimum wage will lead to higher unemployment among teenagers."

Question 7

If the price of a normal good increases, what happens to the quantity demanded, ceteris paribus?

Accepted Answer

Quantity demanded decreases.

Question 8

Which of the following would cause a rightward shift in the demand curve for electric cars?

Accepted Answer

An increase in the price of gasoline (a substitute).

Question 9

Why do diamonds cost more than water, even though water is essential for life?

Accepted Answer

Diamonds have a higher marginal benefit than water due to their relative scarcity.

Question 10

If the price of a product is expected to rise in the future, what is the likely effect on current demand?

Accepted Answer

Current demand will increase.

Question 11

Which of the following is a sunk cost?

Accepted Answer

Past expenses that cannot be recovered.

Question 12

A business faces the following costs: $$\100$ in wages, $$\$$50 in $$rent, and $$\30$ in materials. If the business owner could earn $$\$$80$$ working elsewhere, what is the total opportunity cost of running the business?

Accepted Answer

$$\260$

Question 13

Which of the following will cause a leftward shift in the supply curve for smartphones?

Accepted Answer

An increase in wages for factory workers.

Question 14

If a business can produce $$100$$ units of product A or $$200$$ units of product B with the same resources, what is the opportunity cost of producing $$1$$ unit of product A?

Accepted Answer

$$2$$ units of product B

Question 15

Which of the following best illustrates the law of supply?

Accepted Answer

As the price of a good increases, the quantity supplied increases.

Question 16

If the marginal cost of producing an additional unit is $$\5$ and the minimum price consumers are willing to pay is $$\$$7$$, what should the business do?

Accepted Answer

Produce the additional unit because price exceeds marginal cost.

Question 17

Which of the following is NOT a factor that shifts the demand curve?

Accepted Answer

A change in the price of the good itself.

Question 18

If a new technology reduces the cost of producing solar panels, what is the likely effect on the supply curve?

Accepted Answer

The supply curve shifts right.

Question 19

Which of the following is an example of an externality?

Accepted Answer

A factory pollutes a river, affecting nearby residents.

Question 20

If the price of coffee increases and consumers buy more tea instead, what economic concept does this illustrate?

Accepted Answer

Substitutes

Microeconomics Fundamentals: Scarcity, Trade, Demand, and Supply

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