Question 1

Which of the following best illustrates the economic idea that 'optimal decisions are made at the margin'?

Accepted Answer

A student decides to study for one more hour because the additional benefit exceeds the additional cost.

Question 2

According to economic theory, which question is NOT one of the three fundamental questions every economy must answer?

Accepted Answer

How will the government set prices for all goods and services?

Question 3

Which of the following is a key reason economists use models?

Accepted Answer

To simplify complex real-world phenomena and make predictions about economic behavior.

Question 4

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

Accepted Answer

$$\frac{200}{100} = 2$$ units of corn

Question 5

If the demand for electric cars increases while the supply remains constant, what will happen to the equilibrium price and quantity?

Accepted Answer

Equilibrium price will increase and equilibrium quantity will increase.

Question 6

Which of the following best describes consumer surplus?

Accepted Answer

The difference between what consumers are willing to pay and what they actually pay.

Question 7

Economic efficiency is achieved when:

Accepted Answer

The sum of consumer and producer surplus is maximized.

Question 8

A government imposes a price ceiling below the equilibrium price on rental apartments. What is the most likely result?

Accepted Answer

A shortage of rental apartments.

Question 9

If a tax is imposed on the sale of gasoline, what is the likely effect on the market?

Accepted Answer

The equilibrium quantity will decrease and the price paid by consumers will increase.

Question 10

Which of the following is NOT a variable that influences demand?

Accepted Answer

The cost of production.

Question 11

Suppose the government sets a minimum wage above the equilibrium wage. What is the likely outcome in the labor market?

Accepted Answer

A surplus of labor (unemployment).

Question 12

If the supply of a good increases while demand remains unchanged, what happens to equilibrium price and quantity?

Accepted Answer

Equilibrium price decreases and equilibrium quantity increases.

Question 13

Which of the following best describes producer surplus?

Accepted Answer

The difference between the price producers receive and the minimum price they are willing to accept.

Question 14

A production possibilities frontier (PPF) is bowed outward because:

Accepted Answer

Resources are not equally efficient in producing every good.

Question 15

Which of the following scenarios demonstrates a movement along the demand curve for coffee?

Accepted Answer

The price of coffee decreases.

Question 16

If the government imposes a tax on sellers, which curve shifts and in which direction?

Accepted Answer

The supply curve shifts left (upward).

Question 17

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

Accepted Answer

A store offers a discount for customers who bring reusable bags.

Question 18

If a market is in equilibrium, which of the following is true?

Accepted Answer

Quantity demanded equals quantity supplied.

Question 19

Which of the following would cause a leftward shift in the supply curve for wheat?

Accepted Answer

An increase in the cost of fertilizer.

Question 20

Suppose a tax is imposed on buyers of a good. What is the effect on the demand curve?

Accepted Answer

The demand curve shifts left (downward).

Microeconomics Study Guide: Key Concepts and Objectives

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