Microeconomics

Related Essays

Microeconomics Paper
in area such as Florida. Bibiliography 1. Case, Karl E. & Ray C. Fair. Principles of Microeconomics. New Jersey: Pearson Education, Inc., 2004. 2. "Guess
Indian Telecom Industry - Microeconomic Perspective
number of different time bands for domestic off-peak periods should be reduced. Microeconomic Analysis Demand and Supply The table shows the long run trend
Today's Microeconomic
determines how much of a good or services consumer will buy. According to ¡§Microeconomics 6th edition by Jackson Mclver¡¨. There are several determinant changes
Microeconomics Practice Test
Principles of Microeconomics Take Home Test #4F - Chapters 28, 29, 5 & 32 (Miller Spring 2006) Choose the one alternative that best completes the statement or

Submitted by to the category Business and Industry on 08/03/2010 06:10 PM

1. Macroeconomics deals with: (Points: 3)

       bits and pieces of the economy.

       the question of how a business unit should operate profitably.

       the working of the entire economy or large sectors of it.

       how individuals make decisions.

2. The basic concern of economics is: (Points: 3)

       to keep business firms from losing money.

       to prove that capitalism is better than socialism.

       to study the choices people make.

       to use unlimited resources to produce goods and services to satisfy limited wants.

3. If the state government allocates additional spending on education, the opportunity cost is: (Points: 3)

       zero.

       the dollar amount of the additional spending.

       only considered if additional taxes need to be raised to fund the spending.

       measured in terms of the alternative uses for that money.

4. Which of the following principles underlie the economics of individual choices? (Points: 3)

       There are gains from trade.

       Markets move toward equilibrium.

       People usually exploit opportunities to make themselves better off.

       Resources should be used as efficiently as possible to achieve society's goals.

5. Specialization and trade usually lead to: (Points: 3)

       lower economic growth.

       the exchange of goods and services in markets.

       lower living standards.

       higher prices.

6. Increases in total output realized when individuals specialize in particular tasks and trade are known as: (Points: 3)

       the gains from trade.

       the profits obtained from sales of a good or service.

       marginal analysis.

       a tradeoff.

7. Economists believe that resources should be used as efficiently as possible to: (Points: 3)

       achieve society's goals.

       eliminate scarcity.

       reduce inequity.

       do all of the above.

8. When markets fail: (Points: 3)

       government intervention...

View Full Essay
Full Essay Stats...
  • Words: 3896
  • Pages: 16
  • Views: 617

Join now to view this essay and thousands of others on PaperCamp.com. It's free Join Now!