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Microeconomics Unit 1 Review Flashcards | StudBud
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Microeconomics Unit 1 Review
Microeconomics Unit 1 Review
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1
Sienna drinks a third coffee and gains 8 utility. She then drinks a fourth. We might expect
she gains 10 utility for the fourth
that she gains 8 utility for the fourth as well
she gains less than 8 utility for the fourth
she'll have to use the restroom soon
2
If your income increases, what happens to your budget constraint line?
it shifts right
nothing
it rotates
it shifts left
3
You have five hours to study this weekend for two upcoming tests. It would be best to study:
Econ for two hours and math for three hours
Math for five hours
Econ for three hours and math for two hours
Econ for five hours
4
Bill builds buildings and billfolds. He injures his arm. What happens to his PPC?
It shifts left.
It shifts right.
It shifts along the building axis, but not the billfold axis
It shifts along the billfold axis, but not the building axis
5
The U.S. stock market has fallen recently in large part because
U.S. firms are showing poor profits
The Fed said it will lower interest rates
China's economy is stumbling
unemployment is rising quickly
6
If an economy is producing the amount of goods that are desired by society we say it is
coefficient
allocatively efficient
productively efficient
coldly efficient
7
In which type of economy would we expect that the government sets prices for candy?
command
market
traditional
8
In which type of economy do individual firms determine what to produce?
communist
traditional
market
command
9
Which chart could show the result of a new technique that increases efficiency at making tea?
C
D
B
A
10
Whenever a society gives up current consumption to invest in capital goods:
the less capital can be produced in the future
the more society can consume in the future
the price of products today will be lower
the less society can consume next year
11
We should do something so long as MB
≥ MC
> MC
< MC
≤ MC
12
If something is scarce, it means that
there isn't enough of it to meet it's possible uses
all of it is being used efficiently
it's rare
it's always expensive
13
Which of the following is an example of a capital resource?
oil
chocolate cake
a new employee
a nail
14
In which type of economy is bartering and trading the norm?
traditional
command
market
15
Suppose we consume more more slice of pizza and the marginal utility is zero. The total utility
must be at its lowest point
must be falling
must be at its maximum
must still be rising
16
If we're building things at the lowest possible per-unit cost, we're being
productively efficient
ceteris paribus
kinda' cheap
ruthlessly efficient
17
Which consumption bundle is on Omar's consumption possibilities curve?
5 cheese and 3 DVD
3 cheese and 4 DVD
1 cheese and 1 DVD
10 cheese
18
The fallacy of composition states that:
generalizations relevant to microecon never pertain to macro
generalizations about individuals must pertain to the group
expectations give rise to self-fulfilling prophecies
economic goals are always incompatible with one another
19
What is the opportunity cost of increasing the number of movies produced from five to seven?
10
10 TV shows
2 TV shows
There is none
