Microeconomics - Economics, Growth & Development
Practice questions to test your knowledge and improve your understanding.
In a public debate on evolution, ____ refuted the points made against evolution by ____.
In the ____________, households receive goods and services and pay firms for them.
A market with well-established rules and structure is a(n) _______ market.
Which of the following is the term used when one event brings about another?
The economic problem is The fact that _____ forces us to choose
The two types of goods and services produced are _______. an example of _______.
The study of choices we make among our many wants and desires given our limited resources is called
The colloid osmotic pressure in the capillary is caused by __________.
An objective, testable statement that describes what happens and why it happens is ______statement.
Which of the following is an accurate statement about an economic hypothesis?
In microeconomics, the term _____________________ is synonymous with economies of scale.
A ______ is the difference between the regular selling price of an item and its discounted price.
The supply curve represents the _____ price at which a firm is willing to _____.
You can afford to buy the latest hdtv, which means that it _____ as demand for you.
Households ________ final goods and services in the ________ market.
Forms of money in the united states consist of paper money, coins, and _____.
If the demand for iphones rises as incomes increase, then the iphone is a(n) _____ good.
In the ______________, households receive goods and services and pay firms for them
Economists assume that most individuals act as if they are motivated by ______.
Excess capacity is the amount by which the _____ exceeds the quantity that the firm produces.
The study of household and firm behavior and how they interact in the marketplace is known as
In a "seller's market" ________.
Empirical analysis is The use of data to test ___
If the union (monopoly seller) faces a _____ the situation is called bilateral monopoly.
As the marginal physical product of a variable input __________, the marginal cost __________.
At the highest price, you would expect the demand for goods and services to be the _____.
The main economic problem is that ______ causes us to choose from so many competing options that it is difficult to make the correct choice.
Ceteris paribus is Holding all other things _____
In a simple circular-flow model, there are flows of _________ and flows of _________.
International trade is fundamentally a ________________________.
Diminishing returns begin to occur with the hiring of the _________ unit of labor.
When a _____ is applied to a labor market, it is called a minimum wage.
Theories and models are ______ of the real world.
Which of the following is the term used when two events occur together?
The description of an economy by stating facts is called __________________ .
There is no supply curve with any model other than ____________ which has a horizontal demand line.
_______ is When two events occur together
A person who charges a price that is determined by buying and sales decisions is a _____.
Normative statement is a subjective, _____statement that attempts to describe what should be done.
In a market system, producers are _________ seeking new opportunities to satisfy consumer needs.
_____ used to produce goods and services are called resources.
Capital accumulation is the _____, including _____ capital.
Accountants include ____ costs as part of a firm’s costs, while economists include ____ costs.
Mc = atc at the minimum of _________ .
If demand is inelastic, the tax burden falls primarily on the _____ and deadweight loss is _____.
As you become more educated, you provide your environment with a ________
If people have ______ income, they will purchase more of a normalgood.
In the u.s. manufacturing sector, unionized jobs have _________________ in recent years.
According to economists, people make decisions with ______ in mind.
In the ____________, households work and receive payment from firms.