Quiz

The main focus of "microeconomics" is on
1. inflation
2. the economy as a whole
3. individual parts of the economy
4. unemployment
The term 'ceteris paribus' can best be described as
1. let the buyer beware
2. all things being completed
3. everything else held constant
4. nothing else matters
The basic economic problem is
1. scarcity
2. inflation
3. poverty
4. unemployment
Which of the following statements is true about opportunity costs?
1. Opportunity costs exist for every choice that is made
2. Opportunity costs represent the value of foregoing opportunities
3. Opportunity costs measure costs in terms of what is given up or sacrificed
4. All of the above
Each of the following is an essential economic question EXCEPT
1. For whom to produce?
2. What to produce?
3. How to produce?
4. Where to produce?
Marginal analysis refers to
1. the making of random economic choices
2. the effects of small changes (additions or subtractions) to a current situation
3. the use of advanced mathematics to determine economic allocation
4. the measurement of the proximity between opportunity cost decisions