Basic Microeconomics

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12:25 PM | 2.6KBI'S EL The government can address * 1 point market inefficiency. Capitalism aims to avoid * 1 point inequalities in the distribution of income. If two goods are complementary, * 1 point an increase in the price of one will cause an increase in the demand for other. The ability of a country to * 1 point produce goods and services determines its standard of living. I 1 12:25 PM | 0.1KBI'5 EL The ability of a country to * 1 point produce goods and services determines its standard of living. Hypothesis can explain why * 1 point things are as they are. In command economic system, * 1 point the government state owns all capital equipment in the country. In traditional economic system, * 1 point B the status of an individual person is based from the tradition, I 1 12:25 PM | 1.8KBI'5 EL In traditional economic system, * 1 point the status of an individual person is based from the tradition. customs, and values of society. His or her wealth is determined by his or her position in the society. The scarcity of resources * 1 point provides the basis for the study of economics. Everyone can benefit from trade. * 1 point B The property that the marginal * 1 point product of an input decreases as I 1 12:25 PM | 12_4KB."5 KL The property that the marginal * 1 point product of an input decreases as the quantity of the input rises is known as diminishing marginal product. In communism, self-interest is the * 1 [Mint force directing resource allocation among different uses. In pure market economic system, * 1 point the government has no economic function because individuals make decisions and take responsibility of the consequences of their actions. 12:25 PM | 6.5KB/s Given the following PPF curve, * 2 points which of the following combination of goods is NOT feasible. A 350 Plant 3 300 B Plant 2 250 200 C Pairs of skis per month 150 Production Plant 1 100 possibilities curve for Alpine Sports 50 D 0 50 100 150 200 250 300 350 Snowboards per month O 150 skis and 300 snowboards 200 skis and 150 snowboards O None of these options O 100 skis and 250 snowboards Given the following PPF curve, * 2 points how much is the opportunity cost from point B to C? ! 350 A12:25 PM | 6.5KB/s allall @ D 11. docs.google.com/fo AD 10 . . . Given the following PPF curve, * 2 points how much is the opportunity cost from point B to C? A 350 Plant 3 300 B Plant 2 250 200 C Pairs of skis per month 150 Production Plant 1 100 possibilities curve for Alpine Sports 50 D 0 50 100 150 200 250 300 350 Snowboards per month 100 Given the following PPF curve, * 2 points which of the following combination of goods is considered efficient. A 350 Plant 312:25 PM | 2.5KB/s Snowboards per month 100 Given the following PPF curve, * 2 points which of the following combination of goods is considered efficient. A 350 Plant 3 300 B Plant 2 250 200 C Pairs of skis per month 150 Production Plant 1 100 possibilities curve for Alpine Sports 50 D 0 50 100 150 200 250 300 350 Snowboards per month O 200 skis and 150 snowboards O 100 skis and 250 snowboards O 150 skis and 300 snowboards O None of these options Page 3 of 8 Rack Next Clear formModule 1: Introduction to Microeconomics Definition, Principles, and Division of Economics Positive vs. Normative Economics Fundamental economic problems Thinking like an economist Production Possibility Frontier Type of Economic Systems Module 2: Markets and Welfare The market forces of supply and demand Elasticity and its applications Market Equilibrium > Supply, Demand, and Government Policies Government Intervention in the Market and Welfare effects. Consumers, Producers, and the Efficiency of Markets Module 3: Consumer and Firms' Behavior The theory of Consumer Choice Indifference curves and budget line Total and Marginal Utility Utility Maximization The theory of Production Cost of Production Various Measures of Costs Costs in the short-run and long-run