Microeconomics Questions

11.An example of a microeconomic phenomenon is:

Select one:

a. Global warming research turns out to correctly predict the weather in the

future.

b. The dictator of a country builds ten new airports.

c. A child buys a delicious chocolate bar.

d. The country of Montenegro adopts the Euro.

e. None of the above.

12.The graph above depicts a demand curve for a firm. In which market

structure is the firm operating?

https://www.coursehero.com/file/39613180/3pdf/ Question 12 Answer saved Marked out of 1.00 Price ($) com Quantity The graph above depicts a demand curve for a firm. In which market structure is the firm operating? Select one: O a. Monopoly esou courseHe b. Oligopoly c. Monopolistic competition O d. Perfect competition O e. Deadweight loss Question 13 Which Gini coefficient indicates the least equitable distribution of Answer saved income? Marked out of 1.00 Select one: O a. 0 b. 0.45 O C. 1.0Question 15 Good Y Answer saved Marked out of 1.00 C Y1 A L3 L2 X1 L1 Good X On the above graph, what does the blue point "A" represent? Select one: O a. Suboptimal and attainable consumption b. Optimal and attainable consumption e O c. Optimal but not attainable consumption O d. Unattainable consumption O e. A bliss point Question 16 The term ceteris paribus means: Answer saved Marked out of Select one: 1.00 O a. The study of Scarcity and Choice. b. The greatest good for the greatest number. O c. All other things remaining equal. O d. Incentives. O e. Marginal analysis.Question 18 Answer saved Marked out of 1.00 Capital Goods E D A m O.C OU Consumer Goods In the above graph, there is a production possibility frontier for two countries, Y and Z. Which Point is both efficient and attainable for country Y? Select one: dy O a. A via Co TK b. B C.C d. D SO e. E Question 19 The substitution effect happens when a price changes, consumers have Answer saved an incentive to consume less of the good with a relatively higher price Marked out of and more of the good with a relatively lower price. 1.00 Select one: True