Sophia Microeconomics Milestone 1.docx - Sophia...

Sophia Microeconomics
Milestone 1
20 questions were answered correctly .
1
Which of the following is an intermediate good?

A tractor used by a farmer

A textbook used by a teacher in a classroom

Flour used to bake bread in a bakery

pizza sold to a customer in a restaurant
CONCEPT
Factor Markets
2
During the Great Recession, many investors purchased gold and other
precious metals, thinking they would be reliable forms of investment.
If we looked at this phenomenon on a graph, we would see which of
the following?
CONCEPT
Changes in Demand and Movements along Demand Curve
3
Which of the following is not considered a factor of production?


A printer to make copies for a company

The property that a factory is built on

Interest earned on an investment

The employees for a gas station
CONCEPT
Resource Allocation for Firms
4
Mariah received a promotion at work and wanted to replace her mobile
phone with a more expensive smartphone that she could now afford.
The lower-priced cell phone that Mariah no longer wanted to have is
an example of which type of good?

Giffen good

Normal good

Veblen good

Inferior good
CONCEPT
Types of Goods
5
When a firm incurs an additional cost to produce one more unit, this
is known as which of the following?

Marginal revenue

Fixed cost

Per-unit profit


Marginal cost
CONCEPT
Cost and Benefit Optimization for Producers
6
Which of the following is characteristic of macroeconomics?
What is Economics?
7
Consumer surplus exists in which of the following situations?