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Sophia MicroeconomicsMilestone 120questions were answeredcorrectly.1Which of the following is an intermediate good?A tractor used by a farmerA textbook used by a teacher in a classroomFlour used to bake bread in a bakerypizza sold to a customer in a restaurantCONCEPTFactor Markets2
During the Great Recession, many investors purchased gold and otherprecious metals, thinking they would be reliable forms of investment.If we looked at this phenomenon on a graph, we would see which ofthe following?CONCEPT
Changes in Demand and Movements along Demand Curve3Which of the following is not considered a factor of production?
A printer to make copies for a companyThe property that a factory is built onInterest earned on an investmentThe employees for a gas stationCONCEPTResource Allocation for Firms4Mariah received a promotion at work and wanted to replace her mobilephone with a more expensive smartphone that she could now afford.The lower-priced cell phone that Mariah no longer wanted to have isan example of which type of good?Giffen goodNormal goodVeblen goodInferior goodCONCEPTTypes of Goods5When a firm incurs an additional cost to produce one more unit, thisis known as which of the following?Marginal revenueFixed costPer-unit profit
Marginal costCONCEPTCost and Benefit Optimization for Producers6Which of the following is characteristic of macroeconomics?
What is Economics?7Consumer surplus exists in which of the following situations?

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Term
Fall
Professor
Benjamin Wright
Tags
Economics, Tania, Josh

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