Microeconomics milestone 1.docx - 18 questions were...

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18 questions were answered correctly . 2 questions were answered incorrectly . 1 When Joe went back to college to finish his degree in Economics, he cut back from full-time to part-time work at his firm. During this time, the lease on his SUV ran out and he leased a smaller compact car as a result. The smaller compact car is an example of which type of good? Inferior Veblen Normal Giffen CONCEPT
Types of Goods 2 Determine which of the following is an example of opportunity cost. We have a week of vacation. Let's go on a Mexican cruise. How many times will I be able to wear this shirt before it falls apart or goes out of style? CONCEPT
Decision Making Relationships: Rational Consumer 3 A firm acts as a rational decision maker when its leaders decide to do which of the following? CONCEPT
Decision Making Relationships: Rational Firm 4 Brent decides to purchase ground beef to make tacos rather than pricier steak because his weekly budget restricts his expenditure on food.
Brent is acting as a rational consumer in that he is recognizing that __________.
CONCEPT Cost and Benefit Optimization for Consumers 5 The machinery that is used to construct and embroider running apparel would be an example of which of the following? Natural resources Land Capital Labor CONCEPT Resource Allocation for Firms 6
When examining how price affects either the supply or demand curve, economists apply the concept of ceteris paribus.

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