Microeconomics - General Review

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Flip-Modus

Oppurtunity costs are an important concept in economics because they show that all actions involve tradeoffs

True

False

Which of the following statments about the study of economics is false?

Microeconomics is the study of the economic behavior of individual economic decision makers.

Macroeconomics is the study of how an entire national economy performs.

Economics is the science that deals with the allocation of limited ressources to satisfy limited resources to satisfy unlimited human wants.

All of the above statements are true

Which of the following could be an example of a constraint?

Max xy

K + L

2A + 4B <= 30

min zQ

Which of the following demand curves does NOT obey the law of demand?

Q = 100 + P

Q = 100 - P

Q = 100 / P

Which of the following supply functions obeys the law of supply, where Q is quantity, P is price and I is income?

Q = 10P

Q = 10 + 2P

Q = 10 - 2P

Q = 10 - P + 0,5 I

Which of the following would cause an unambiguous increase in the equilibrium price in a market?

An increase (shift out) in supply and an increase (shift out) in demand.

An increase (shift out) in supply and a decrease (shift in) in demand.

A decrease (shift in) in supply in and an increase (shift out) in demand.

A decrease (shift in) in supply and a decrease (shift in) in demand.

Suppose that in the price of good A is $4, the price of good B is $2 an the consumer's income is $60. Which of the following baskets is not on the consumer'2 budget line?

A = 20, B = 5

A = 10, B = 10

A = 5, B = 20

A = 15, B = 0

At a consumer's interior optimum solution, which of the following will not necessarily hold true when the consumer can purchase goods x and y?

MUx = MUy

MUx/MUy = Px/Py

MRSx,y=MUx/MUy

MRSx,y=Px/Py