Microeconomics Module 1
Module 1
Question 16
Module 1
Question 17
Which of the following questions would not be studied by a microeconomist but would be studied by a macroeconomist?
Why do national economies grow?
Ceteris paribus means:
all other things remain constant.
Measured between two points on a curve, the ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis is the:
slope.
Microeconomics is concerned with:
some specific market in the economic system.
People are forced to make choices because of:
unlimited wants and limited resources.
A horizontal line has an infinite slope.
False
Factors which determine the price of corn would be studied in macroeconomics.
False
Policies to determine the price of troll dolls are a concern of macroeconomics.
False
Policies to increase the supply of money in the economy are primarily a concern of microeconomics.
False
An economic model is defined as:
a simplified representation of the way in which facts are related.
The silly clothes worn by a circus clown are an example of:
capital goods.
The subject of economics is primarily the study of:
decision-making because of the problem of scarcity.
Policies to lower the price level of goods in the nation are a concern of:
macroeconomics.
The sub-discipline of economics that focuses especially on individual markets is:
microeconomics.
An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:
other relevant factors like consumer incomes must be held constant.
An entrepreneur is:
the person who conceives and starts a business.