Question: Which of the following can best be characterized as a subject of microeconomics? (Ch.1)

Answer: An examination of how much of a particular good gets produced

Question: Maurice needs to purchase something that economists would label as “land” to help him produce cloth to sell to the fashion industry. Which of the following is an example of land? (Ch.1)

Answer: Cotton to be woven into fabric

Question: Which of the following scenarios most accurately reflects the concept of scarcity? (Ch.1)

Answer: Brett is a farmer with an open field on which he can plant either soybeans or corn.

Question: Which of the following best describes the opportunity cost of attending a free concert at the local coffee shop? (Ch.1)

Answer: The chance to play the latest video game with your roommate while you were at the concert

Question:

Answer: 4 dolls

Question:

Answer: 3 dolls

Question:

Answer: 4 hours

Question:

Answer: the marginal benefit would exceed the marginal cost by $12.

Question:

Answer: the marginal cost would exceed the marginal benefit by $12.

Question: People are likely to respond to a policy change (Ch.1)

Answer: if the policy changes either the costs or benefits of their behavior.