Where Can You Find Some General Questions and Answers Related to Microeconomics?

Students can find general microeconomics questions on MIT.edu. They can be found at the end of each chapter in the course "Introduction to Microeconomics," which is under the "Social Science" topic in the course finder.

Microeconomics is the study of individual decisions made by people and companies that affect the economy, according to Investopedia. Below are some of the general questions found on MIT.edu and CollegeBoard.com.

  • "Which of the following is an accurate description of the primary theme of microeconomics?"
  • Answer: Analyzing trade-offs, studying how individuals and firms make themselves as well off as possible given conditions of scarcity and a set of constrained optimization problems.

  • "What is the key assumption in microeconomics?"
  • Answer: Individuals maximize utility and firms maximize profits.

  • "Which of the following is the underlying reason for the law of increasing opportunity cost?"
  • Answer: Resources are not equally suited to the production of all goods.

  • "Suppose that oranges and apples are close substitutes. If the price of apples decreases, the equilibrium price and quantity of oranges are expected to change in which of the following ways?"
  • Answer: Apples decrease and oranges decrease in price.

  • "When the price of a product increases, a consumer’s real income decreases, causing the consumer to decrease the quantity of the product demanded. This is known as...?"
  • Answer: The Income Effect.

  • "What is the distinction between empirical and theoretical economics?"
  • Answer: Theoretical economics builds models, and empirical economics test them.