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Microeco
| Question | Answer |
|---|---|
| What is the study of the choices the individuals and businesses make and the way these choices interact and are influenced by governments? | Microeconomics |
| (True or False) If the price of coffee expected to rise next month, the demand for coffee this month will decrease. | False |
| Production points on the PPF are | Attainable |
| When the price is below equilibrium, this means there is excess (demand or supply) and prices will (Increase or decrease). | Demand ; Increase |
| Which economy refers to an economy in which most economic decisions are made by buyers and sellers, who may be individuals or firms. EX: Canada and US | Market Economy |
| Choices that are the best for the person who makes them are made in (Self-Interest or Social Interest) | Self-Interest |
| A legal maximum on the price at which a good can be sold is called a price (ceiling or floor) Ex. rent-controlled apartments | Price Ceiling |
| We make a rational choice to do an activity if the (marginal benefit or marginal cost) of the activity exceeds the (marginal benefit or marginal cost.) This is called marginal (utility or analysis.) | Marginal Benefit ; Marginal Cost ; Analysis |
| Price control laws dictate a (maximum, minimum or both a maximum and minimum) price that can be charged. | Both a maximum and minimum |
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