M1 Microeconomics

During the Great Recession, many investors purchased gold and other precious metals, thinking they would be reliable forms of investment.If we looked at this phenomenon on a graph, we would see which of the following?

When a firm incurs an additional cost to produce one more unit, this is known as which of the following?

When Isabella and Sam chose to put up an affordable, maintenance-free plastic fence in their yard instead of the wrought-iron fence they preferred but could not afford on their budget, they demonstrated __________.

In anticipation of an upcoming football season, State University increased the price of all logo apparel at the bookstore. To the bookstore manager's surprise, he sold fewer units of logo apparel. This situation is an example of which of the following?

Which of the following would a student of macroeconomics NOT study?

Which of the following accurately describes market equilibrium?

Consumer surplus exists in which of the following situations?

Anita gets a new job and her salary doubles. As a result, she moves to a bigger apartment in a trendy part of town.
Her new apartment, as a result of her increase in salary, can be categorized as which of the following two types of goods?

Which of the following is NOT an example of a constraint limiting a decision?

Which answer choice below does NOT influence decision making for the rational consumer?

Josh is a hockey player on his university's team. He practices four times a week with his team and sometimes attends Friday night open skate with his friends. If Josh decides to attend the Friday night skate, the cost is $5.
Which of the following is economically true regarding Josh's decision to join his friends on Friday night?

Which of the following is true about the field of economics?

Which choice below is NOT an example of an intermediate good?

The machinery that is used to construct and embroider running apparel would be an example of which of the following?

Which of the following defines cost minimization?

Determine which definition below corresponds with ceteris paribus?

Leah has two options this Friday evening. She can either babysit for her professor's kids and earn $50 for the evening, or she can join some friends for dinner and a movie. The movie will cost $25 for ticket and concessions and dinner usually runs around $20. Her roommate has a coupon for 50% off dinner at their favorite restaurant and is trying to convince Leah to come with them rather than babysitting.
Which of the following is Leah's opportunity cost if she decides to go with her friends?

Which of the following is NOT an example of a shift in demand or supply?

When Joe went back to college to finish his degree in Economics, he cut back from full-time to part-time work at his firm. During this time, the lease on his SUV ran out and he leased a smaller compact car as a result.
The smaller compact car is an example of which type of good?

Which statement below is NOT true regarding short-run and long-run production constraints?