Question 1
What is microeconomics primarily concerned with?
Question 2
What is 'Positive Analysis' in economics?
Question 3
What typically results from high equilibrium prices in markets like the eBay kidney auction?
Question 4
In terms of graph representation, how is the equilibrium price determined?
Question 5
What is the significance of the principle 'All models are wrong but some are useful' in economics?
Question 6
In a supply and demand graph, what does the supply curve represent?
Question 7
Which type of analysis would examine the fairness of market outcomes?
Question 8
What is one of the main differences between a command economy and a capitalistic economy?
Question 9
What does 'Normative Analysis' deal with in economics?
Question 10
What is a constrained optimization exercise in the context of microeconomics?
Question 11
What is the main concept behind 'Adam Smith’s Invisible Hand'?
Question 12
Why might behavioral economics be integrated into a microeconomics course?
Question 13
Why is the ‘Water-Diamonds Paradox’ significant in Microeconomics?
Question 14
Which of the following best describes a capitalistic economy?
Question 15
What does the term 'opportunity cost' refer to in microeconomics?