Practice Quiz

CLEP Microeconomics Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
1. The marginal social benefit (MSB) is obtained by adding the marginal private benefit to what?
  1. The marginal private cost
  2. The marginal external cost
  3. The marginal external benefit
  4. The marginal social cost
See answer
2. If buyers and/or sellers do not have all of the available information about a product’s prices, customers, suppliers, inputs, available markets, etc., what is this called?
  1. Imperfect information
  2. Market failure
  3. Bilateral monopoly
  4. In-truth advertising
See answer
3. What are goods that are used together called?
  1. Substitutes
  2. Complements
  3. Pairs
  4. Supplies
See answer
4. Why is it likely that when Mike goes to a sushi restaurant, he eats 15 pieces of sushi instead of 25?
  1. Mike probably cannot afford to eat more than 15 pieces of sushi
  2. The marginal utility of the sushi eventually weakens
  3. The marginal utility of the sushi rises
  4. The satisfaction that Mike derives from the sushi remains constant
See answer
5. Imagine that the number of people who are graduating from medical school increases by 10% each year. If this is the case, which of the following statements about doctors’ salaries is true?
  1. Doctors’ salaries will increase
  2. Doctors’ salaries will decrease
  3. Doctors’ salaries will decrease if the demand is less than the supply
  4. Doctors’ salaries will decrease if the demand is greater than the supply
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode