microeconomics basics presentation

1. what is the central problem of microeconomics? a. problem of allocation resources b. problem of price-determination c. problem of determining income d. problem of unemployment e. a&b f. all 2. one of the following is economic resource, which is scarce and have a price. a. a. land b. labor c. capital d. entrepreneur e. all f. none 3. the process of using different factors of production in order to make goods and services available is known as: a. investment b. production c. consumption d. resource 4. any good or service that comes out of a production process, is known as: a. output b. input c. labour d. resource 5. when the short-run marginal product of labour is greater than …

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