CLEP Principles Of Microeconomics
Microeconomics is one of the branches of economics which deals within a lower range of the economy. The Microeconomics test has economic class of individual businesses and private firm, within a small circle. It boasts of 10 questions. Test your knowledge on Microeconomics.
- 1.
One of these is not a factor of production.- A.
Land
- B.
Labour
- C.
Sales
- D.
Entrepreneurs
- 2.
Economics is the study of...
- A.
How to manage businesses.
- B.
How to develop a country's sales
- C.
How to meet needs with limit means
- D.
To buy and sell
- 3.
Inflation means...
- A.
The persistent increase in the price of goods.
- B.
The inability of the price to be stable.
- C.
The persistent decrease in the price of goods.
- D.
The downturn of the economy
- 4.
Demand means
- A.
The want for a good.
- B.
The ability of a buyer to buy a particular good at a particular time.
- C.
The actions of price and production.
- D.
None of the above.
- 5.
Supply means
- A.
The selling of goods.
- B.
The transportation of goods from seller to buyer
- C.
The willingness to sell a particular good at a particular time.
- D.
All of the above.
- 6.
A perfectly competitive market means one of the following.
- A.
The situation where no seller has the ability to influence price.
- B.
The situation where the sellers are competitive.
- C.
The situation where a few sellers have an edge over the majority.
- D.
All of the above.
- 7.
Elasticity means the degress of responsiveness of an economic variable to change in another variable.
- A.
True
- B.
False
- C.
Maybe
- D.
Partly true
- 8.
Equilibrium is the balance between price and quantity of goods demanded.
- A.
True
- B.
False
- C.
Partly true
- D.
I don't know.
- 9.
The alternatives forgone are the...
- A.
Scale of preference
- B.
Opportunity cost
- C.
Forgone alternative
- D.
None of the above.
- 10.
Economic is a discipline of...
- A.
Science
- B.
Social science
- C.
Arts
- D.
Engineering
Questions: 8 | Attempts: 375 | Last updated: Mar 20, 2022
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