CLEP Principles Of Microeconomics

10 Questions | Total Attempts: 118

SettingsSettingsSettings
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.


Questions and Answers
  • 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

Related Topics
Back to Top Back to top