Copy Of Basic Microeconomics ( Final Exmination)
- 1.
- Human wants are:
- A.
A. relatively limited
- B.
B. relatively unlimited
- C.
C. easily satisfied
- D.
D. equal to capacity
- 2.1. Which of the following is an economic resource?
- A.
A. gold
- B.
B. scarcity
- C.
C. labor
- D.
D. rent
- 3.2. We should not economize if:
- A.
A. If the government printed more money
- B.
B.There was no scarcity
- C.
C. Everyone received a big pay in increase
- D.
D. There was less output of goods and services
- 4.Economics is the study of how
- A.
A. Scarce resources are used to satisfy unlimited wants
- B.
B. The economy can grow
- C.
C. Limited resources are used to satisfy scarce wants
- D.
D. Price change
- 5.Which of the following is a part of microeconomics?
- A.
A. Why the price of the durian has fallen?
- B.
B. How high prices are in the economy?
- C.
C.Why unemployment is falling?
- D.
D. How fast an economy’s output is growing?
- 6.Which of the following is excluded from the discipline social science?
- A.
A. Sociology
- B.
B. Political Science
- C.
C. Economics
- D.
D.Biology
- 7.The final utilization of goods and services.
- A.
A. Consumption
- B.
B. Production
- C.
C. Exchange
- D.
D. Distribution
- 8.Good A and B are substitutes for one another. An increase in the price of A will:
- A.
A. Increase the demand for B
- B.
B. Reduce the quantity demanded of B
- C.
C. Increase the demand for A
- D.
D. Decrease the price for B
- 9.When quantity demanded is greater than the quantity supplied:
- A.
A. Market price will rise
- B.
B. Market price will fall
- C.
C. Market price will remain unchanged
- 10.What happens to quantity supplied when price is lowered?
- A.
It rises
- B.
It falls
- C.
Remain unchanged
- 11.It refers to the total value of all goods and services produced by the citizens within the territory.
- A.
GDP
- B.
GNP
- C.
PCI
- 12.At equilibrium, quantity demand is _____ equal to quantity supplied.
- A.
A. Sometimes
- B.
B. always
- C.
C. Never
- 13.Equilibrium price will certainly decrease if:
- A.
A. Supply and demand both increases
- B.
B. Supply increases, demand decreases
- C.
C. Supply and demand both decreases
- D.
D. Supply decreases, demand increases
- 14.Price is currently below equilibrium. There is a situation of excess ______. We would expect to _______?
- A.
A. demand, rise
- B.
B. demand, fall
- C.
C. supply, rise
- D.
D. supply, fall
- 15.If the price of a good is above the equilibrium price, which of the following occurs as the market moves to equilibrium?
- A.
A. Demand increases
- B.
B. Supply decreases
- C.
C. The price falls
- D.
D. all alternatives are correct
- 16.A theory of economic development which gives emphasis on labor:
- A.
A. Karl Marx theory
- B.
B. theory on progress and poverty
- C.
C. innovation theory
- 17.A science that relates economics because it studies human behavior.
- A.
Sociology
- B.
Philosophy
- C.
Psychology
- 18.Which of the following markets is closest to a perfectly competitive market?
- A.
A. rice farmer
- B.
B. automobile
- C.
C. steel
- D.
D. cable
- 19.When price increases, demand will?
- A.
Increase
- B.
Remain unchanged
- C.
decrease
- 20.It is a place where buyer and seller meet?
- A.
A. market
- B.
B. mall
- C.
C. park
- D.
D. school
- 21.Human development index will be measured by how many factors?
- A.
A. 3
- B.
B. 6
- C.
C. 2
- D.
D. 4
- 22.It denotes to the goods available for sale and or services ready to be offered.
- A.
Goods and services
- B.
Inferior goods
- C.
Substitute goods
- 23.This model of growth cited the important factor for the production of capital goods which are the use of machineries, buildings and other equipment.
- A.
Ricardian Growth Model
- B.
Kaldor Model
- C.
Harrod-Domar Model
- 24.A key advantage of partnership over a proprietorship is:
- A.
A. limited liability
- B.
B. division of responsibility
- C.
C. perpetual life of the business firm.
- 25.
- A business firm with one owner is:
- A.
A. sole proprietorship
- B.
B. partnership
- C.
C. corporation
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