A Quiz That Will Introduce You To Microeconomics
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The study of microeconomics is a branch of economics – the study of how we produce, distribute and consume goods and services – but the difference is that microeconomics looks at how an individual or firm might decide to allocate scarce resources. It may seem like a daunting topic to behold when starting out, but a little research will show you how valuable it can be. Take this introduction quiz to find out more.
- 1.Microeconomics focuses on ...................................... .
- A.
Issues such as economics growth, inflation and unemployment
- B.
The working of the whole economy
- C.
Factors that affect the total demand for goods and services
- D.
The behavior of individuals and organizations towards scarce resources
- 2.The study of how prices are set for certain goods would be considered as an issue in ......................... .
- A.
Macroeconomics
- B.
Microeconomics
- C.
Descriptive economics
- D.
Normative economics
- 3.
- A.
The unemployment rate decrease by 30%.
- B.
In 1994, the national income of a country is RM23, 400.00 million.
- C.
The price of chicken increases significantly during Hari Raya season.
- D.
The economic growth of the country is expected to be 6% in 1995.
- 4.“We cannot have all the things we want. The resources available to satisfy our wants are, at any time, limited in supply”. The above statement reflects the concepts of:
- A.
Opportunity cost
- B.
Choice
- C.
Scarcity
- D.
Unemployment
- 5.Economics behavior such as choice is the result of .................................. .
- A.
Human greed
- B.
Scarcity
- C.
Poverty
- D.
Private ownership of resources
- 6.A graph showing all the combinations of good and services that can be produced if a society’s resources are used efficiently is the
- A.
Demand curve
- B.
Production possibility curve
- C.
Supply curve
- D.
Price consumption curve
- 7.
- A.
An economy’s capacity to produce increases in proportion to its population size
- B.
When all the resources are in use, more of a good can be produced only if none of another is produced
- C.
An economy will automatically seek full employment level of output
- D.
When resources are efficiently used more of a good can only be produced if less of another is produced
- 8.A point inside a production possibilities curve may indicate:
- A.
Full employment
- B.
Using the best available technology
- C.
Efficient allocation of resources
- D.
Factors of production are not fully utilized
- 9.Which of the following represents a point lying outside the production possibility curve?
- A.
Unemployment
- B.
High prices
- C.
Increasing cost
- D.
Unattainable production in combination of two goods
- 10.Which of the following cannot be considered as a basic economic problem?
- A.
What to produce
- B.
Why produce
- C.
How much to produce
- D.
How to produce
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