A Quiz That Will Introduce You To Microeconomics

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A Quiz That Will Introduce You To Microeconomics

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.


Questions and Answers
  • 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