An Introduction To Microeconomics Quiz!
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This is an introduction to microeconomics quiz. The study of microeconomics is a branch of economics. It's 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, 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.Which of the following is concerned with microeconomics?
- 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.The production possibility curve illustrates the basic principles that
- 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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