A Quiz That Will Add Up To Your Knowledge Of Microeconomics
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Microeconomics is an important topic for anybody to know about, if they intend on working in any field of business or economics, because it encourages people to operate in a logical way and utilise abstract reasoning to solve a problem – particularly when it comes to figuring out how a firm or individual should decide to use scarce resources. See what you have to learn in this quiz!
- 1.Private property rights, is what?
- A.
No other person may use or alter the physical characteristics of you prperty without permission
- B.
A Market exchange economy
- C.
Can be voluntarily traded or exchanged for similar rights to other goods and services
- D.
All of the above
- 2.Rights assigned to specific individuals in the form of legal ownership
- A.
Rules of the game
- B.
Property rights
- C.
Social property rights
- D.
Private property rights
- 3.The customs and practices through which citizens pursue and coordinate their projects and plans are shaped by the "rules of the game"
- A.
Economic systems
- B.
Economize
- C.
Unintended consequences
- D.
Interactions
- 4.Emphasizes economizing and trade-offs or sacrifices
- A.
The economic way of thinking
- B.
Actions
- C.
Scarcity
- D.
The myth of material wealth
- 5.Is something in which less is preferred to more
- A.
A bad
- B.
Social rights property
- C.
Private property rights
- D.
Free good
- 6.Ownership is legally assigned to "society" as a whole, and therefore to nobody in particular; are not freely exchangeable.
- A.
Free good
- B.
Rules of the Game
- C.
Social rights property
- D.
Private rights property
- 7.Can be obtained only through sacrifice, What is this called?
- A.
Private property rights
- B.
Social rights property
- C.
A Good
- D.
Scarce good
- 8.The Economic way of thinking
- A.
Actions
- B.
Interactions
- C.
Consequences
- D.
All of the above
- E.
Non of the above
- 9.Scaricity is what?
- A.
The economic problem
- B.
Is whatever people value
- C.
Nonmaterial goods such as health, love and peace of mind do
- D.
Natural resources, land factories, machinery, and other material inputs in the production process
- 10.Is anything whereby more of it is preferred to less
- A.
Exchange
- B.
Interactions
- C.
An inferior good
- D.
A good
- 11.Comparing opportunity costs of production is called what?
- A.
Recognizing Trade-offs
- B.
The myth of material wealth
- C.
Scarcity
- D.
A bad
- 12.Means to use resources in a way that extracts from them the most of whatever the economizer wants
- A.
Economize
- B.
The myth of material wealth
- C.
Social rights property
- D.
A good
- 13.True or False: Property rights are rules of the game
- A.
True
- B.
False
- 14.Form a large and important part of the rules governing most of the social interactions in which people regularly engage.
- A.
Property rights
- B.
Social property rights
- C.
Private property rights
- D.
Economize
- 15.Natural resources, land factories, machinery, and other material inputs in the production process
- A.
A good
- B.
Interactions
- C.
Private property rights
- D.
Social rights property
- 16.Unintended consequences is what?
- A.
Natural resources, land factories, machinery and other material inputs in the production process
- B.
Specialization is a necessary condition for the increases in production that have so expanded the wealth of nations in recent centuries
- C.
Exchange
- D.
Is anything whereby more of it is preferred to less
- 17.Is whatever people value
- A.
A good
- B.
Interactions
- C.
The myth of material wealth
- D.
Social rights property
- 18.Is a good that can be acquired without sacrifice
- A.
A good
- B.
An inferior good
- C.
Free good
- D.
Non of the above
- 19.Rules of the Game are what?
- A.
Is anything whereby more of it is preferred to less
- B.
A neccessary condition for the increases in production that have so expanded the wealth of nations in recent centuries
- C.
Exchange
- D.
Reasonably stable, although they will and can change over time
- 20.Exchange?
- A.
Inferior Good
- B.
Social rights property
- C.
Interactions
- D.
A good
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