A Quiz That Will Add Up To Your Knowledge Of Microeconomics

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A Quiz That Will Add Up To Your Knowledge Of Microeconomics

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!


Questions and Answers
  • 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