This Quiz Will Guide You Through Microeconomics Knowledge

20 Questions

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This Quiz Will Guide You Through Microeconomics Knowledge


Questions and Answers
  • 1. 
    Comparing opportunity costs of production is called what?
    • A. 

      Recognizing Trade-offs

    • B. 

      The myth of material wealth

    • C. 

      Scarcity

    • D. 

      A bad

  • 2. 
    Can be obtained only through sacrifice, What is this called?
    • A. 

      Private property rights

    • B. 

      Social rights property

    • C. 

      A Good

    • D. 

      Scarce good

  • 3. 
    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

  • 4. 
    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

  • 5. 
    Emphasizes economizing and trade-offs or sacrifices
    • A. 

      The economic way of thinking

    • B. 

      Actions

    • C. 

      Scarcity

    • D. 

      The myth of material wealth

  • 6. 
    Is something in which less is preferred to more
    • A. 

      A bad

    • B. 

      Social rights property

    • C. 

      Private property rights

    • D. 

      Free good

  • 7. 
    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

  • 8. 
    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

  • 9. 
    The Economic way of thinking
    • A. 

      Actions

    • B. 

      Interactions

    • C. 

      Consequences

    • D. 

      All of the above

    • E. 

      Non of the above

  • 10. 
    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

  • 11. 
    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

  • 12. 
    Is a good that can be acquired without sacrifice
    • A. 

      A good

    • B. 

      An inferior good

    • C. 

      Free good

    • D. 

      Non of the above

  • 13. 
    True or False: Property rights are rules of the game
    • A. 

      True

    • B. 

      False

  • 14. 
    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

  • 15. 
    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

  • 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. 
    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

  • 19. 
    Is anything whereby more of it is preferred to less
    • A. 

      Exchange

    • B. 

      Interactions

    • C. 

      An inferior good

    • D. 

      A good

  • 20. 
    Exchange?
    • A. 

      Inferior Good

    • B. 

      Social rights property

    • C. 

      Interactions

    • D. 

      A good