Economics

Economics is a study of how people use their _______ to try fulfill unlimited wants.

• limited choices

• limited resources

• limited time

• limited behaviour

Microeconomics is the study of the economic system as a whole such as national income, trade cycle, unemployment rate, inflation and general price level

• True

• False

Deal with the question of “what ought to be”. Involve opinions, judgement, assumption about what the economy should be or what policy should be used to achieve economic goals.

• Positive analysis

• Normative analysis

"An economic system where all the economic decisions are made by the government or a central authority" refer to

• Socialism

• Capitalism

• Mixed economy

Demand is defined as the ability and willingness to buy specific quantities of goods in a give period of time at a particular price, ceteris paribus

• True

• False

Handbag and shoes are example of

• free goods

• public goods

• economic goods

Law of supply states that the ______ the price of a good, the _____ is the quantity supplied for that good

• lower, higher

• higher, lower

• higher, higher

Which of these is a determinant of supply?

• Taste and preference

• Technology

• Consumer income

• Number of consumer

In which type of market structure do we have the most number of firm?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

In an oligopoly market, there are

• single seller

• few sellers

• many seller