Chapter 1-4 MICROECONOMICS

Scarcity is when

• Unlimited wants is met with limited resources

• Forcing to pick some choices and reject the rest

• Choosing one alternative means giving up another

• All of them

Which of the following would be studied in microeconomics?

• Total numbers of workers employed in a country

• The general level of prices in the Malaysian economy

• The output of the entire economy

• The output and price of chicken in Malaysia

The graph represents: Demand or Supply?

• Demand
• Supply

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.REI.D.10

CCSS.HSS.ID.C.7

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease

A necessity is something we need to live. Which answer describes a necessity?

• Food
• School

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

What kind of graph is this?

• Supply
• Demand

Tags

CCSS.8.EE.B.5

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, demand increases

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.REI.D.10

CCSS.HSS.ID.C.7

CCSS.HSA.SSE.A.1

When the number of goods is greater than producers are willing to sell is called?

• Surplus
• Shortage

Tags

CCSS.HSA.CED.A.2

What is Equilibrium?

• Price that buyers & sellers will accept
• Price that equals Goods

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.REI.D.10

CCSS.HSA.REI.C.6

CCSS.HSA.REI.D.11

"We should cut taxes in half to increase disposable income levels". This is an example of

• Normative Statement

• Positive Statement

• None of the above