
Introduction to economics
Authored by Ada Emetu
Other
University
Used 7+ times

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17 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is this a micro-economic or a macro-economic Problem?
Inflation and/or deficit
Micro-economic
Macro-economic
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
One of the following is not a type of economy
centrally planned
Mixed economy
Market economy
Basic economy
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is this a micro-economic or a macro-economic Problem?
Shortage in national steel production
Micro-economic
Macro-economic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The addition to cost associated with additional unit of output is
Marginal cost
Average cost
Total cost
Variable cost
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Rational decision means: consumers buy the type of goods that the average person buys
True
False
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
You and all of your friends walk into a room, there are only 2 chairs and there are 6 of you. There are unlimited wants (all of you) but limited resources (only 2 chairs)
Select one:
Scarcity
Trade-off
Opportunity cost
factors of production
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a centrally planned market economy, the economic problem of what goods should be produced and how it is distributed is usually solved by
Government
Supplier
Customer
Market
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