Microeconomics

Microeconomics is the study of economics from the view point of

• the entire economy

• the government unit

• individual economic units

• all the firm

scarcity, choice and ............. are basic economic concept

• opportunity cost

• factor of production

• limited resources

• income level

Macroeconomics focuses on aggregate variables such as

• national income, employment and inflation

• elasticity and demand

• inflation and market competition

• cost and currency

scarcity exists when

• unlimited wants < limited resource

• unlimited wants > limited resources

• options = choices

• money = freedom

Opportunity cost is the value of the next best alternative forgone when a choice has been made

• Yes

• No

Capital, land, labor and ....... are factors of production

• asset

• human

• entrepreneur

• investor

Which of the following is not the basic economic problem?

• where to produce

• what to produce

• how to produce

• for whom to produce

which of the following does not illustrate opportunity cost?

• If I buy a pencil, I also have to buy pe

• If I spend more on food, I must spend less on clothes

• If I buy a computer, I must do without 70' smart TV

• If I study today, I must give up going to football game

In which economic system does the central planning decides on price determination?

• socialist

• mixed

• capitalist

In which economic system where private goods are produced by private sectors while public goods are produced by the government?

• socialist

• capitalist

• mixed