Microeconomics

Microeconomics

University

10 Qs

quiz-placeholder

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Microeconomics

Microeconomics

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

Created by

Nor Anuar

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Microeconomics is the study of economics from the view point of

the entire economy

the government unit

individual economic units

all the firm

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

opportunity cost

factor of production

limited resources

income level

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Macroeconomics focuses on aggregate variables such as

national income, employment and inflation

elasticity and demand

inflation and market competition

cost and currency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

scarcity exists when

unlimited wants < limited resource

unlimited wants > limited resources

options = choices

money = freedom

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Yes

No

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

asset

human

entrepreneur

investor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not the basic economic problem?

where to produce

what to produce

how to produce

for whom to produce

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