Introductory Microeconomics

Introductory Microeconomics

University

10 Qs

quiz-placeholder

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Introductory Microeconomics

Introductory Microeconomics

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

Nirmali Borkakoty

Used 9+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following is/are features of resources in an economy?

(a) Limited supply

(b) Alternative uses

Both (a) and (b)

Neither (a) nor (b)

2.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

The most fundamental economic problem is related to

(a) Scarcity of resources

(b) Unlimited human wants

Both (a) and (b)

Neither (a) nor (b)

3.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Microeconomics deals with which of the following?

Total output of an economy

Measurement of nations inflation rate

How producers and consumers interact in individual market

How tax policies influence economic growth

4.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following is not a determinant of demand?

Price of the commodity

Income of the consumer

Transportation cost

Consumer's taste & preference

5.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

The slope of the demand curve is negative because of

Income effect

Substitution effect

Diminishing marginal utility

All of the above

6.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Introduction of an improved technology of production may increase the supply of a commodity due to

Fall in the cost of production

Rise in cost of production

Increase in demand

Change in stock

7.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Movement along the demand curve is due to

Change in consumer's taste and preferences

Change in consumer's income

Change in the cost of production

Change in price of the commodity

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