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Quiz Microeconomics 1

Authored by mohamadcrie Mn

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University

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Quiz Microeconomics 1
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Identify what is microeconomics

The entire economic system.

specific unit of the economic system.

the changes in the overall level of economic activities.

reducing inflation rate and stimulating economic growth.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following described microeconomics

economics questions are solved by the government

economics allocation is achieved by the invisible hand

economics problems are solved by the government and the market

economic decision is made by private sector and free market

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Microeconomics is study of economics from the viewpoint of

the entire economy

the government unit

individual economics unit

all the firms

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The statement that human being's want cannot be fully satisfied with limited resources is called

opportunity cost

scarcity

choices

desire

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is the characteristic of the free market?

Private ownership of resources

Central planning authority

Public ownership of resources

Promote social justice

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following services is not available in a free market economy?

Educational services

 

Transportation services

Defence services

Medical services

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Choose from the following are NOT basic economics concepts.

Choices

Unlimited wants

Scarcity

Opportunity cost

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