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Microeconomics

Authored by Liza Wong

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15 Questions

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Microeconomics
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the branch of economics that deals with the choices made by individuals and businesses within the economy?

Macroeconomics

Microeconomics

Managerial economics

Development economics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What would be the opportunity cost of buying a car instead of going on a holiday?

The benefit of the car

The price of the car

The cost of the holiday

The value of the holiday

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when variable factors of production are added to fixed factors according to the law of diminishing returns?

Overall output decreases

Overall output remains constant

Overall output becomes unpredictable

Overall output increases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the magical force that determines prices in markets?

Visible hand

Price control

Market regulation

Invisible hand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economic systems, what do markets not depend on in order for producers and consumers to come together?

Physical locations

Human interaction

Perfect knowledge

Remote communication

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who laid the groundwork for the formal analysis of supply and demand, and thus the determination of prices in markets?

John Maynard Keynes

Alfred Marshall

Karl Marx

Adam Smith

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the level of demand for a good or service?

Income alone

Just tastes and preferences

Various factors including price, income, tastes, and preferences

Only price

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