QUIZ REVISION IMU453

QUIZ REVISION IMU453

University

14 Qs

quiz-placeholder

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QUIZ REVISION IMU453

QUIZ REVISION IMU453

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

ZAINUR BAHARUDIN

Used 1+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The problem of scarcity arises due to:

Human greed

Limited availability of resources

Government restrictions to the production of goods and services

Inefficient production methods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. In economy, the three main economics units are:

Firms, banks and traders

Firms, households and banks

Household, governments and firms.

Household, governments and banks.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a macroeconomic statement?

Perodua’s profits increase in 2021

Unemployment rate was at 3.5% last year.

The price of wheat declined by 3% last year.

The productivity of agricultural sectors increased by 2.5% last year.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government may overcome the problem of deflation by:

Increase the discount rate.

Forcing the government deficit to decrease.

Carrying out an expansionary fiscal policy.

Decreasing the money supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A four-sector economy is also known as:

A closed economy

A simple economy

An open economy

6.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

a) State 5 determinants of supply?

b) State 5 determinants of demand?

7.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

The market demand and supply functions are given below:

Market demand, Qd   = 36 – 4P  (equation 1)

Market supply, Qs=  15+3P (equation 2)

Find market equilibrium price and quantity:

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