Microeconomics and Macroeconomics Quiz

What is the focus of microeconomics (мікроекономіка)?

• National economic growth

• Resource allocation in individual markets (розподіл ресурсів на окремих ринках)

• International trade policies

• Unemployment trends

Macroeconomics (макроекономіка) studies which of the following?

• Small firms and individual consumers

• Market equilibrium (ринкова рівновага)

• The performance of the entire economy (економіка в цілому)

• Supply and demand for one good

What is the price mechanism (ціновий механізм)?

• Government regulation of prices

• The interaction of supply (пропозиція) and demand (попит) to set prices

• Fixed prices set by producers

• Random price adjustments

A baker notices an increase in demand (попит) for bread, causing prices to rise. What happens next?

• The supply (пропозиція) of bread increases

• Prices fall back to their original levels

• Demand continues to rise indefinitely

• The government sets a new price

What is individual demand (індивідуальний попит)?

• Total demand in the market

• Demand from one consumer (споживач) for a product

• Demand influenced by government policies

• Demand from producers

Which of the following is NOT a condition of demand (умова попиту)?

• Consumer income (дохід споживача)

• Price of substitutes (ціна замінників)

• Government spending

• Consumer preferences (уподобання споживачів)

If the price (ціна) of a product increases, what typically happens to the quantity supplied (кількість пропозиції)?

• It decreases

• It stays the same

• It increases

• It fluctuates randomly

A producer increases the price of a good by 15%, and the quantity supplied increases by 30%. What is the price elasticity of supply (цінова еластичність пропозиції, PES)?

• 0.5

• 1

• 2

• 3

At market equilibrium (ринкова рівновага), what is true?

• Supply exceeds demand

• Demand exceeds supply

• Quantity demanded (кількість попиту) equals quantity supplied (кількість пропозиції)

• Prices are unstable

A shortage occurs when:

• Supply exceeds demand

• Demand exceeds supply (попит перевищує пропозицію)

• Prices are