
Microeconomics
Quiz
•
Business
•
University
•
Easy
Lilly McClelland
Used 2+ times
FREE Resource
124 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a recent article it was suggested that a new machine designed to pick strawberries in Florida could be faster and less expensive than human strawberry pickers. This is an example of what?
A change in the process used to produce strawberries
The substitution of relatively inexpensive capital for relatively expensive labor
A change in technology
All of these
None of these
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"The unemployment rate is 4.2%" is a what?
Normative statement
Positive statement
Rhetorical statement
None of these
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Chris eats lunch at a local restaurant by herself every day. One day friends offer to pay for Chris’s lunch if Chris join them uptown. In this case Chris’s lunch is costless. True or false?
False, Chris must give up having lunch by themself
False, the price of lunch is not a factor
True, the price of lunch is always important
True, Chris was going to have to pay for lunch otherwise
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is economics?
The study of the allocation of limited resources across unlimited wants
The allocation of limited wants across unlimited resources
The study of how to run a business
All of these
None of these
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Computers are capital. True or false?
True, computers are technology and capital is another form of resource
True, capital is a resource and computers are technology
False, technology is the same thing as computers
False, it is more efficient to use technology than capital as they are complements
None of these are correct
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of land?
Fish in the ocean
A dirt road
A dam on a river
All of these
None of these
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Farmer Avery and Farmer Brown have farms right next to one another. One raises wheat and the other raises dairy cows. This is an example of what?
Absolute advantage
Comparative advantage
Decreasing opportunity cost
Technological change
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