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Microeconomics Quiz

Authored by Arjun Regmi

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Microeconomics Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem in economics?

Unlimited wants and unlimited resources

Limited wants and limited resources

Unlimited wants and limited resources

Unlimited resources and limited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to in economics?

The abundance of resources

The efficient allocation of resources

The limited supply of resources

The infinite wants of society

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Production Possibilities Curve (PPC) represent?

The maximum combinations of two goods that can be produced

The minimum combinations of two goods that can be produced

The average combinations of two goods that can be produced

The total resources available in an economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a point inside the PPC indicate?

Maximum production capacity

Unattainable production levels

Underemployment or unemployment of resources

Full employment of resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes the PPC to shift outward?

Increase in unemployment

Reduction in production capacity

Technological advancements

Decrease in resource quality

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of producing goods

The value of the best alternative forgone

The total cost of resources used

The price of goods in the market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of opportunity cost?

Saving money in a bank

Buying a new car

Choosing to study instead of working

Investing in stocks

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