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Quiz 01 for Microeconomics

Authored by Pubudini Liyanage

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University

Used 2+ times

Quiz 01 for Microeconomics
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the concept of scarcity imply in economics?

Unlimited resources and unlimited wants

Limited resources and limited wants

Limited resources and unlimited wants

Unlimited resources and limited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A statement that can be tested and verified is called a ______ statement, while a statement that is based on opinion or value judgments is called a ______ statement.

Normative; positive

Positive; normative

Scientific; economic

Theoretical; practical

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a point inside the production possibility frontier (PPF) indicate?

Efficient use of resources

Unattainable production level

Inefficient use of resources

Maximum production capacity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines economics?

The study of money and finance

The study of how people allocate scarce resources to satisfy unlimited wants

The study of government policies and regulations

The study of how businesses maximize profits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following topics is studied in microeconomics?

National unemployment rate

Government fiscal policy

The pricing strategy of a single firm

Inflation trends in an economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a shift outward of the PPF represent?

A decrease in available resources

Economic growth or technological improvement

An increase in unemployment

A decrease in opportunity cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a normative statement?

A decrease in interest rates leads to increased borrowing

Higher inflation reduces purchasing power

The government should increase funding for public schools

An increase in supply leads to a decrease in price

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